Accounting Tasks at Year-End

You might wonder why there are so many extra tasks at year-end. While the government requires much of the work, there is clean-up work and adjustments that need to be done to make the books accurate. It’s not always cost-effective to perform all of these updates monthly,

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Protect Yourself from Tax Scams

There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season and target virtually everyone. Stay alert to the ways that criminals pose

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Three Essential Business Roles for Success and Balance

In his book, The Rebel Rules: Daring to Be Yourself in Business, author Chip Conley describes what investors look for in a management team when considering providing startup money to new businesses. He says your management team should consist of a “brain trust that includes a passionate visionary,

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Tax Strategies for the Retired Taxpayer: Convert your IRA’s Required Minimum Distribution into a Qualified Charitable Distribution

After years of saving for retirement, it’s time to start using those savings—even if you don’t really need to.  Once you reach 70 ½ years old, you must begin taking annual distributions from your qualified retirement plan.  This is called a required minimum distribution (RMD.)  If you

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Cool Tech Tools: Fathom

If your eyes glaze over when you’re presented with financial statements for your business, you’re not alone. Many entrepreneurs benefit greatly when they can see their financial results in graphical and chart formats. Fathom is the perfect tool to help your numbers come alive so they can

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Get Organized with This 32-Item Year-End Close Checklist

A great way to make a wonderful start to 2020 is to wrap up 2019 feeling organized and on top of the world. Here’s a checklist of items that you can start on now to make your year-end close go smoother than ever before. And don’t worry

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Due Diligence Requirements

As your tax professional, we may be asking you additional questions next year that are required by the Tax Cuts and Jobs Act. Tax preparers must collect new information from clients who qualify for any of the following tax credits: Earned Income Tax Credit (EIC) Child Tax

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Using Custom Fields in Your Accounting Software

Custom fields in your accounting software are data fields that you can define yourself. They are typically associated with customers, vendors, employees, and items, and they can help you store and categorize additional information about these stakeholders and your products and services in your business. An example

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1099-NEC: A New Way to Report Non-Employee Compensation

In July 2019, the IRS released a draft of form 1099-NEC, which is designed to report non-employee compensation.  While this may seem like a new form to many, it’s actually a revival of a form used until the early 1980’s, which was eventually replaced by form 1099-MISC.

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Uh-Oh; I Got an Audit Notice from the IRS. Now What?

If you receive an audit notice from the IRS, do not panic.  Just breathe! Read the letter in its entirety to see what they are auditing.  In many cases, it’s a great idea to hire a tax representation professional to deal with the audit, especially if it’s

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