Failing to remit payroll taxes is a big mistake! Sometimes a business owner will let the payment of payroll taxes slide in favor of paying other vendors OR perhaps will make a partial payment, thinking it will be ok -- not a good idea ----- always remit the full amount of your payroll taxes before paying other bills. Here are a couple of examples why. Continue reading
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. Continue reading
Union fringe benefits can be calculated in a number of ways; some are based on a percentage of gross wages while others are a fixed dollar amount per hours worked. Either way you look at it, it can become pretty complex. Continue reading
The Internal Revenue Service advised truckers and other owners of heavy highway vehicles that their next federal highway use tax return, usually due Aug. 31, will instead be due on Nov. 30, 2011. Continue reading
Current and future tax law changes will make the role of your construction company’s CPA more important – not less. Continue reading
Guest blogger Jo Ellen Peters discussed who the IRS may hold liable for 941 payments. A must read for anyone who signs a 941. Continue reading
Spending payroll tax money for other purposes is considered to be willful failure to pay taxes and can lead to huge penalties and interest. Continue reading
The Balance Sheet by Class Report was first introduced with QuickBooks 2011, however, it is also available in QuickBooks 2012, 2013, and 2014; has specific requirements for handling many or our normal day-to-day transactions.
A Sales Tax Liability check, causes the amount of the payment to display in the Unclassified column of the Balance Sheet by Class Report - a Journal Entry is required to correct it. Continue reading
Over the years QuickBooks Payroll has had many names (Do-It-Yourself, Enhanced, Assisted, etc.). It used to be simple - a one size fits all; but that is no longer the case. QuickBooks users now have more payroll options than ever before, and it's very confusing. Continue reading
I tell my clients that Cost of Goods Sold (COGS) is any cost incurred that directly relates to getting the sold goods out the door. I have them ask the question "Would you have this expense if you hadn't made the sale?" Continue reading
A contractor will need to select a specific long-term contract accounting methods - possibly with different methods for it's exempt and non-exempt contracts - and also selects sub-treatments for the classification of contracts and the allocation of indirect costs. Continue reading
Tracking costs throughout a construction project is possibly the most important aspect of completing a project. This may seem like a simple function, but in a construction project, different entities need different financial information, and being able to track finances in real time saves a lot of work (and costs) later on. Continue reading