Advice, Preparation . . . Results™


The New Patrick & Raines CPAs App . . . This One’s On Us!

Ready . . .Set . . . Launch! Introducing our accounting services taken to the next level. Download our free Patrick and Raines CPA app.

Since we’re constantly moving forward to improve our client accessibility, we’re proud to announce the launch of our Patrick & Raines CPAs app, now available for iPhones, iPads and Android devices and – best of all – it’s completely free!

So the next time you need to access a third party site such as Xero, Quickbooks or the IRS, try our new app first. You’ll find up to date, important accountancy data and valuable tools at your fingertips, including:

  • Photo Receipt Management, Email and Store

Never lose a receipt again! Using our latest app, you can track receipts and expenses literally at the touch of a button. With minimal effort you can take a picture of any receipt and save it to your app. Any additional information can be added later, and receipts are stored by amount, category, and date. You can track all your expenses with ease and enable us to interact digitally with you.

  • GPS Mileage Tracking and Management Tool

When it comes to tracking mileage, half the battle is keeping an accurate tab of your driving history. The built-in GPS on your device automatically tracks your mileage, recording every single trip at the touch of a button. It also manages trips as well, storing them and allowing you to view, edit and email them with complete ease.

  • Invaluable Business Tools and Features
    • Calculators
    • Tax tables
    • Logbooks
    • Expense tracking
    • Income management

As your certified public accounting firm, we’re committed to finding effective ways to communicate and interact with you in the most efficient possible way. To access information at your fingertips, the new P&R app also provides push notifications, so we can instantly share important news, deadline reminders and financial updates.

By investing in this state-of-the-art app, our goal is to prepare you with the financial information you need today so you can achieve the results you envision for the future.

Go on . . . explore and enjoy our complimentary Patrick & Raines CPAs app. You’ll find it at your favorite app store.

At Patrick & Raines CPAs, our accounting team holds decades of experience serving the business community and individuals with complex financial planning needs. Let us know how we can help: or 904-396-5400.

Beware of the IRS “Dirty Dozen” Tax Scams

Great news! After careful budget planning, you’ve determined a charitable donation is possible this year. Before deciding which charity proves worthy of your hard-earned money, beware of unscrupulous groups masquerading as “worthy” organizations.

For the past several years, fake charities made the list of IRS tax scams, referred to as the “Dirty Dozen.” These organizations exist for the sole purpose of taking money from unsuspecting contributors.

Many tax scams peak during the income tax filing season, but the most common time to encounter a for-profit scheme posing as a charity is shortly after a major disaster. Take time to research an organization thoroughly before giving, to ensure your money does more than line the pockets of scam artists.

The IRS suggests helpful tips before deciding where to make a charitable contribution:

  • Pay close attention to the name of the donation recipient. Some companies attempt to trick you by using a name similar to a well-known and respected organization.
    • Request an Employer Identification Number (EIN); and
    • Confirm their identity on the IRS’ list of legitimate charities.
  • Never provide personal information such as your Social Security number or passwords to anyone requesting a donation over the phone. Before sharing creditor banking information, confirm the legitimacy of the charity.
  • Never send cash. Writing a check or using a credit card provides you with automatic documentation of your gift in case receipts aren’t provided.
  • Scammers prey on concerns of the public. Fraudulent organizations tend to appear after a disaster purposely designed to take advantage of willing philanthropists, along with the victims themselves. They may pose as IRS agents to gather personal financial information, then steal the victims’ identities. If you’re a disaster victim call the IRS to ask about tax relief or disaster-related issues: 866-562-5227.

Be generous – but keep your wits about you! Before giving away your hard-earned money, make sure your charity of choice didn’t make the IRS list of the “Dirty Dozen.” (

If you need assistance with your complex tax return or business accounting the seasoned professionals at Patrick & Raines CPAs can help. Contact us at or 904-396-5400.

