5 Ways To Protect Your Company

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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 4669. Companies with few or no employees that make payments to ICs … [Read more...]

Should I give you a new W-4?

should-i-give-you-new-w4

Problem: Sara asks you if she should submit a new W-4 (she is worried about underwithholding or has a new allowance to add or deduct, etc.). You are uneasy about giving tax advice (and you should be). What can you do? Solution: Direct her to the new IRS Withholding Calculator. Tell her to go to www.irs.gov, type “withholding calculator” in the search box, then click the first link (IRS … [Read more...]

Do You Have A Bookkeeper Or Do You Have a “Bookkeeper”?

bookkeeper vs bookkeeper

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), or … [Read more...]