Search results for: “payroll”
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Sample accounting services engagement agreement 2022
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 sample only, dated 1/18/2022. Thank you for choosing me to help you with your accounting…
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Best Practices for Setting up an Accounting System for a Charity or Other Nonprofit Organization
There is no single right way or wrong way to set up an accounting system for a nonprofit organization. Every method has its pros and cons. Yet small new nonprofits may find a that simple clear list of best practice recommendations is useful to save time and money and to avoid learning ‘the hard way’.…
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My web site updated for 2022
Last night and this morning I reviewed, edited and updated all of the 46 pages on my web site. This does not include the blog posts section that total about 2,000, compiled from various sources since the middle 1990s. But it does include details to address the causes of business model failures we incurred this…
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Revised ‘Best Practices’ in accounting services engagement agreement
I revised the Best Practices section (the wordy section) of my engagement agreements effective September 1, 2021 with a number of small changes but the major change is meant to accommodate the growing portion of clients who prefer an ongoing service agreement rather than repeatedly starting and ending shorter duration services. As before, a sample…
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Updated engagement agreement for 3rd quarter 2021
My engagement agreement is updated for the third quarter 2021. The work process section is reworded to emphasize the different types of work that may be included in the engagement. The communications section is expanded to emphasize the importance of broadcast communications in the overall success of the engagement in response to the accelerating pace…
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Small business accounting updates
Advancing technology continues to change our small business accounting systems at an ever increasing rate of change. Here are two major recent items: PAYMENT SYSTEMS: Last year I set a goal of moving all payment systems to EFT ((Electronic Funds Transfer) and away from paper checks by postal mail. There are many advantages: improved speed,…
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Rules for CPAs who handle clients’ PPP loans
Last year the AICPA issued ethics guidance to CPAs who handle PPP loan application and forgiveness applications for their business clients. This has become a significant issue for me lately. The guidance reminds practitioners that assisting the client in this capacity is considered a nonattest service requiring application of the independence and related rules in…
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Pros and cons of an S-corporation vs. a single member LLC
An S-corporation and a single member LLC taxed as a “disregarded entity” share many things in common. The post focuses on some of the differences. What’s the best reason to consider S-corporation over single person LLC? Liability: Many people would say that it limits the owner’s legal liability. But that’s not supported by actual case…
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Pattern on PPP2 loan applications?
I noticed a pattern on PPP round 2 applications these past few days and wonder if others are experiencing the same. This morning I posted the observation on a NJCPA peer private discussion group and a Facebook public nonprofessional group seeking feedback. I know of 9 small business clients that applied for PPP round 2…
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How to pay me
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These points apply to all payments: These methods can be used to make payment to any associated entity (Nantuxent, Baysave, Freedom Benefits, etc). But if the purpose of the payment was to allow me to forward payment to another entity, then make sure that we confirm that in writing. An IRS form W4, revised March…