Saturday, March 31, 2012
Friday, March 30, 2012
An ABSOLUTE MUST for boaters - our new client invented an invaluable device here in CT: check it out: http://ping.fm/qCQrP
ANOTHER great article on our clients and friends @Nonscentsflower (nonscentsflowers.com) - read their wonderful story! http://ow.ly/9YH1J
Thursday, March 29, 2012
Just about 2 weeks left until your taxes are due!!! Have a cleanup? Give us a call! http://ow.ly/9XNyP
Out with the old - in with the new! Tomorrow ALL Facebook pages will be switched over to the new timeline sytle! Tips: http://ow.ly/9XL9g
Friday, March 23, 2012
Have some quesstions about how this tax refund debit card works? Check this out: http://ping.fm/JSXWI
Wednesday, March 21, 2012
QuickBooks Training Deadline Reminder: The deadline has been extended to the end of this week, call to register! http://ow.ly/9NvTN
Ways to Protect Your Business and Clients
Ways to Protect Your Business and Clients
1. Those who are involved in family businesses need 2 checking accts. 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 risk having the IRS (and Tax Court) deny the deductions as phony. What to do: Send each IC a 1099-MISC and get from each IC signed Form4669, Statement of Payments Received.
3. "The check is in the mail.” When a customer says the check is in the mail, politely ask for check number and date written. If the customer fumbles instead of agreeing to get the number or refer you to the bookkeeper, you should suspect that the check was never written or mailed.
4. Put collections efforts where they count. Overdue receivables are usually just 10% uncollectable after 60 days. But after 6 months, they are 33%-67% uncollectable.
5. Protect the firm against the IRS. If your firm is audited, the IRS will examine its electronic files. Some requested files may contain data outside the period under audit that the IRS could use for a “fishing expedition” or to access unrelated customer or private data outside the scope of the information request or audit. Find a method for isolating all data for a given year that excludes data from other periods. If you cannot do this, at year-end back up that year separately.
From http://www.aipb.org/
----------
Timothy Dugan
Marketing Specialist
Comprehensive Business Solutions
1395a Tolland Turnpike
Manchester, CT, 06042
P: 860.645.0273 - F: 860.647.7610
http://www.comprehensivebusinesssolutions.com/
"Let us maintain your books, so you can maintain your business." SM
Monday, March 19, 2012
ATTN: We have extended our deadline for our quickbooks training course registration to this week-call us if interested! http://ow.ly/9KlRz
Friday, March 16, 2012
Thursday, March 15, 2012
Wednesday, March 14, 2012
Tuesday, March 13, 2012
Monday, March 12, 2012
Sunday, March 11, 2012
Saturday, March 10, 2012
Thursday, March 8, 2012
Business Bookkeeping Quiz
Whats your score on this quiz? If you're on the lower end you may want to give us a call!:
reblogged from: aipb.org
3. You are required to retain W-4s, copies of W-2s and W-3s, state and local payroll and employment tax returns and expense reimbursement substantiation for at least _____ years from _____ __ (month, day) following the _____ _____ of the tax returns and employment-related tax forms and data.
4. Under new IRS regs, if you file a return using an IRS-authorized private delivery service, is that alone considered evidence that the documents were delivered to the IRS on time? Is it evidence to the Tax Court?
5. To ensure that the IRS (and Tax Court) will accept deductions for payments to independent contractors (ICs), companies with few or no employees that make payments to ICs should obtain from each IC a signed Form _____ [form number], _____ _____ _____ _____ [form name], for each 1099-MISC sent out.
6. Because the IRS closely scrutinizes transactions between family members involving family businesses, it is highly advisable for a family business to keep a separate _____ _____ for the business and pay all _____ _____ out of that account.
Questions 7-10: New regs for start-up businesses:
7. Up to $_____ of start-up expenses can be deducted up-front and the rest _____, but this amount is reduced dollar-for-dollar by start-up expenses over $_____.
