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2015 Tax Scams Each tax season, the IRS cautions the public to be wary of becoming the victim of a tax scam. They do this by publishing a list, appropriately named the “Dirty Dozen,” which identifies the most common practices used by criminals to confiscate the tax refunds of innocent taxpayers. Because these thieves are
Bookkeepers Adjust for Tax Extenders Although the tax extenders bill, officially named the Tax Increase Prevention Act of 2014 or HR 5771, was passed just weeks before the end of the year, the Internal Revenue Service recently announced that the 2015 tax season would open without delay. In his recent remarks, Tax Commissioner John
Wage Garnishments Create Problem for Payroll Services Wage Garnishments Create Problem for Payroll Services – It turns out that seizing an employee’s pay to execute a wage garnishment can be a very complicated task. Unfortunately, the government sets the amount of the garnishment but places the burden of collecting the garnished amount with the
Bookkeeping for the Self-Employed Bookkeeping for the Self-Employed: The bookkeeping concerns of the self-employed are numerous and complex. Independent contractors, sole proprietors and other self-employed individuals are allowed to take certain tax deductions that are specific to their entity structure. These deductions include such items as home office expenses, car expenses, health insurance premiums and self-employment
New Focus on Fixed Asset Retirement – Keeping up with fixed asset depreciation and retirement is a bookkeeping function that is often overlooked, especially in companies that are too small to have a designated fixed asset manager. However, in light of new tax legislation that went into effect on January 1, 2014, fixed asset
Bookkeeping Essentials 101 – The Importance of Good Bookkeeping – A precise and expeditious bookkeeping system is one of the most important operating components of any small business. Accurate and current financial records make it possible for a business to assess its profitability and develop long range financial goals. They are an essential precursor to
Payroll Services are the Employer’s Responsibility – Although an outside payroll services provider can administer company payroll, make payroll tax payments, manage employee benefits, submit payroll tax returns and prepare payroll tax reports, the ultimate responsibility for preforming all of these functions lies with the employer. For this reason, selection of an outside payroll services