“The IRS has initiated a new examination program for small businesses in the past year. This is affecting all examinations of small businesses if they use any electronic accounting software.” As a QuickBooks®consultant, I am here to help you understand the issues and assist the small business client in preparing for the examination. ‘The typical [audit] [...]
IRS Will Request QuickBooks (and other electronic) Files During An Audit
January 24, 2012 By Leave a Comment
Avoid 3 Common Payroll Mistakes
January 21, 2012 By Leave a Comment
There are 3 common payroll mistakes small companies make. Each one is easy to avoid if you are aware of it. 1. Refusing a W-4 even if you happen to know it is inaccurate. Do not question a W-4 that has not been altered unless the employee tells you that it is false. But, you can advise someone [...]
Price Increase for Intuit Direct Deposit; 1099s, W2s, etc.
January 20, 2012 By Leave a Comment
Direct Deposit If you process payroll using QuickBooks and are signed up to Direct Deposit, the fee has increased to $1.45 per paycheck. The fee is automatically deducted from your bank account and recorded in QuickBooks within the payroll tax liabilities transaction. Check out our Payroll Services and contact us for pricing. 1099 & W2 [...]
1099-MISC Not So Easy To Prepare This Year
January 19, 2012 By Leave a Comment
Used to filing your own 1099s? This year is the first the IRS is requiring us to separate payments made to our vendors by cash or check from payments made by credit/debit cards and third-party payment services like PayPal in the 1099-MISC form. Third-party payment processors like Paypal are now required to report all transactions [...]
Tips to Happy Planning for the Self-Employed
January 18, 2012 By Leave a Comment
Ready to File?
January 18, 2012 By Leave a Comment
2012 Tax Changes
January 5, 2012 By 1 Comment
PAYROLL TAX CUT for employees extended through February 29, 2012. (Social security tax rate on wages up to $110,100 will be 4.2% rather than 6.2%.) ADOPTION TAX CREDIT decreases to $12,650 for adoption of an eligible child. SECTION 179 maximum deduction decreases to $139,000, with a phase-out threshold of $560,000. STANDARD MILEAGE RATE for business [...]
Six Year-End Tax-Saving Tips
December 30, 2011 By Leave a Comment
5 Ways To Protect Your Company
December 24, 2011 By Leave a Comment
1. Family firms need two checking accounts. Because the IRS closely scrutinizes transactions between family members in family businesses, it is highly advisable for a family business to keep a separate checking account for the business and pay all business expenses out of that account. 2. Send ICs a 1099 . . . and a [...]
Effective Bookkeeping Strategies That Can Help You Shun Commercial Debt
November 22, 2011 By 1 Comment
There are many new business owners who are not only worried about the thoughts of setting up their own firm but are equally daunted by the mere idea of bookkeeping as well as accounting. Without effective bookkeeping strategies, your business can lose track in the tough competition and start incurring debts for which you may [...]
