Category Archives: Education

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.

Education, QuickBooks Software, Tips

Income Statement (Profit & Loss) Template, Example and Guide

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A colleague recently shared this link on her facebook page — first, I was just curious — and then, I was actually pretty impressed. Most of the Income Statement (also known as a Profit & Loss) descriptions I’ve read have been entirely too technical, assuming not only a familiarity with accounting, but also an old-world understanding of manual ledger-keeping. As a result, I developed my own way through the years of explaining the Income Statement to clients.

I felt this description, provided (surprisingly) by Intuit, the company that produces QuickBooks, did a nice, succinct job of explaining the relationship between the three main financial statements: Income Statement, Balance Sheet, and Statement of Cash Flows. It also walks through a few examples of how real financial data is expressed on each of the reports, and then how the Income Statement itself is organized between Operating and Non-Operating income.

They offer a free template for all three statements for those using the DIY approach or want to familiarize themselves with the structure before starting their own business. A guide to financial reporting is among the many resources on the site.

Source: Free Income Statement (i.e. Profit and Loss Statement) Template, Example and Guide

Education, Illinois, IRS, Tips

City of Chicago Small Business Center on the Road Expo, Sept 8th

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The Small Business Center on the Road Expo series is back for 2018! The next expo will be at Truman College Saturday, September 8th from 10:00 a.m. – 2:00 p.m. The expos are free and open to the public.

Keynote Speaker will be Josh Deth, Chairman of the Party at Revolution Brewing in Chicago’s Logan Square neighborhood. Revolution Brewing operates two facilities, an award-winning brewpub and a production brewery growing by leaps and bounds. After landing his first brewery job cleaning kegs at age 20, Josh spent three years at Goose Island Beer Company before launching Revolution Brewing in 2010.

You can also expect:
– FREE assistance from business consultants to begin the licensing process
Resources on Procurement, Financial, Insurance, Consumer information
Financial Advisers on hand to answer questions
– Learn how to perfect your Elevator Pitch
– FREE Tax Clinic: One-on-One counseling sessions provided by Center for Economic Progress (CEP)
– FREE Law Clinic: Legal advice and support provided by The Community Law Project
– FREE Networking Hour: Connect and exchange ideas with like-minded entrepreneurs provided by Chicago’s Office of the City Treasurer from 1:00 – 2:00 p.m.

Source: City of Chicago :: City of Chicago’s Small Business Center on the Road

Education, IRS, POS - Point of Sale, QuickBooks Software, Site News, Software, Tips

My Three Top Accounting Tips

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I recently received the honor of being named one of the Top Accounting Influencers of 2018 by Fit Small Business. As part of the interview process, they asked me for a list of three “top accounting tips” — and they picked one for their article. I figured in announcing the award, I should share all of the tips I provided in a related post, so here you go!

1) Involving an accountant in your business should be one of the first steps a business-owner takes, well before taxes are due. (I’m not saying this just because I’m a CPA; I’m saying it because I see the results of this oversight regularly.) This doesn’t mean you can’t file your own taxes… but if you take the time to consult with an expert first, you’ll make way fewer mistakes when you do. A qualified accountant who specializes in your industry can help you with so many of the key issues that otherwise might come back to haunt you at tax-time — from entity choice to software selection to funding your business.

2) Selecting the right type of entity (sole proprietor, LLC, partnership, S-Corp, etc.) can make a huge difference in both liability and taxation issues. It’s important to understand the rules of the entity type you choose — for example, if you’re an S-Corp, pay yourself “reasonable compensation” via payroll; it’s the law. With the changes in the new tax law, this piece of the puzzle has become even more complex and more important.

3) Technology should play a role in every aspect of your business — accounting, tax and bookkeeping are no exception. Find a CPA who understands and embraces the ways in which tasks can be automated, with an eye toward improving efficiency, accuracy, and audit-proofing your company. The right technology stack can improve inventory and ordering, point of sale, collections, payroll, workflow, forecasting and cash-flow. Almost every system can be leveraged such that the books become a daily source of information for making real-time management decisions… not just a requirement for tax compliance.

Follow these three tips, and in my opinion — the rest will follow.

Source: Accounting Software Reviews You Can Trust: Top Accounting Influencers

Education, IRS, Tips

What Kids Should Know About Summer Jobs And Taxes

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Forbes contributor Kelly Phillips Erb always does a great job of taking a complex but important subject and breaking it down into easy-to-digest components. Today she’s back with an article on What Kids And Their Parents Should Know About Summer Jobs And Taxes.

Her basic points:

  1. You may not owe taxes, but you may still need to fill out tax forms.
  2. You may need to file and pay taxes even if you’re paid under the table.
  3. Don’t forget about state and local taxes.
  4. You may be able to claim job-related expenses.
  5. Consider using a tax professional.
  6. Save for a rainy day.

