In this episode of Debits & Credits, Michael C. Haas, CPA, discusses what you should consider when choosing a banking partner. He covers the importance of finding a bank that understands the escrow and title industry, fiduciary and trust accounting, and the unique demands of handling customer funds.

Michael also discusses customer service, dedicated banking representatives, online banking capabilities, and essential fraud prevention tools such as positive pay, ACH blocking, wire approvals, multi-factor authentication, and account alerts. And while analysis credits and banking rates matter, Michael explains why they shouldn't be the only factors in your decision.

Subscribe to Debits & Credits for practical accounting, tax, escrow, title, and compliance guidance from Haas & Dawe, An Accountancy Corporation.

#Escrow #TitleCompany #EscrowCompany #TrustAccounts #EscrowBanking #BankFraud #WireFraud #FraudPrevention #TrustAccounting #Banking #CPA #DebitsAndCredits

In this episode of Debits & Credits, Michael C. Haas, CPA, takes viewers behind the scenes of a typical escrow and title audit from a CPA’s perspective, from planning and reviewing operating and trust account activity to conducting on-site fieldwork and preparing the final audit report.

Michael also explains what auditors look for when visiting a client's office, including internal controls, company operations, unusual transactions, and supporting documentation. He also discusses how the audit process gives clients and auditors an opportunity to address questions and resolve issues before the audit is completed.

Subscribe to Debits & Credits for practical accounting, tax, escrow, and compliance guidance from Haas & Dawe, An Accountancy Corporation.

#EscrowAudit #TitleCompany #EscrowCompany #CPA #Auditing #DFPI #EscrowCompliance #Accounting #TrustAccounting #DebitsAndCredits

Escrow liability reporting is an important annual requirement for California escrow companies and getting it right matters.

In this episode of Debits & Credits, Michael C. Haas, CPA, breaks down DFPI escrow liability reporting requirements, including the February 15 deadline, reconciled trust account balances, EAFC and non-EAFC liabilities, surety and fidelity bond considerations, and the required Summary of Personnel.

Michael also highlights common reporting mistakes and offers practical guidance to help escrow licensees prepare accurate information and stay compliant.

Subscribe to Debits & Credits for practical accounting, tax, escrow, and compliance guidance from Haas & Dawe, An Accountancy Corporation.

#Escrow #EscrowLiability #DFPI #EAFC #EscrowCompany #EscrowCompliance #TrustAccounts #CaliforniaEscrow #Accounting #DebitsAndCredits

When a real estate transaction involves multiple foreign sellers, FIRPTA withholding and reporting can become complicated.

In this episode of Debits & Credits, Michael C. Haas, CPA, explains what escrow and title professionals need to know when working with multiple foreign sellers, including seller status, allocation of proceeds and withholding, and required FIRPTA documentation.

Michael also discusses 1099-S reporting, FIRPTA exemptions, ITIN requirements, California Form 593 withholding, and how these issues can affect income tax reporting.

Subscribe to Debits & Credits for practical guidance on accounting, taxes, escrow, and business finance from Haas & Dawe, An Accountancy Corporation.

#FIRPTA #ForeignSellers #Escrow #EscrowCompany #TitleCompany #1099S #Form593 #RealEstateTax #TaxWithholding #DebitsAndCredits #HaasandDawe

Reporting requirements for trusts and LLCs can be confusing, especially when regulations and filing requirements change.

In this episode of Debits & Credits, Michael C. Haas, CPA, discusses important reporting considerations for single-member LLCs, grantor trusts, and non-grantor trusts, including how these entities are treated for tax purposes and what business owners and trustees need to know to remain compliant.

Subscribe to Debits & Credits for practical guidance on accounting, taxes, escrow, and business finance from Haas & Dawe, An Accountancy Corporation.

#Trusts #LLC #TaxReporting #GrantorTrust #BusinessTaxes #TaxCompliance #CPA #Accounting #SmallBusiness #DebitsAndCredits

In this episode of Debits & Credits, Michael C. Haas, CPA, discusses compensation strategies that can help businesses attract, motivate, and retain top talent while remaining financially responsible.

Learn the key components of a competitive compensation package, including base salary, commissions, signing bonuses, retention bonuses, performance incentives, and employee benefits. Michael also shares practical considerations for creating compensation plans that align with your company's goals and support long-term employee success.

Subscribe to Debits & Credits for practical guidance on accounting, taxes, escrow, and business finance from Haas & Dawe, An Accountancy Corporation.

#EscrowOfficer #EscrowCompany #TitleCompany #EmployeeCompensation #Hiring #Retention #BusinessManagement #Payroll #Accounting #CPA #SmallBusiness #DebitsAndCredits

Accurate bookkeeping is the foundation of every successful business. In this episode of Debits & Credits, Michael C. Haas, CPA, shares practical bookkeeping and accounting best practices that can help small business owners stay organized, make informed financial decisions, and avoid costly mistakes.

Michael discusses the importance of maintaining accurate financial records, selecting the right accounting software for your business, and implementing proper internal controls through the segregation of duties. These best practices can improve efficiency, strengthen financial oversight, and support long-term business growth.

Subscribe to Debits & Credits for practical guidance on accounting, taxes, escrow, and business finance from Haas & Dawe, An Accountancy Corporation.

#Bookkeeping #SmallBusiness #Accounting #AccountingSoftware #BusinessFinance #FinancialManagement #InternalControls #CPA #SmallBusinessTips #BusinessGrowth #DebitsAndCredits

Company credit cards can simplify business spending but without the right policies and controls, they can also create unnecessary financial and compliance risks.

In this episode of Debits & Credits, Michael C. Haas, CPA, discusses best practices for managing company credit cards, including employee reimbursement procedures, keeping  all receipts in order, establishing clear company credit card policies, and maintaining compliance with California Financial Code Section 17210.

Subscribe to Debits & Credits for expert insights on accounting, taxes, escrow, and business finance from Haas & Dawe, An Accountancy Corporation.

#CompanyCreditCards #BusinessFinance #ExpenseManagement #InternalControls #EscrowCompany #TitleCompany #CPA #AccountingTips #BusinessCompliance #FinancialManagement #DebitsAndCredits

Learn how each classification affects taxes, payroll, workers' compensation, benefits, and IRS compliance. Misclassifying workers can lead to costly penalties, so understanding the rules can help protect your business and keep you compliant.

Subscribe to Debits & Credits for practical insights on accounting, taxes, escrow, and business finance from Haas & Dawe, An Accountancy Corporation.

#1099 #W2 #IndependentContractor #SmallBusiness #Payroll #BusinessTaxes #IRS #WorkerClassification #Accounting #CPA  #DebitsAndCredits

Understanding where your money is going is essential to running a profitable escrow or title company.

In this episode of Debits & Credits, Michael C. Haas, CPA, explains how escrow and title companies can analyze their operating expenses, identify unnecessary costs, and better understand what is affecting the bottom line.

The discussion includes common business expenses such as payroll, occupancy costs, insurance, technology, professional services, and other overhead expenses. Michael also shares why reviewing expenses regularly can help business owners improve budgeting, control costs, and make more informed financial decisions.

Subscribe to Debits & Credits for more practical accounting, tax, escrow, and business financial guidance from Haas & Dawe, An Accountancy Corporation.

#EscrowCompany #TitleCompany #BusinessExpenses #ExpenseManagement #AccountingTips #EscrowAccounting #TitleIndustry #BusinessFinance #CostControl #Profitability #CPAAdvice #DebitsAndCredits