8. The amortization period has been increased to _____ years.
9. The amortization applies to expenses incurred in the year the business begins _____.
10. The regs can be used retroactively for start-up expenses paid or incurred after _____ __, _____ (month, day, year).
ANSWERS:
9-10 correct You're up to date. To stay that way, join AIPB today.
6-8 correct You're missing information affecting your job. Join now to keep current.
5 or less correct Too busy to stay current? Let AIPB keep you up to date. Join now.
1. value, fair-market value
2. 2
3. 4, April 17, due date
4. yes, yes
5. 4669, Statement of Payments Received
6. checking account, business expenses
7. 5,000, amortized, 50,000
8. 15
9. operating
10. Oct. 22, 2004
----------
Timothy Dugan
Marketing Specialist
QUICKBOOKS TRAINING 2012
Comprehensive Business Solutions
1395a Tolland Turnpike Manchester, CT, 06042
P: 860.645.0273 - F: 860.647.7610
www.cbsbookkeeping.com
"Let us maintain your books, so you can maintain your business." SM
Our goal as your national association is to raise bookkeepers' professional status. One way we do this is by keeping you current and offering practical, on-the-job help in our member newsletter, The General_Ledger.
The quiz below is based exclusively on one recent issue of The General Ledger. See if you are up to date. Scroll down for answers.
1. You are required to retain records of fringe benefits provided, including _____ and _____-_____ _____ calculations for at least 4 years, but to be safe, 5 years.
2. You are required to retain documents that support calculations for work tickets, piece-work tickets, wage-rate tables, work and time schedules, additions to or deductions from wages, and time cards for at least _____ years.
4. Under new IRS regs, if you file a return using an IRS-authorized private delivery service, is that alone considered evidence that the documents were delivered to the IRS on time? Is it evidence to the Tax Court?
5. To ensure that the IRS (and Tax Court) will accept deductions for payments to independent contractors (ICs), companies with few or no employees that make payments to ICs should obtain from each IC a signed Form _____ [form number], _____ _____ _____ _____ [form name], for each 1099-MISC sent out.
6. Because the IRS closely scrutinizes transactions between family members involving family businesses, it is highly advisable for a family business to keep a separate _____ _____ for the business and pay all _____ _____ out of that account.
Questions 7-10: New regs for start-up businesses:
7. Up to $_____ of start-up expenses can be deducted up-front and the rest _____, but this amount is reduced dollar-for-dollar by start-up expenses over $_____.
8. The amortization period has been increased to _____ years.
9. The amortization applies to expenses incurred in the year the business begins _____.
10. The regs can be used retroactively for start-up expenses paid or incurred after _____ __, _____ (month, day, year).
ANSWERS:
9-10 correct You're up to date. To stay that way, join AIPB today.
6-8 correct You're missing information affecting your job. Join now to keep current.
5 or less correct Too busy to stay current? Let AIPB keep you up to date. Join now.
1. value, fair-market value
2. 2
3. 4, April 17, due date
4. yes, yes
5. 4669, Statement of Payments Received
6. checking account, business expenses
7. 5,000, amortized, 50,000
8. 15
9. operating
10. Oct. 22, 2004
----------
Timothy Dugan
Marketing Specialist
QUICKBOOKS TRAINING 2012
Comprehensive Business Solutions
1395a Tolland Turnpike Manchester, CT, 06042
P: 860.645.0273 - F: 860.647.7610
www.cbsbookkeeping.com
"Let us maintain your books, so you can maintain your business." SM
Wednesday, March 7, 2012
Sunday, March 4, 2012
Saturday, March 3, 2012
Please give our busines a star rating by visiting: http://ow.ly/8XlJv (Yahoo Users) OR http://goo.gl/9s5Ex (Google Users) - Thank You!
Friday, March 2, 2012
Thursday, March 1, 2012
Please give our busines a star rating by visiting: http://ow.ly/8XlJv (Yahoo Users) OR http://goo.gl/9s5Ex (Google Users) - Thank You!
Subscribe to:
Posts (Atom)