Monthly Archives: October 2018

Education, IRS

Upcoming NSAC Webinars Nov 6 & 27

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There are a couple upcoming NSAC webinars I really encourage you to consider taking!

Should I or Shouldn’t I – The Basics of Business Ethics for Co-op Personnel
https://nsacoop.org/webcast_details.php?id=238
Tuesday, November 06, 2018
11:00 AM EST / 10:00 AM CST / 09:00 AM MST / 08:00 AM PST

This session, presented by Steve Dawson of Dawson Forensics, focuses on business ethics: how do we determine between should and shouldn’t. This session focuses on the “why’s and how-to’s” regarding the establishment of a business ethics policy.

1099: Increased Reporting Pressure
https://nsacoop.org/webcast_details.php?id=244
Tuesday, November 27, 2018
02:00 PM EST / 01:00 PM CST / 12:00 PM MST / 11:00 AM PST

The IRS has been increasing its identification number matching for 1099 reporting. This has caused an increase in notices and penalties issued to taxpayers. In this session, Tara Guler and Jared Kempel, both of Baker Tilly, will discuss the new 1099 penalties, how to deal with a notice and steps that can be taken to obtain proper 1099 reporting information.

Please add https://nsacoop.org/cooperative_learning_network.php to your regular list of upcoming educational opportunities — no, they don’t pay me anything or even ask for me to post these. I just think they’re great.

Education, IRS

Biggest Tax Law Changes for Small Business Owners – Upcoming IRS Webinar

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I’d like to promote two important, related resources I came across recently:

CPA Practice Advisor released an article summarizing the biggest tax law changes for small business owners:

With just a few months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect the bottom line of many small businesses.

They outline a few key issues in particular:

  1. Qualified Business Income Deduction
  2. Temporary 100 percent expensing for certain business assets
  3. Fringe Benefits
  4. Estimated Taxes

Meanwhile, the IRS is trying to help educate taxpayers and their accountants on these topics. They are offering a free one-hour webinar on Thursday, November 1, 2018 (2 pm Central-time) called, “Tax Reform Basics for Small Businesses and Pass-Through Entities”. It will provide an overview of the following:

  1. Estimated Taxes
  2. New Rules for Depreciation
  3. Business Deductions
  4. Live Q & A session

If you run your own business or work with taxpayers who do, this resources are for you! Please do not wait until January to dip your toes into the whirling cesspool that is the new tax law. The regulations may only be in the proposed stage, but there’s no indication they’ll be finalized before year-end.

QuickBooks Software, Tips

How to Clear Bills in QBO When Bank Feed Expenses Have Been Accepted

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A wonderful colleague of mine, Melissa from Bookkeeping for Good, recently shared this excellent article from Insightful Accountant and I wanted to share it here as well.

It’s a common occurrence: a client will accept an Online Bank Feed entry as an expense instead of creating a bill payment. As a result, the expense is entered and the bill remains, causing the costs to be duplicated. Furthermore, Accounts Payable is now overstated, since the vendor invoice should have been relieved via bill payment. How do you fix this?

The solution is to re-categorize the accepted expenses to Accounts Payable and then apply them to open bills — and this short article does a great job of walking you through the print-screens to show you how to make it happen: Clearing Bills when Bank Feed Expenses have been Accepted. – insightfulaccountant.com

IRS

IRS Extends Deadlines for Victims of Hurricane Michael

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From the IRS Newsroom today:

IRS Extends Deadlines for Victims of Hurricane Michael 

Hurricane Michael victims in parts of Florida and elsewhere have until Feb. 28, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today.

The IRS is offering this relief to any Major Disaster Declaration area designated by the Federal Emergency Management Agency (FEMA) as qualifying for either individual or public assistance. Currently, this only includes parts of Florida, but taxpayers in localities added later to the disaster area, including those in other states, will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

“The IRS has moved swiftly to announce this relief for taxpayers affected by Hurricane Michael in advance of the Oct. 15 extension filing deadline,” said IRS Commissioner Chuck Rettig.” We recognize the devastation this historic storm caused for many taxpayers, and IRS employees stand ready to support the disaster recovery effort as they have done many times in the past.”

Source: Help for Victims of Hurricane Michael | Internal Revenue Service