by Sunburst Software Solutions, Inc.
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expense

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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Worker’s Comp Increases 45% in California, Beginning 7/1/2012

Worker’s Comp and payroll taxes take a huge bite out of a contractors profit when working on Public Works construction projects – especially if the contractor is paying the full fringe benefit rate of the prevailing wage to the employee in cash and not to the Union Hall or into bona-fide plans.

Public Works Construction and Prevailing Wage projects require advanced financial planning methods and tools along with an understanding of the ever-changing compliance requirements — so that you can reduce your overhead and get paid on time.

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Construction Payroll, Should I Do It In-house or Outsource It?

Construction payroll can be complex and many business owners wonder if they should hire a payroll clerk and issue payroll in-house or if they should outsource it. As a contractor a significant portion of your job costs involve payroll and labor burden (payroll taxes, worker's compensation insurance, general liability insurance, company paid fringe benefits etc.) and you need to have these numbers included in your job costing reports so you can analyze your bidding practices and know whether or not you made a profit on the job. If your payroll is not run through your accounting software you loose this vital piece of job costing information.
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Entering Bills or Checks in QuickBooks – Items vs. Expenses

Your business spends money on a wide variety of things - employee payroll, payroll taxes, office supplies (such as paper and envelopes), utility bills, things that you purchase to resell to others, and goods or services from others are just a few examples. In essence every penny that your business spends is an expense to your business - but how you record the purchase in QuickBooks does make a difference. When entering bills, checks, or even credit card purchases in QuickBooks you have the choice to use an Items or Expenses tab - choosing the Items vs. Expenses tab will depend on what the money being spent was for.
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ASA Seminar Payroll & Tax Strategies for Public Works Contractors

Cash is "KING"! Public Works Construction and Prevailing Wage projects require advanced financial planning methods and tools along with an understanding of the ever-changing compliance requirements -- so that you get paid on time! I'm thrilled to be joining Steve Kuzmack, President of Fringe Benefit Experts for a comprehensive 2 hour - easy to understand seminar for the American Subcontractors Association - San Diego branch, on strategies for lowering labor costs and complying with certified payroll reporting requirements on Federal and/or State funded construction projects - including the impact of the new Compliance Monitoring Unit {CMU} and the required filing of electronic certified payroll reports.
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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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