I see a lot of folks forgetting #1 and #4 (sometimes because they’re ignoring #2). Please take a moment to read the article and perhaps consult with a tax professional — if you meet with them in the off-season, they’ll probably be open to a short consultation/ training session, so that you’re armed to file these forms yourself come tax-time. A little investment now will get you a lot of savings (and compliance with tax agencies) in the future.

Education, Illinois, Tips

Starting a Food Business in Chicago

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Chicago folks who are interested in the licensing requirements needed when Starting a Food Business should consider attending the upcoming introductory course by The Hatchery, a small food business incubator.

Tickets are only $40 and the course is being held at the Industrial Council of Nearwest Chicago, 320 N Damen Ave. 1st Floor.

If you attend and find it valuable, please share in the comments below!

Education

What is a Cooperative? 6/20/18 Webinar

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As most of my blog readers know, I’m an active supporter of cooperatives as a positive force both economically and socially. I’ve worked as an educator with both NCBA (National Cooperative Business Association) and NSAC (National Society of Accountants for Cooperatives) and they each offer fantastic opportunities for education in the area of accounting for cooperatives. Especially well-suited for accountants who might be looking to expand their scope of offerings into the intricacies of cooperatives, this upcoming basic course by Bill Erlenbush promises to be worth the $56 and 60 minutes of your time.

This one-hour course is one of the modules contained in the NSAC Basic Accounting Course, taught at an introductory-basic level. The course will describe exactly what a cooperative is, definitions, etc. It will discuss the rich history of cooperatives, and will point out cooperatives in the community today, many of which most of us did not realize were cooperatives. We will discuss the several ways coops are classified, and will end with a discussion of the benefits of cooperation. — NSAC Cooperative Learning Network – What is a Cooperative?

Education, Tips

What it was like to be a female CPA in the 1970s

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This podcast by the Journal of Accountancy is pretty mind-blowing: What it was like to be a female CPA in the 1970s – Journal of Accountancy podcast

I am embarrassed and delighted to say that I had no idea how difficult things used to be for women in my field. Not to say that I never deal with gender issues in the workplace, or that I haven’t been the victim of discrimination or condescension due to being female — but most of the tax conferences I attend are 50/50, and the accounting tech conferences actually lean toward majority-women. It’s simply not the same world it used to be in my industry.

In all sincerity: many thanks to those that made it possible for me to be clueless. I’m proud to bear witness to your struggle now that I know more!

Education, IRS, Tips

Register for National Small Business Week Events, April 30-May 4

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There’s so much going on for National Small Business Week that you simply don’t want to miss.

For starters, the IRS is preparing a special series of presentations to help people navigate difficult tax issues, including the following National Small Business Week Webcasts. Two 30-minute sessions are available each day: Session 1 at 11 am and Session 2 at 1 pm ET.

April 30th: Can I Deduct This?
Session 1 – https://www.webcaster4.com/Webcast/Page/1148/25449
Session 2 – https://www.webcaster4.com/Webcast/Page/1148/25478

May 1st: Employee versus Independent Contractor 
Session 1 – https://www.webcaster4.com/Webcast/Page/1148/25479
Session 2 – https://www.webcaster4.com/Webcast/Page/1148/25480

May 2nd: Pay Now? Pay Later? Can’t Pay?
Session 1 – https://www.webcaster4.com/Webcast/Page/1148/25481
Session 2 – https://www.webcaster4.com/Webcast/Page/1148/25482

May 3rd: Small Business Resources 
Session 1 – https://www.webcaster4.com/Webcast/Page/1148/25483
Session 2 – https://www.webcaster4.com/Webcast/Page/1148/25485

May 4th: Paycheck Check-Up
Session 1 – https://www.webcaster4.com/Webcast/Page/1148/25486
Session 2 – https://www.webcaster4.com/Webcast/Page/1148/25487

Closed Captioning will be available for Session 2 only.  CE will not be offered. Email SBSE.SL.Web.Conference.Team@irs.gov with any questions.

They are also highlighting particular products that may assist small business owners with questions about taxes and recordkeeping.

In addition, the U.S. Small Business Administration (SBA) and SCORE Association will host a free, three-day Virtual Conference during SBA’s 2018 National Small Business Week, May 1-3.The Virtual Conference, which takes place from 12:30-6:30 p.m. ET each day, includes a series of webinars led by private sector employers that give practical advice on current business strategies. Topics for the webinars include discrimination and harassment in the workplace, the U.S. economic outlook and its impact on small businesses, cybersecurity for small businesses and more. The Virtual Conference also includes chat rooms where business owners can network with other owners and aspiring entrepreneurs.

Source: Register Today for National Small Business Week