The California Department of Tax and Fee Administration (CDTFA) announced today that beginning April 1, 2019, out-of-state retailers selling above certain thresholds into California will be required to collect California use taxes on their sales into California. Today ‘s Special Notices also impact in-state and out-of-state retailers’ obligations to collect and remit district use taxes adopted by California localities. “Today ‘s announcement…
Each month QBO rolls out updates, sometimes they are show stoppers and sometimes they don’t even hit our radar. During February a small change with a big impact hit QBO sales transactions. In addition to Invoices, now we can copy and blind copy estimates, sales receipts, credit memos and refund receipts which greatly reduce time spent pushing and sharing emails.…
Ever waste time looking for that document you swore you filed away for safe keeping? You search through stacks of paper and file folders, but simply can’t locate that one piece of paper you need at this very moment. Or, you use the search tool on your computer and enter every single combination of keywords that could possibly be in…
Answer: I recommend creating a spreadsheet and putting in all of the meetings you traveled to over the year. You can download my IRS compliant mileage tracker below, or create your own spreadsheet and add columns for the date, business purpose, client you’re meeting with, and starting/ending destination. At the end of the year, you’ll be able to total the mileage…
Every now and then your assumptions can be challenged by an unexpected dose of reality. For example, a recent accounting study by Viewpost revealed that over a quarter of small businesses (SMBs) have no plan in the near future for a streamlined, end-to-end payment process. Even more surprising, this poll of 5,000 U.S. decision makers revealed that 18 percent of SMBs don’t use…
Tax reform law commonly referred to as H.R. 1 Tax Cuts and Jobs Act of 2017 has changed the deductibility of certain meals, entertainment and transportation expenses. Prior to 2018, a taxpayer could deduct 50 percent of business meals and entertainment and 100 percent of meals provided through an in-house cafeteria or meals provided for the convenience of the employer (i.e., de…
Section 199A deduction also known as the Qualified Business Income deduction arises from the Tax Cuts & Jobs Act of 2017. This is a significant tax break for small business owners but there are rules and limits of course. Section 199, without the A, is the section covering Domestic Production Activities Deduction. Section 199A is seemingly modeled after this (or…
At its surface, cost of goods sold seems like an easy number to calculate—it’s simply the amount you paid to create and deliver the goods you sold or services you delivered over a given time period. At its surface, cost of goods sold seems like an easy number to calculate—it’s simply the amount you paid to create and deliver the…
I haven often come across the stall from a business owner on the phone, when they say: “We have an Accountant already, and we don’t need a bookkeeper, thank you.” Not what you really want to hear when prospecting, and not always easy to then break the ice and explain why a bookkeeper and accountant need to run alongside each…
