Author: admin

Irvine Accountant Looks at Economic Impacts from the Orange County Fair

Posted by admin on August 18, 2015

Residents of Orange County know summertime means longer days and warmer nights at the O.C. Fair. Every summer Orange County looks forward to the economic boost the fair brings to the region. As an accountant in Irvine, CA for over 25 years I thought it would be fun to take a look at just how much the area is financially impacted.

Last year, overall attendance to the fair dipped 3% even though in the final 2 days the attendance surpassed 80,000 people each day. The overall attendance was 1,337,167 compared with 2013 attendance of 1,374,579. That was up from around 1.3 million visitors in 2012.

In December of 2014 the California Department of Food and Agriculture published an economic impact snapshot exploring the 2012 fair.

• In 2012 the O.C. Fair generated approximately $256,239,000 in spending activity.
• In 2012 the equivalent of 2,255 jobs were created as a result of spending by the Orange County Fair.
• The labor income generated by these additional jobs was approximately $85,447,000.

As it turns out the network of California fairs is a huge revenue generator with upward growth of $3.1 billion in economic activity benefiting the local, state and global economy. Fairs in California provide a major return on investment as well as provide the communities fantastic opportunities for fun, culture, tradition, heritage, and education.

Although the 2015 attendance numbers have not been released yet, we can look at the 2012 attendance as a reference in conjunction with the report. If 2013 saw around a 25% increase in attendance compared to 2012, of which generated $256,239,000 in spending, it’s safe to say 2013 generated around $64 million more in spending!

With high expectations that attendance would be up this year in 2015, it will be interesting to see how the Orange County area will be affected by the injection of over $320 million in spending. One factor I would also love to look into one day are the local business impacts on restaurants, hotels and gas stations in Costa Mesa and other neighboring cities that host the fair grounds. I’ll save this for another post.

The O.C. Fair runs through the weekend, so be sure to check out all it has to offer! My favorites of course are the funnel cakes, concerts, rides, and carnival games. As an accountant in the Irvine area I find all of these figures really intriguing and impressive. I hope you do to.
Sources:

Economic Impact of California CDFA 32nd_DAA.pdf
http://www.ocregister.com/articles/fair-631576-attendance-year.html
https://en.wikipedia.org/wiki/Orange_County_Fair_(California)

Tuber Guide | Incorporation

Posted by admin on April 7, 2015

Digital media has changed hobbies into careers and dreams into businesses.

It’s a wild, fun, and rewarding ride. However, the transition from small-to-big-time often occurs to Creators quicker than they can adjust.

Taxes, incorporations, payroll: all complicated things that come with the territory of a making your YouTube operation into a legitimate business.

“Siri, What’s Incorporation?”

Basically, incorporation separates a business from its owner, which shields an owner from personal liability to the company. Additionally, incorporation allows for potentially big tax savings.

To summate it all, becoming incorporated makes all the costs of running a business worth it.

Am I ready?

So when do you know it’s time to take your business to the next level and incorporate? It’s a question we at Semaphore get all the time from Tubers.

Here are some things to consider:

Income

As we all know, it doesn’t take one million subscribers to make money on YouTube. But until your channel is making $100,000-$150,000 annually, it’s difficult to justify incorporation. The costs involved with incorporation are difficult to substantiate until that threshold is met.

Protecting Personal Assets

Do you like the things you own? Of course, you Instagram them all the time. When you’re not incorporated, your personal assets are at risk. Personal assets include your home, your car, your bank accounts, and more. If your operation sees rainy days, you could be sued for your own things. If you have liability concerns, you should incorporate as soon as possible.

Tax Benefits

If you’re just beginning to consider incorporating, you may not have even thought of the tax benefits associated with this transition. When you incorporate, your business is assigned an Employee Identification Number, also commonly referred to as a federal tax ID. Simply, these enable you to hire people and open business bank accounts. You want those.

Credibility

When incorporating a company, you legitimize your business and your channel. So when brands want to work with your channel, you will have already established a higher level of credibility than a sole proprietor just by being incorporated. When your business is a corporation or an LLC, it gives customers and partners a greater comfort thanks to the aura of credibility incorporation gives.

If you need more help understanding your taxes, please visit our live chat at our website (www.semaphoretax.com) to get in contact with one of our experienced tax professionals, or call us at 866-736-2444. We’re excited to hear from you!

