Closing the Books for Year-End
The year-end closing is a critical part of your annual accounting process. If you are handling your own bookkeeping, here are some things that you can do to help ensure your books are accurate. Perform...
View ArticlePersonal Use of Auto
When providing an employee (including shareholder/employees in corporations) the use of a company-provided vehicle, a value representing the personal portion of usage of the vehicle must be included in...
View ArticleHealth Insurance Premium Reimbursements to Employees
There have been some significant changes to what can be done by employers in reimbursing insurance premiums for their employees. In prior years, employers were allowed to either pay for, or reimburse,...
View ArticleReporting Payments Made to Vendors
One of the areas we see the most confusion concerning reporting compliance among businesses is that of reporting payments made to vendors for services performed for the company. In summary, you are...
View ArticleIndependent Contractors – How to Classify Workers
NOTE: This issue has been receiving increased IRS scrutiny in recent years and we expect the trend to accelerate. One of the steps we recommend to clients who use independent contractors and who...
View ArticleTurboTax in the News Again for Potential Fraud Concerns
Once again, TurboTax has found itself in potential trouble with the Minnesota Department of Revenue for potential fraudulent activity. On February 6, 2015, it posted this notice on their website: Some...
View ArticleScam Alert! “IP PIN” Emails
SCAM alert! Just got this one from a client. This is an email with a Word document attached, supposedly providing them a new Identity Protection PIN. While the IRS does provide some taxpayers an...
View ArticleIRS Eases New Reporting Requirements for Small Businesses
I am a happy guy right now. And all of you small business owners should be as well. For much of the last three days, I have been pouring over new regulations the IRS finalized in 2014 and late 2015 …...
View ArticleIRS IP PIN notice contains wrong tax year for filing
Last week, the IRS announced there was an error in the Identity Protection PIN letters that stated the IP PINs were for 2014 and not 2015. Below is the content of the IRS statement, which can be...
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