Bee K. Ong CPA LLC

07/31/2024

Payroll reporting involves calculating, managing, recording, and analyzing employees' compensation. You also may have to deal with employee benefits, wage garnishments and a variety of other issues related to employee wages. Focus on your business while we handle your payroll. Call us today at (503) 466-0129!

07/30/2024

Some might think that doing your own taxes saves you more money. However, the reality is that if you miss a single detail or add in an incorrect item, it may affect your returns and cost you more in the long run. Yes, you can amend in the future, but will you be able to spot-check what needs to be changed when you're not a pro? Save time and let professionals like us handle it for you from the beginning! Contact us at (503) 466-0129.

07/29/2024

Here's a fun read/watch! This list highlights the most memorable on-screen accountants. Do you have a favorite? Share with us in the comments below! For all your accounting needs, call us at (503) 466-0129.

Some of our favorite CPAs of the silver and small screen.

07/27/2024

As a taxpayer, it is important that you trust those helping you to tackle your finances and navigate the complexity of tax law and regulation. Hiring the right tax preparer is essential for maintaining accurate filings and ensuring you maximize your tax returns. Before hiring someone, be sure to ask these helpful questions to make an informed decision.

Tax season can be a daunting time for many individuals and businesses alike. With complex tax laws and regulations, it's essential to have a knowledgeable and trustworthy tax preparer by your side. Whether you're a first-time taxpayer or a seasoned business owner, selecting the right tax preparer is...

07/24/2024

Two important tax breaks to take advantage of are the Lifetime Learning Credit and the Student Loan Interest Deduction. For the Lifetime Learning Credit, you may deduct 20% of the first $10,000 you paid in tuition and fees with up to a maximum of $2,000. Living costs and transportation are not included in the list of allowable expenses; however, books or other supplies required for coursework may be claimed. Regarding the Student Loan Interest Deduction, borrowers who paid interest on their student loans may deduct up to $2,500 from their taxable income. Give us a call at (503) 466-0129 today!

07/23/2024

Maintaining proper documentation, time management skills, and automating daily tasks can significantly help your organization and success as a business owner. Maintain accurate records of your business finances through recording every transaction into the proper accounts on a weekly basis. Keep copies of all your invoices, cash receipts and cash payments as well for tax purposes. Need other business tips? Contact us at (503) 466-0129 – we’d love to help!

07/22/2024

Tax scams are designed to look official, and AI is often used to improve their quality and design making their schemes more difficult to detect. Only open or approve something if you expect it and know what it is. If you accidentally open a page or a document, a scammer can easily add malware to your device, monitor your activity, and steal your personal information. Report any suspicious and unsolicited emails to the IRS. Have questions about a message’s legitimacy? Call us at (503) 466-0129 today.

07/20/2024

Did you know that repatriating funds can significantly impact your business’ financial strategies, investments, and competitiveness in the global market? Its true! It is a critical aspect of operating international business and requires careful planning to ensure optimum globalized economic performance.

The decision to repatriate funds can have profound implications for businesses, influencing their financial strategies, investment decisions, and overall competitiveness in the global market. Tax repatriation, the tax that applies when bringing profits earned overseas back to the home country, is a....

07/17/2024

We can’t exercise once a quarter and expect to be in great shape. Just like fitness, effective bookkeeping requires our attention and energy on a regular basis. Ideally, you should log expenses and payments received as they occur. If not applicable for you, set aside 20-60 minutes once a week to record transactions and review financial statements. Books behind? Get caught up by contacting us at (503) 466-0129 to discuss how we can help you!

07/16/2024

A correspondence audit lets the taxpayer know additional documentation is needed to complete their return. The IRS might ask for receipts, bills, employment documents, canceled checks, legal papers, loan agreements, shareholder reports or even ticket stubs to substantiate specific items on your return. Be sure to respond according to the deadline in the letter or to request an extension to respond. Have more questions about audits and your particular tax requirements? Contact us at (503) 466-0129.

07/12/2024

Working in a foreign country comes with its own set of challenges and tax implications. Before jet-setting across the globe, there are some important factors you should consider regarding your international tax responsibilities.

Embarking on a journey to work in a foreign country is an exciting and rewarding opportunity, but it comes with its own set of challenges and considerations, especially when it comes to international tax implications. Before you pack your bags and head overseas for work, here are several important t...

07/10/2024

When starting your business, you'll have to choose one of two different accounting methods: cash or accrual. Cash-based accounting is typically used for small, first-time businesses where sales and expenses are recorded only at the time of payment. Accrual accounting is more complicated to cash-based accounting. Sales or expenses are recorded when they're incurred, even though the payments will begin at a later date. The accrual method encompasses a longer-term view of the business across multiple periods, and it’s the standard among larger companies and financial institutions. Take a moment to determine what you think will be fit your business, and if you need additional help with your businesses accounting - don't hesitate to call us today at (503) 466-0129!