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This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor or tax advisor with respect to matters referenced in this post. Semaphore assumes no liability for actions taken in reliance upon the information contained herein.

Favorite Playlist Live ’15 Pictures

Posted by admin on February 27, 2015

It’s no surprise our team had a phenomenal time at Playlist Live in Orlando this year.

In fact, take a look at this picture of our CEO Mike Bienstock sneaking selfies with sWooZie.

Does it look like we don't know guac costs extra? — Does it look like we don’t know guac costs extra?

Our fabulous photographer captured so many great moments just like this from Playlist Live Orlando 2015. Here are our favorites.

Twice The Selfies

I wonder whose selfie got more favorites.

Forget about a double rainbow. How about a double Connor Franta and Troye Sivan fan selfie? And the fangirls go wild…!

Down For The [View] Count

You won’t be surprised to learn that the bright grin in this picture belongs to Olga Kay. It looks like the P90x workouts are working. Steve Zarazoga would probably be a better person to ask.

Doing It For The Vine

I ain't gon' do it. JK, I probably will. — I ain’t gon’ do it. JK, I probably will.

This mega-viral mix of Vine superstars (TheGabbieShow, Amymarie Gaertner, Brodie Smith, and Marcus Johns) were prepping for a special Vine that we’re sure was not receive a “#deletos”.

We’re Uncomfortable, Too

Let’s play a game of I Spy.

I spy: Nerf guns, squirt guns, pancake mix (for Josh Chomik, of course), confetti shooters, and a dancing pizza man.

We’re not sure what’s exactly happening here, but we’re into it.

It’s Bethany Mota

Need we say more? Bethany Mota looks stunning as ever in this shot with fans. All these smiles could cure the worst case of the Mondays.

Most Precious

Twinning, or nah? Meghan (@MsMeghanMakeup) called this the “GREATEST MOMENT CAPTURED EVER”. We are inclined to agree. It’s definitely our favorite moment captured this Playlist.

If you want to see the rest of our pictures from the event, visit our photo site at www.tuberbiz.com.

Until next time,

Semaphore HQ

5 EASY WAYS TO SPOT SCAM “IRS” CALLS

Posted by admin on February 20, 2015

Scammers are targeting people just like you, yes, even Tubers, every year in a decades-old scam involving, or rather, claiming to involve, the IRS.

Don’t fret. This post will prepare you to avoid these scams and keep your money in your pocket, where it belongs.

Fact: The IRS will never, ever call you on the phone. It’s not their M.O. They’ll only call if you’ve asked for it, which we suspect you probably never would.

So when you or someone you know receives a phone call from someone claiming to be from the IRS, it’s a scam.

It’ll often go down like this:

Someone will call you and claim they’re with the IRS. The scammers will demand you pay taxes they claim you owe (completely fabricated). Some may try to con you by saying that you’re due a refund—a fake lure so you’ll give them your banking or other private financial information.

It’s dangerous because these con-artists will often sound convincing when they call. They may know a lot of personal information about you. They may even alter the caller ID to make it look like the IRS is calling. If you don’t answer, they often leave an “urgent” callback request.

Here are five things that scammers do, but the IRS will never. Any one of these five things is a sign of a scam. The IRS does not:

Call you to demand immediate payment. The IRS will not call about taxes you owe without first mailing you a bill.
Demand that you pay taxes without giving you the chance to question or appeal the amount they say you owe.
Require you to use a certain payment method for your taxes, such as a prepaid debit card.
Ask for credit or debit card numbers over the phone.
Threaten to summon police or other law-enforcement to have you arrested for not paying.

What if I get called?

If you get a phone call from someone claiming to be from the IRS and asking for money, here’s what to do:

If a person calls claiming to be from the IRS, be calm and ask for their badge number, the number they’re calling from, and their name. Then take that information and call the IRS at 800-829-1040. Once you get connected to a representative, let them know you received a call from a potential-scammer and ask them to verify what the person claimed.

If you know you don’t owe taxes or have no reason to believe that you do, also report the incident to TIGTA at 1.800.366.4484 or at www.tigta.gov.

Remember, the IRS currently does not use unsolicited email, text messages or any social media to discuss your personal tax issues, either.

Be smart this tax season; IRS scammers are working to take your money from you. We hope this guide helps you avoid them.