Be Prepared – Prove your Small Business is Loan-Worthy

Is your small business in need of a few extra bucks this year? Whether it’s monthly or seasonal budget planning, cash flow shortages, operational needs, unplanned expenses or that persistent roof leak, financial resources – or lack thereof – remain the ongoing challenge consistently facing small businesses.

Unless you’re independently wealthy or can rely on family or friends to support you in the life and business growth of your company, traditional financing may prove your best option.

As an astute business owner, you know the complexity of financial planning in managing a small business, and a bank loan might be the best solution to help you grow and succeed. Outside financing can provide necessary cash flow and financial stability, especially in covering day-to-day expenses, including payroll and inventory.

Before you apply for a loan at your local bank, get thoroughly prepared:

  • Determine what type of loan you need:
    • One-time loan to finance a specific project, such as purchasing more equipment or making renovations;
    • Line of credit to provide flexibility for short term cash flow;
    • Small Business Administration (SBA) loan to offset start-up costs;
    • Commercial mortgage to renovate or expand your facilities.
  • Offer a well-thought-out and documented business plan. To ensure you discuss all areas bankers want to see, consider using a template, such as the one offered by the SBA, and adapting it to your particular business. Be sure to include:
    • Balance sheet, detailing profit and loss statement;
    • Projections of future income and expenses;
    • Marketing and promotion plans;
    • Business legal documents (e.g., articles of incorporation, commercial lease, franchise agreement);
    • Your most recently-filed business and personal tax returns.
  • Provide evidence of collateral detailing:
    • Real estate holdings;
    • Bank account balances;
    • Business equipment and inventory;
    • Accounts receivable;
    • List of additional income sources.
  • Prove why you meets the six C’s of credit:
    • Provide payment history reflecting consistently-met financial obligations;
    • Illustrate your ability to repay the loan;
    • Asses monthly funds left after subtracting your monthly debts;
    • Outline stability of your business, past repayment of debts, employment history (if applicable);
    • (Refer to above);
    • Cash flow. Provide financial statement reflecting ample profits to meet loan requirements.

Being prepared for the borrowing process can save headaches, prevent surprises, and put you in a better position to receive a positive response from your lender.

If you need a proven accounting firm to assist with your small business loan, tax preparation or financial planning, the CPA team at Patrick & Raines is a member of Florida’s Small Business Resource Network and P&R holds decades of experience serving the small business community. Let us know if we can help: or 904-396-5400.

New Year’s Resolutions . . . for your Business

For many of us, beginning a year wouldn’t be complete without the tried and true New Year’s resolutions. Scores of us vow to start eating healthier…exercising more often…and seeing your CPA regularly. Wait, what?

If you’re a fan of setting individual goals for the year, don’t forget goals for your business—something our proven accounting team can help you with. Now’s a great time to examine your company’s financial health and look for ways to keep it on track. Why not make a resolution to get you and your business in tip-top shape?

Considering adhering to a few healthy business practices for your company in 2018:

  • Review your books on a weekly basis:
    • Evaluate your cash flow forecast;
    • Make revenue projections based on past income sources;
    • Monitor your revenue earned and expenses incurred;
    • If an unanticipated monetary issue arises, rectify it in a timely manner.
  • Remain vigilant regarding tax planning parameters (and of course, we’re here to help!):
    • Make certain your business taxes are filed properly;
    • Review current federal and state tax regulations and changes;
    • Evaluate current IRS regulations regarding appropriate deductions and credits;
    • Stay informed about new tax laws and codes that may impact your bottom line.
  • Review growth and revenue objectives:
    • Did your company grow or shrink, and why?
    • Compare your revenue and profit margins from the past year to the year before. How effectively were your goals met?
    • Assess expenditures versus revenue to determine upwards or downwards trends;
    • Prepare for unforeseen expenses now to prevent future financial challenges.
  • Remain technologically savvy:
    • Update your website to feature new products and/or services. Content is king in the digital world, so keep it updated and current.
    • Offer a client-friendly App service to stay connected to your customers on the move. We even follow our own advice: watch for the new P&R App coming soon!

