Small businesses wrestle with Form 941 Employer’s Quarterly Federal Tax Return

Posted Leave a commentPosted in Accounting, Small Business

IRS Form 941 Employer’s Quarterly Federal Tax Return is, almost by definition, one of the most often-encountered sources of tax trouble for small businesses. This is the tax form that reconciles the amount of wage tax that has been sent (or is now being sent) with the employer’s liability for collecting and submitting these funds. […]

Non-permitted contingent fees and commissions for CPAs

Posted Leave a commentPosted in Accounting, Financial Planning

Over the past month two of my web sites have received a growing numbers of visitors from Google and Bing search queries requesting examples of non-permitted contingent fees for CPAs. It appears that they come from multiple sources but I can not explain the sudden public interest. The reason, I suppose, is that I’ve written about two […]

Adoption of modern small business accounting systems is stalled

Posted Leave a commentPosted in Accounting, Computers and Internet

Results of a new research report published in CPA Trendlines, conducted by accounting technology consultancy Software Advice, confirm what I already suspected: the mass migration of small business accounting systems from desktop to cloud is not going as predicted. Small business clients are raising objections and remain unconvinced of the benefits or switching. The objections […]

Disagreements about taxation of individual health insurance in 2014

Posted 1 CommentPosted in Accounting, Employee Benefits, Tax Planning

It seems that the most confusing tax topic this year in the wake of the Affordable Care Act implementation is the taxation of individual health insurance when an employer is involved in the payment of the cost. No doubt other confusing issues are still on the horizon, but this one is here and now. Small business […]

Tax planning: keep priorities in focus to ensure success

Posted Leave a commentPosted in Accounting, Financial Planning, Tax Planning

“When a CPA simply files your tax return and doesn’t provide strategic tax planning or advice, you may not be getting your money’s worth.” – Forbes I couldn’t agree more. Unfortunately, far too often our priorities get buried in the pace of business today. Financial planning is muddled, tax planning opportunities are missed, and tax return […]

A small business’ most valuable asset

Posted 1 CommentPosted in Accounting, Computers and Internet, Data Management, Small Business

When I speak with a small business owner, the topic of managing their most valuable asset often comes up. Usually, I’ll provoke the discussion: What really is your most valuable asset? What are you doing to protect it? What are you doing to grow it? At first, they are surprised to learn that I’m talking […]

Accounting vs. bookkeeping vs. artificial intelligence

Posted Leave a commentPosted in Accounting, Computers and Internet, Financial Planning, Small Business

I read an article that started out with a silly statement “It’s not a reality—yet—but accounting software is poised to eliminate accountants”. The article goes on to discuss the role of bookkeeping software, not the work of accountants. I responded “If you believe that this next generation of software will replace accountants, then I would […]

Accounting Software

Posted Leave a commentPosted in Accounting, QuckBooks, Small Business

Update: QuickBooks Online version addressed all of my concerns and is less expensive than any other option. I consider the issue resolved. I suffered a calamity with my local accounting software last month which led me to consider options to QuickBooks. QuickBooks is such a dominant software in the small business market that in the […]