You probably didn’t start your business because you were passionate about performing administrative tasks. Most business owners decide to start their own company because they have a real love for a product, service, or industry. So why would a business … Continue reading
Outsource Your Business Payroll
Posted in Business Bookkeeping / Accounting, Outsourced Bookkeeping Services, Payroll, payroll
Tagged Payroll, payroll processing, resource allocation
Comments Off
FASB 117 for Nonprofits
The Financial Accounting Standards Board (FASB), the rule-making organization for generally accepted accounting principles, issued standard 117 in 1993, affecting the nonprofit sector. Standard 117 outlines the financial statements for nonprofit organizations FASB117 is the primary guidance relating to the … Continue reading
Posted in Non-Profit Accounting
Tagged compliance, FASB 117, financial statements, generally accepted accounting principles
Comments Off
How long should I keep records for accounting and tax purposes?
The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period … Continue reading
Posted in Business Bookkeeping / Accounting, Business Finances, IRS, Income Tax, Taxes
Tagged accountability, bussiness expenses, IRS audit, recordkeeping, reporting, reports
Comments Off
Small Business Budgeting Tips for 2012
In these troubled economic times, it can be difficult for a small business to budget for the new year. With credit crunches and slower sales, it’s hard to predict how to budget for the year. Experts are saying that the … Continue reading
Posted in Business Bookkeeping / Accounting, Business Finances, Small Business
Tagged budgeting
Comments Off
2012 IRS Mileage Rate Options
WASHINGTON, DC — The Internal Revenue Service (IRS) has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2012, the standard … Continue reading
Posted in Business Bookkeeping / Accounting, IRS
Tagged business, charitable, deductible costs, medical, mileage rates, moving costs
Comments Off
Maintaining Your Tax Exempt Status
Loss of tax-exemption could have disastrous consequences for a nonprofit organization. Every nonprofit leader should be familiar with the annual filing requirements and activities that should be avoided in order to protect and maintain tax-exempt status. Be familiar with and … Continue reading
Posted in IRS, Non-Profit Accounting, Not-For-Profit Organizations
Tagged nonprofit tax exemption, tax exempt status
Comments Off
Types of Fraud in Nonprofit Organizations
There are two broad categories of nonprofit fraud: Those committed against the nonprofit Those committed by the nonprofit Typical examples of fraud perpetrated against nonprofit organizations include: Skimming: Cash is stolen before the funds are recorded in the accounting records … Continue reading
Posted in Outsourced Bookkeeping Services
Comments Off
Resolving Worker Classification Issues
In September of this year, as part of the “Fresh Start” initiative, the Internal Revenue Service launched a new program that will enable many employers to resolve past worker classification issues and get into compliance under the tax law at … Continue reading
Is Your Nonprofit Transparent?
There was a story in the news about a nonprofit in Missouri that refused to provide financial information upon request. The organization claimed that it was not legally required to do so more than once a year. Complaints flowed into … Continue reading
Posted in Not-For-Profit Organizations, Outsourced Bookkeeping Services
Tagged disclosure, transparency
Comments Off
Under-Used Tax Incentives
As 2011 winds down, it’s a good time to review tax incentives and see how they might benefit your business. There are a couple tax incentives frequently under-utilized by business that may be of use your company’s bottom line. According … Continue reading
Posted in Business Bookkeeping / Accounting, Outsourced Bookkeeping Services, Small Business, Taxes
Tagged deduction, domestic production, health care coverage, tax incentives
Comments Off