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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...

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Personal 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...

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Health 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,...

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Reporting 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...

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Independent 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...

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TurboTax 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...

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Scam 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...

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IRS 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 …...

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IRS 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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Interested in small business topics, tips and assistance?  We have a new website for small business owners, www.thesmallbizhq.com. This site will contain helpful articles, tips, ideas and help with...

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