A few weeks ago, I landed a contract for a person who owns several companies. Daycare facilities, Construction related business, real estate related, just a mass array of corporations (LLC, LLP, C-Corp). In the course of our work he requested what is called a comfort letter (a document prepared by an accounting firm assuring the financial sou [...]
Travel by personal automobile requires special attention to the validation requirements. Because of perceived exposure to personal use, Congress has designated passenger automobiles as so‐called “listed property,” which means that expenses related to their business use must be “strictly substantiated.” In order to comply with this requiremen [...]
Although many of us are enamored with the idea of becoming professional athletes, many of us do not have the skills, talent, or will power, those who do tend to acquire great financial wealth during their careers. However, many people do not realize that professional athletes rarely maintain their wealth, and frequently face majo [...]
If you hire someone for a long-term, full-time project or a series of projects that are likely to last, you need to pay special attention to the difference between independent contractors and employees.
Why It Matters
The IRS and your state regulators scrutinize the distinction between employees and independent contractors because many busin [...]
So, you have started up a new company and you have less than five employees. In a situation like this, you have two ways to arrange a life insurance policy -
a) General and
b) Tax efficient life insurance.
In case of the normal policies, you need to make a contract with your employees and you will be making the payments on behalf of them. Wh [...]
A W-2 for 2013
Form W-2 is the form that an employer must send to an employee (and the IRS) at the end of the year showing their income earned during the year. The W-2 form reports an employee’s annual wages and the amount of taxes withheld from their paycheck. It holds a great deal of other information as well. Some for the Employee/ta [...]
Well, the word got out….
It is true, I am getting ready to start studying my way towards becoming an EA.
Yesterday as I was purchasing my study materials a friend of mine called and we visited. In our conversation I mentioned that I was buying the study materials and what my plans are (even though I am still kind of formulating them).
Today o [...]
We’ve all heard the horror stories of large companies that have fallen victim to hackers breaking into their vast reserves of data and stealing information. But what many small businesses don’t realize is that hackers are realizing the ease with which they can do the same thing to small and medium sized businesses. What is even more disconcer [...]
It can be difficult to keep up with new technology; sometimes it feels like the world can change if you stop paying attention for a few minutes. Things that we accept as normality were utterly unthinkable just a few generations ago. Our grandparents would have to spend weeks to get from one country to another, and now we can whiz along in an [...]
Accounting in almost any company is really important. On the other hand, it requires information and thorough analysis including the tiniest glitches cause they may lead to a large problem. Entrepreneur’s that are not accountants end up hiring a CPA’s or certified public accountant’s who is asking for their professional rate [...]