Bookkeeping Archives - Page 6 of 8

Watch for Fake Charities Donation Drives

We’re in the 4th quarter of 2019. If that reminds you that you still need to get your donations made, you might want to check the list with the IRS. This is International Charity Fraud Awareness Week (ICFAW). Fake charities are one of the IRS’s worst tax scams for 2019. These fake charities lure victims…

After Tuesday Tax Tip

If there is any better indicator that virtual currencies such as bit coin are here to stay, it is the IRS figuring out how to tax virtual currency. The first step is to define virtual currency, and the next step is to track it. The IRS, in fact, has defined virtual currency. IRS Definition of…

End of Assignment Evaluations For Effective Management

In our experience based market, are you asking your business customers for immediate feedback? Are you giving your vendors feed back too? Just as importantly, are you giving your employees evaluations of their participation in group and individual assignments as soon as the assignments are completed? Annual evaluations occur long after the undesirable behavior has…

IRS 2019-20 New Rates in Effect for Business Travelers

If you are a regular business traveler incurring expenses, This is your heads up that as of Oct1, there are new IRS per-diem rates in effect. The daily business traveler expenses are broken into three categories: Special transportation industry meal and incidental expenses, or M&IE rates $66 for locations in the continental United States (CONUS)…

Tuesday Tax Tip

Personaltaxprep.com asks: Have you filed for that personal tax extension? Okay, are your taxes ready? Then file them. If your taxes are not ready, if your tax preparer needs anything, GET IT SUBMITTED To your tax preparer. The October 15, 2019 deadline is around the corner and you are officially out of procrastination time. With…

Tuesday Tax Tip

Remember: as you faithfully label and save every business entertainment receipt: Business Entertainment is reduced or eliminated from current business taxes. The TCJA allows meal expenses incurred in connection with business entertainment (meals at games) and meal expenses to wine and dine prospects and customers are still 50 percent deductible, but many entertainment expenses acceptable…

IRS videos in Sign Language

In a celebration of the international day of sign languages, IRS ASL Channel on YouTube featured several tax topics: Tax Tips – videos on general tax topics – meant to help people understand their tax responsibilities ID Theft – as taxpayers and their returns becomes a major target for identity thieves, the IRS provides videos…

GILTI Implemented

Expatriate taxpayers may need to be aware of tax consequences in multiple nations. When the rules in those nations change, following them becomes more complicated. Recently the United States’ Internal Revenue Service came out with guidance forms and instructions for provisions of the Tax Cuts and Jobs Act under the name Global Intangible Low-Taxed Income,…

New Business? Remember the Taxes

Starting a business can be incredibly rewarding – and a little overwhelming. Even as you make business plans, and marketing strategies; keep in mind, you will need have tax responsibilities and there are steps to take and business tax structure to consider. What will be your business structure? The form of your business determines which…