We appreciate our business relationship throughout the year and wish everyone a very Happy & Prosperous New Year! Notifications: 01/01/2024: State UI Rates: Each year you are mailed a notice from the various states you file payroll in of the updated unemployment rate for the new year. We have downloaded these notices from the various states with our login to…
California Gov. Gavin Newsom signed a sweeping new law that could force gig companies like Uber and Lyft to reclassify their workers as employees. Yet even before he signed the bill into law, it was already clear that lawsuits will abound. On September 11, 2019, Uber’s top lawyer announced that new law or not, Uber will not treat its drivers as employees. Tony West, Uber chief…
In the aftermath of tax reform, and in light of the holiday season, the last quarter of the year invites heightened tax questions from businesses about meal and entertainment expenses. Is the company holiday party a write-off? How about a client meal at a sporting event? The new rule eliminating deductions for most entertainment expenses are well known, but businesses…
There is a reason professional service providers such as CPAs, EAs and lawyers have to go through continuous education and testing to be licensed to practice. And if you’re unlicensed, you tend to stay away from things you aren’t an expert in. For example, unless a licensed attorney has an LLM designation, they usually stay away from detailed tax matters,…
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…
