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Supporting Strategies Expands to Fall River, Mass.

February 3, 2016 / by Leslie Jorgensen posted in Fall River, MA

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Scott Severance Becomes Managing Director of New Franchise

Leslie-Jorgensen-for-web.jpgSupporting Strategies is pleased to announce the opening of our latest office, in Fall River, Mass.

Scott Severance, Fall River Franchisee and Managing Director, is a dynamic technology specialist, project manager, and finance and accounting professional who excels in helping clients improve processes through systems and technology. He brings experience managing diverse teams and complex projects across a range of industries, with particular expertise in healthcare.

"As an IT professional and a small business owner, I am very excited by the Supporting Strategies business model," Severance said. "I feel that it brings incredible value to small and medium-sized businesses. I am very happy to work with business owners in my community and to offer operational support so that they can focus on what they do best."

Supporting Strategies has developed a proven, scalable business model with highly automated systems and processes to deliver cost-effective accounting services. Franchisees like Severance are leveraging our proprietary technology platform and team of virtual, seasoned accounting professionals to serve a growing roster of clients.

To learn more about franchise opportunities with Supporting Strategies, please check out an upcoming webinar or attend a future Discovery Day. You may also contact Stephen Schultz, Vice President of Franchise Development, at steve@supportingstrategies.com or 978-479-2871.

If you are with a business in the Fall River area and would like to discuss outsourcing your accounting needs, please contact Scott Severance at sseverance@supportingstrategies.com or 508-278-1787.

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Accounting Services 101| The Good, The Bad, and The Ugly of Deducting Entertainment Expenses

January 26, 2016 / by Scott Severance posted in Accounting Services, Fall River, MA

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Scott-Severance-for-web.jpgAll small business owners know that entertainment expenses are a part of doing business. We take clients out to lunch, participate in charity golf tournaments, and try to catch a ball game every now and then. While these may seem like basic business activities, deducting these expenses can be a bit tricky. As an accounting services professional, I frequently get asked to clarify the rules around these expenses, so here’s the basic rundown on the good, the bad and the ugly when it comes to entertainment deductions.

The good part of this discussion is that a 50% deduction on entertainment expenses is allowed by the IRS if a specific business agenda is conducted. Of course, documentation is required. The documentation should include the amount, date/time, place, business purpose, and the names of guests and their business relationship. It is often recommended to keep a journal or diary to capture the details of these events in addition to the credit card receipt.

More good news is that tickets to a sporting event that benefits a charitable organization can be deducted for the full price of the tickets. That means the charity golf tournament tickets are deductible. If you decide to give the charity golf tournament tickets to a client as a gift, you have the option to treat the deduction as entertainment or as a gift, whichever is to your advantage.

The bad part of the discussion is that the environment must be conducive to conducting business if you want the 50% deduction. The IRS once rejected the deduction of tickets to a baseball game because the volume level in the ballpark didn’t allow for a business discussion. Clearly, the IRS doesn’t attend the Tampa Bay Ray baseball games. You can grab a good three-hour nap in the bleachers at one of those games. Similarly, don’t invite your accounting services provider to a rock concert to close your books at the end of the month. You have to be realistic when considering the event to write off and the guest list. A one-on-one lunch with a potential client is a great example of a deductible expense. A boozy dinner with spouses and mutual friends is not.

The ugly part of this discussion is that according to tax attorney Barbara Weltman, author of J.K. Lasser’s Small Business Taxes, this has been one of the most litigated areas of tax law. There is some gray area in deducting entertainment expenses. But don’t despair. Small business owners just need to make sure they approach every deduction sensibly with the proper documentation in place to back everything up. If you’re unsure of something, contact your accounting services provider to make sure.

 

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