“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
Avoid 3 Common Payroll Mistakes
January 21, 2012 By 1 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 [...]
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 [...]
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 [...]
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 [...]
Simple Ways To Track Your Marketing ROI
November 9, 2011 By Leave a Comment
Marketing is an important investment for your small business but can be a misused expense if you are not measuring your return of investment (ROI). Instead of blindly investing in different campaigns, create a plan of specific marketing campaigns and how you are going to monitor and track these campaigns. You can have a number [...]
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 [...]
Let’s Look At The Balance Sheet
October 4, 2011 By 1 Comment
In a recent article from Entrepreneur Magazine’s “Street Smarts” section, Norm Brodsky discussed a topic of much interest to me. He calls it “Balance-Sheet Blues.” He discusses a friend of his who’s struggling to save his company. In the article Norm says his friend’s problem “can be traced to a common failing ignorance of the [...]
5 Reasons Why Cloud Bookkeeping Is Beneficial
September 26, 2011 By Leave a Comment
Accounting is one of the slowest industries to seize the advantages of the latest technology. And many business owners are skeptical about having their finances managed in the cloud. Although, even in-house accounting systems are not invincible to damages or catastrophes. But technology has changed the business process of many industries for the better, including Accounting. And there are many [...]
