Articles related to the IRS, income and payroll tax collection, etc.
The latest payroll tax deferral program was recently rushed into existence as part of the U.S. government’s response to the Coronavirus and continues to evolve – and much remains unclear. Major questions remain which most employers must unfortunately deal with as they remain in the middle, between both the IRS and employees. For example, it [...]
As more and more firms make the move from PC and server-based QB Desktop (“QBD”) to cloud-based QuickBooks Online (“QBO”) file size can be a concern, especially for QuickBooks Desktop files containing many years of transactions. However this conversion is a good time to purge your system of old and useless entries (vendors and customers [...]
The SBA CARES Act On March 27, Congress passed and President Trump signed into law the CARES Act (the Coronavirus Aid, Relief, and Economic Security Act) — a significant piece of legislation that provides approximately $2 trillion of economic assistance in various forms to both consumers and businesses. As a part of CARES, the Small [...]
IRS FTB UPDATE: COVID-19: IRS and CAL FTB Tax file and pay deadlines extended to July 15, 2020. COVID-19 has hammered our southern California economy, as a large portion of businesses – and workers – are now in hibernation. No one really knows when we can all just get back to what we were doing [...]
Small business owners have so many business tax responsibilities – income taxes (federal and state of course) sales taxes (now hugely more complicated than even a year ago), excise taxes, city and county taxes, franchise taxes, many special taxes, and of course payroll taxes. This is where part of employee pay is withheld and reported [...]
The sales tax environment continues to evolve, mostly to the detriment on small business online sellers. Sales taxes are growing increasingly complex and impose great burdens on just about any business that must comply. The situation is indeed untenable, and a simpler solution is needed. But in the meantime, here is a discussion on the [...]
The Supreme Court decision in June 2018 on South Dakota v. Wayfair is changing the business landscape all over the U.S., and while there are many winners and losers, small businesses definitely don’t fall into the winner’s column as they are now responsible for complying with a multitude of new sales and use tax concerns, [...]
Sometimes you will run your normal QuickBooks accounts receivable (AR) reports, see amounts that are drifting further and further into the right Unpaid columns, and realize that the erstwhile customer is just not going to pay – voluntarily. In this case small claims court may be a great alternative. What is Small Claims Court? Small [...]
Inventory, warehouse and manufacturing management are rarely named as top features of Intuit QuickBooks Desktop or QuickBooks Online products. Many clients find these advanced features as difficult to learn and almost impossible in keeping up to date. Management must often deal with nonsensical numbers such as a balance sheet showing negative inventory or colossal amounts [...]
And now, three more IMPORTANT techniques to use in dealing with collections and slow-pay customers. Today we'll talk about setting the right tempo, retainers, and being Mr. Nice Guy. In the final blog in this series we’ll discuss how to be “no more Mr. Nice Guy” when it's time to go legal. Then a word [...]