“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 1 Comment
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 [...]
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
Be Prepared For The New Wave of Wage-Hour and IRS Audits
October 31, 2011 By Leave a Comment
As reported in March, the DOL (Department of Labor) is making a major push on wage-hour enforcement audits. Also, the IRS recently beefed up enforcement efforts. Even if your firm never violated one IRS or DOL rule, substantial penalties may apply simply for not maintaining required records. Now is the time to gather or seek copies [...]
Six Tips For Paying Estimated Taxes
September 1, 2011 By 1 Comment
Can you deduct Gym or Health Club Memberships?
February 11, 2011 By Leave a Comment
Some personal nondeductible expenses- such as gym or “health club” fees- can become deductible medical expenses. To qualify, the individual must have been diagnosed with a specific disease or medical condition, a physician must prescribe the activity to relieve the problem, and the individual would not have incurred the expense without the disease or condition. [...]
Important 2011 Tax Deadlines
January 3, 2011 By Leave a Comment
Top Financial Resolutions to Make for 2011
December 21, 2010 By Leave a Comment
Small business owners face many financial management challenges as they operate their businesses. It’s the beginning of a New Year and most small business owners are making their New Year’s Resolutions about their businesses. Here’s what you should promise to do about your finance operations! I promise to better manage my cash flow. Cash flow [...]
