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Archive for January, 2012

I am a CPA

Thursday, January 26th, 2012

I am a small business owner. I am a CPA and I take great pride in those initials. To become a licensed CPA, I had to complete a Bachelor’s Degree of education, and pass a very difficult exam. After passing the exam, a CPA candidate must work for/under a CPA for 3 [...]

Unemployment problem, Client Received Benefits and now must Repay

Wednesday, January 25th, 2012

I have just recently been hired by a new client. She was downsized in January 2009. She received severance pay until March 2009. In April 2009, she applied for and was granted Unemployment benefits. She received benefits because she had suffered a significant drop in her income; however, she was still [...]

5 Tax Things you Should Do Right NOW!

Saturday, January 14th, 2012

1 Focus on the mail. What tax documents have arrived? I know that my firm has sent out its 2012 1040 organizers. Look over the organizer and determine what documents should be arriving. Stay organized so that you can timely file, and prepare the most accurate tax return possible. As [...]

IRS Reports 17% of Taxes Owed were Unpaid

Saturday, January 7th, 2012

There is a Washington Post article that I found this morning. It reports that the IRS has finally calculated how many dollars of taxes they did not collect in 2006.
The report and the data are from 2006. The IRS says this is the most recent data they have. That information is going [...]

Individual Income Tax Preparation

Wednesday, January 4th, 2012

There is a process to preparing a bunch of individual income tax returns. The first step in the process is to roll all of the firm’s clients into the next tax year. This process took the better part of 3 days. Now that I have every client into the correct year, the [...]

Annual Year End Payroll Processing

Tuesday, January 3rd, 2012

Yesterday, I explained how many checks and transactions payroll has required to process my firm’s payroll obligations for one year. Today, I wanted to finalize my firm’s 4th quarter payroll processing and print W-2’s. Here is how that process happened:
First, you have to determine the amount paid for Officer’s Health Insurance. There [...]

Payroll Processing, Why would not outsource that function?

Monday, January 2nd, 2012

There are six of us in the firm. 2 owners and 4 employees. We process our own payroll, we are an accounting firm, we should process our own payroll. But let’s examine that function and process of business.
We pay bi-weekly. 26 payrolls per year.
For the 26 payrolls for tax year 2011, [...]

Tax Season Starts Today! Income Tax Preparation

Monday, January 2nd, 2012

Tax Season starts today. That means that soon, you will be receiving your W-2’s and tax documents in the mail. If you are currently a client, we will mail you a client organizer that will help you keep everything straight. Once you have your tax papers, get into my office so that [...]