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Internal Revenue Service

Employee Reimbursements-Accountable vs Non-Accountable Plans

The IRS has very strict rules about how a business should handle employee reimbursements. If you make the payment under an accountable plan, deduct it in the category of the expense paid.  If you make the payment under a non-accountable plan, deduct it as wages and include it in the employee’s Form W-2. Avoiding paying unnecessary taxes on employee reimbursements involves keeping detailed and accurate records separating out how much your business spends on different types of expenses.
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An IRS Audit..and They Require Copies of Canceled Checks

Perhaps you haven't received your canceled checks back from your bank in years, or perhaps your bank has even stopped providing you with printed images of those checks with your bank statement, like mine has - and I must confess I can't even remember when they stopped doing that with our business account - but I do know that it's been several years.

So what happens when during an IRS Audit you are asked to produce cancelled checks to substantiate the payment of an expense?

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Weekly Wrap-Up: News You Can Use 6/8-6/14/2012

Weekly wrap-up of news and information from around the web – there’s so much information out there that it’s difficult (at best) to keep up! I’ve added a WordPress plug-in that grabs information from my Twitter stream to help me (and hopefully you as well) keep up with everything. Look for the Weekly Wrap-Up: News You Can Use every Friday. I'll try to be consistent and organize the information into the same categories each week.

See what caught my attention this week in these topics: Accounting & Taxes, eBooks/Webinars/Videos, Payroll/Certified Payroll/Prevailing Wage, QuickBooks, Small Business/Organization/Productivity, Construction, and Social Media/Marketing/Website Design.

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Is Your CPA REALLY the Right Person to be Completing Your Tax Return?

Is your CPA REALLY the right person to be completing your tax return? Did you know that there are different educational requirements for different types of tax preparers? For example, attorneys, certified public accountants, and enrolled agents will not have to undergo competency testing or obtain CPE credits for federal tax law topics under new IRS regulations?

Who does your taxes? Do they know tax law? This guest blog post by Bruce McFarland of L & R Tax Preparation will provide information about new rules and regulations that the IRS is mandating for paid tax preparers.

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About Your Host:

Nancy Smyth, Certified QuickBooks ProAdvisor

Nancy Smyth, Sunburst Software Solutions, Inc.
QuickBooks Construction & Payroll Expert


I've been using and supporting QuickBooks products since the early 1990's. I've worked with thousands of contractors, assisting them with QuickBooks setup, Certified Payroll Reporting requirements, AIA Billing and Weighted-Average Overtime.


QuickBooks is a powerful product, but learning how to use it in your construction business can be difficult. I hope you find resources available here to be helpful.

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