The missing link between you and your CPA!
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 balance sheet." He says this ignorance can prove fatal to a business. … [Read more...]
When you request a credit or refund of an overpayment using Form 941-X, the IRS first checks your EIN for outstanding taxes, penalties or refunds. Even if there are none, it may decide to examine your request. In other words, there is a real chance the credit you requested may not be available, or may be only partially available, for current period 941 liabilities. If this occurs, the IRS will … [Read more...]
S took depreciation deductions for his buildings (rental properties) but not land. The basis (depreciable cost) of each building was based on allocation of value to the buildings v. the land made by his tax preparer. The IRS disputed the allocations and reduced the deductions, claiming too little value was allocated to the land. Held: For the IRS. The IRS made its own allocations between … [Read more...]
Why do you need a bookkeeper? What exactly does a bookkeeper do? Do they process day-to day transactions? Do you really understand bookkeeping? Do you know how to get the most out of it? Does every business need to hire a bookkeeper? Yes, a bookkeeper processes daily transactions, pays your bills, and balances your "books." However, in addition to a painless tax season, the … [Read more...]
In terms of employment taxes, this depends on whether you are a "responsible person"." Although this case involves a company owner/president, if you are a responsible person, you could find yourself in a similar fix. The case: G was the president and treasurer of a corporation primarily run by him, his wife, their son and a bookkeeper. G and his wife owned half the stock and the firm employed … [Read more...]
Small businesses try to save money or avoid professional fees by hiring an administrative assistant (AA) to handle their bookkeeping. In other cases, they contract independent contractors selling bookkeeping services with little or no accounting background. Their “little” experience might be based on previously running a family member’s business (not necessarily an accounting business), … [Read more...]
After May 31, 2013, you will no longer be able to access documents you’ve stored online using QuickBooks Document Manager. Why is QuickBooks Document Manager being discontinued? Intuit is committed to making QuickBooks better and easier by focusing on products and … Continue reading