The beginning of a new year is an exciting time. You start fresh while planning for the new year’s successes. To make 2018 your best year yet for your business, consider adhering to these tried and true business resolutions.

And we’re here to help you stick to your plan: consider us your business growth consultants—so you can focus on your clients. We’ll help you run your company throughout the year. Contact us at or 904-396-5400.

Choosing the Best Ownership Structure for your Business

Small businesses comprise a significant part of today’s economy, and continue to grow. If you’re embarking on a start-up enterprise, a major challenge will be generating enough revenue and managing your cash-flow planning to stay in business.

Your first step as an entrepreneur is determining the most advantageous type of ownership and associated business tax structure for your small business. You must decide whether your company will be a sole proprietorship, C corporation, S corporation, partnership, limited liability partnership, or limited liability company.

Your choice of ownership structure governs many important factors, including tax accounting, income allocation, liability, and funding capabilities as well as the management of losses, self-employment tax, double tax, income character, administrative obligations, and tax compliance burden.

In deciding which structure best fits your business needs and personal attributes, consider the following advantages and disadvantages:

  • Sole Proprietorship: The most basic and least expensive form of business entity based on your sole ownership. You are fully responsible for any liabilities the company incurs. You hold no stock to sell to investors, which makes raising capital more difficult compared to other forms of ownership.
  • C Corporation (C-Corp): An organization taxed separately from its owner and controlled by stockholders, a board of directors, and/or officers within the company. Regulated by state law, you incur less liability than a sole proprietor for any outstanding debts. A downside of being a C corporation is you’re subject to double taxation, both at the corporate level and individually (via the dividend tax).
  • S Corporation (S-Corp): Similar to a C corporation but not subject to double taxation. Profits “flow through” to individuals to include on their personal tax returns. With an S-Corp, no more than 100 shareholders may participate and each must be a legal and permanent US
  • Partnership: An agreement between two or more parties to split the profits and liabilities. Each partner is somewhat liable for any debts owed. Taxes for partnerships are filed through the individual partner. This form of ownership represents the country’s fastest growing business structure.
  • Limited Liability Partnership (LLP): A more formal partnership that provides you protection from some of the liability. The formal agreement grants each partner the right to participate in management of the company, but one partner must be legally liable for the partnership. Taxes are filed through your individual returns.
  • Limited Liability Corporation (LLC): A company that offers you limited liability, much like the LLP. Both LLPs and LLCs are comprised of partners with rights to participate in management, but an LLC allows corporations to be owners. LLC taxes are also filed through individual partners, preventing double taxation.

Your choice of a business structure can evolve as your business grows. You can start as a sole proprietorship or partnership and later, if your business grows or the risk of personal liability increases, convert your business to an LLC or corporation.

Appropriate choice of ownership structure may help you create a favorable profit margin for your startup venture. At Patrick & Robinson CPAs, we can help you formulate a plan for your business taxes as we pride ourselves on being our clients’ business profit consultant. Find out more by contacting us at or 904-396-5400.

Next Page »

What Our Clients Are Saying

I have personally known Mark Patrick since 1988. I have worked with him both professionally at the corporate level and personally as he has been my accountant. It is without hesitation that I would re…
Edmond P. Nash

Frequently Asked Questions


What if I have estate, gifting or asset protection concerns?


Before making a serious and perhaps irreversible decision about shifting assets to other individuals, trustees, guardians or planning the transfer of your estate, consult a qualified professional about how to...



4029 Atlantic Boulevard, Jacksonville, Florida 32207
6000-A Sawgrass Village Circle, Suite 1, Ponte Vedra Beach, Florida 32082


Copyright © 2018 Patrick & Raines CPAs, LLC.
All rights reserved. Privacy Policy | Terms of Use