Category: Accounting
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Online Banking with Chase/Intuit
Chase Bank, the last large bank to resist automated online integration with customer accounting software, announced a deal with Intuit, the nation’s largest consumer and small business software firm. Now customers can automatically reconcile accounts, analyze performance reports, prepare tax filings and make bank transactions from a single secure software with little effort and without the…
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Tip for 1099-MISC processing
I just finished the required 1099-MISC year end processing work for my on businesses because the new due date is January 31 this year. This task is pretty easy within QuickBooks. It took less than 15 minutes and cost less than $15. But I noticed one snag: it is difficult to tell which vendors are…
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Two new digital consumer scams
It seems that the number of ways consumers face financial risk online is expanding rapidly. No matter what we measures we take to protect ourselves, it seems that professional online scams are one step ahead of us. An online conversation tonight with a business friend triggered my to recall two recent suspected consumer frauds. I say…
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Taxation of S corporation shareholder health insurance
Taxation of health insurance for S corporation shareholders is one of the most discussed and convoluted topics in the accounting industry. This article by Shaw and Associates in Colorado presents the topic in a useful format for setting up a payroll system that I’ve not seen in other presentations: http://www.kevinshawcpa.com/s-corporation-shareholder-health-insurance-instructions/
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Warning about Woodard/Intuit CPE program
I attended a two-day CPE program September 21-22, 2016 and was denied five CPE credits because their server would not properly record the responses to attendance questions. The sponsor and presenters were aware of the problem in real time via chat communications in the side bar accompanying the live broadcast. The CPE issuer apparently had…
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College Pro Bookkeepers
CPA-supervised college students handle remote accounting with great advantages to small business owners. In 1971 a college student named Greig Clark founded College Pro Painters, giving other college students a chance to pay for their schooling and to secure post-graduation careers. I recall that their story was part of the early advertising message and I…
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Would your church or synagogue benefit from a financial tune-up?
Yesterday I finished an engagement setting up a high performance accounting system for a local religious congregation with more than 1,000 members. My total fee was $1,650. The work took about 90 days because of required coordination with the bank and other software systems. They now has a reliable online accounting, verified membership list, automated…
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Tax tip to prevent identiy theft
If you are a small business person operating as a sole proprietor, LLC or partnership then the IRS requires you to provide your business name and address and tax ID along with an attestation statement to anyone who pays you more than $600 during the year. The tax form used to provide this information of…
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Beware ‘house flipping’ sellers
I read an accountant’s story of a client who purchased a $40,000 “house flipper plan” through a seminar buy hasn’t flipped a house yet. I’m guessing that 2017 isn’t looking too good for that strategy. The business has no income, only losses. Now it it time to file the first tax return and the client…
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Warning to small businesses about 1099 filing requirements
Facebook Live video added. Based on a handful of disturbing conversations and online exchanges over the past two days, I feel compelled to send this message to my small business clients: “This year the Internal Revenue Service has moved forward the deadline for filing information returns for payments that businesses made in 2016 to its contractors. Form…