11Dec 2013 by BruceMc
Employee Reimbursements-Accountable vs Non-Accountable Plans

Employee Reimbursements-Accountable vs Non-Accountable Plans

Be A Better Bookkeeper, From Our Guest Bloggers, IRS Information, Payroll Tips
As a tax preparer and payroll provider for my clients I always recommend, whenever possible, that they keep employee reimbursements’ out of payroll. The IRS even suggest this in Publication 583 (https://www.irs.gov/pub/irs-pdf/p583.pdf).  If it is your habit to include reimbursed expenses in employee paychecks and  your payroll is ever audited, be it from the IRS or the State, I am sure you and your employer could be very unhappy. In a perfect world, all expenses would be paid with company checks, or credit cards, leaving a clear path for accounting to identify the source and business reason for each expense. However, we do not live in a perfect world, and it is oftentimes necessary for employees to pay for these expenses. Reimbursements are not so cut and dry. If you…
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24May 2012 by BruceMc
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?

From Our Guest Bloggers, IRS Information
    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? Maybe you have heard maybe not.  The IRS is beginning to mandate preparers who complete your tax return.  Yes, if you use a paid tax preparer there are rules that are being mandated by the IRS.  These regulations/rules are being put in place in an effort to assure you that you are getting the best possible return from a knowledgeable trained preparer. So what are they?  What regulations are being implemented to protect you? The IRS will require all individuals who are required to sign a federal tax return as a paid tax return preparer to register and obtain a…
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