Sample accounting services engagement agreement 2021

Posted 6 CommentsPosted in Accounting, Small Business

In our practice, each client service agreement is unique and customized to the specific situation. It helps, however, to have a listing of the best practices based on past experience as the basis for our work agreement. This is a common format used at the beginning of 2021. Dear : Thank you for choosing me […]

Big tax change for small businesses

Posted Posted in Small Business, Taxes

The IRS reminds employers that starting in tax year 2020, payers must complete the new Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. This is likely the biggest change that affects a large number of small businesses this year. Generally, payers must file Form 1099-NEC by January 31. […]

Simple bookkeeping systems for sole proprietors

Posted Posted in Accounting, bookkeeping, QuckBooks, Small Business

Improving your financial results usually starts with improving your financial recordkeeping. A solid bookkeeping routine taps into the most current technology to minimize your time requirements and makes it easy to get advice on tax advice and wealth accumulation. This post lists popular bookkeeping options for independent contractors and sole proprietors that I’ve personally used […]

New Jersey Taxes 4th Highest in U.S.

Posted Posted in New Jersey, Taxes

Kiplinger’s Magazine, November 2020, ranked New Jersey as the 4th worst state for total taxes paid by middle income residents. This poor ranking was triggered solely by our high property taxes. Kiplinger’s wrote: “For middle-class families in the Garden State, income taxes are relatively low when compared with other states. New Jersey checked with the […]

Low Income Taxpayer Clinics

Posted Posted in IRS, Taxes

Time and again we see that taxpayers who run into trouble should not attempt to resolve the problem themselves. It almost always makes sense to rely on professional representation. A professional will usually reduce the tax liability by far more than their fee. But tax professionals can be expensive and not all taxpayers can afford […]

TAX ALERT: Non-employee compensation

Posted Posted in IRS, Small Business, Taxes

SIGNIFICANT TAX NEWS CHANGE ABOUT NON-EMPLOYEE COMPENATION: The IRS revived the use of Form 1099-NEC for use in reporting non-employee compensation for 2020. This form was last used in 1982 but now will be used to report 2020 non-employee compensation. Corresponding changes were made to the old 1099-MISC form. The due dates are also changed. […]

2020 IRS Report on its Operations

Posted Posted in IRS, Nonprofit, Small Business, Taxes

IRS just released the 195 page “General Report of the 2020 Internal Revenue Service Advisory Council“. I read the applicable sections on small business and nonprofits that affects me and my clients. The key relevant concepts are: 1) IRS currently lacks the funding to operate effectively to collect the taxes necessary to run federal government. […]

Social media tips

Posted Posted in Social Media

I was a guest at BEN South Jersey today where Tammy Collins was the impressive speaker with an excellent list of social media tips: 1 Understand the platform you are using and what the platform user wants there. 2 Don’t post and ghost. Stoke the algorithms by interacting with other users to keep more engagement […]

Redefining my ideal client and target market

Posted Posted in Accounting

Small business advisers suggest that the more specifically we define and distinguish our target market and our ideal client, the greater our chances of business success. To say it another way, few business advisers would recommend that an accountant like me simply offer his services to ‘the world’. Instead, most develop a niche of expertise […]