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| Greetings! | |
Welcome to the latest issue of Accounting & Bookkeeping Solutions monthly newsletter. I hope you are enjoying the articles and tips each month.
We are a Certified QuickBooks ProAdvisor providing full service bookkeeping and training for small to mid-size businesses using QuickBooks. |
| Meal and entertainment expenses!! | |
Reimbursements are nontaxable to employees-excluded from gross income and exempt from FITW, FICA and FUTA-under the following conditions:
· A specific business benefit is expected to result from the discussions immediately before, during, or immediately after the meal or event, such as a meal with a business person to discuss the employer's products/services.
· The meal or entertainment is in active pursuit of business. You don't have to prove that a sale or other business benefit resulted from the meal or entertainment, or even that more time was devoted to business than to entertainment. But you must be able to prove that business was the primary purpose of the event, not incidental to it.
· The setting is conducive to business. The IRS often (but not always) deems as pure entertainment and not business events, business meals and entertainment events conducted at night clubs, country clubs, golf courses or resorts. Safety net: Hold a business meeting immediately before or after these outings and make sure you can prove that a business meeting was the primary purpose of the event and that the location was conducive to the business purpose.
· The cost of the meal or entertainment is "reasonable." The IRS deems "lavish and extravagant" a meal or entertainment event to be nondeductible. Because the line between "reasonable" and "lavish and extravagant" is unclear, be prepared to justify the expense in relation to the business benefit actually derived or at least anticipated. For example, a $500 meal to discuss a $100 sale with one client may not pass the test.**
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**Info provided by AIPS |
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QUICKBOOKS CLASS
ALL YOU NEED TO KNOW!!
Date: Thursday, June 2, 2011
Time: 9:30 am - 12:30 pm
Meyera E. Oberndorf Central Library
4100 Virginia Beach Blvd.
Virginia Beach, VA 23452
Folio Room
Price:$125 Per Person |
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Need Bookkeeping or Training???
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What is your responsibility for unclaimed or returned paychecks? |
Unclaimed or returned paychecks are governed by state "escheat" (not federal) law. The checks become state property if not claimed by the owner within 1 to 7 years, depending on the state. All states and the District of Columbia have escheat laws that specify that state's approved ways for disposing of abandoned property.
Employers holding unclaimed wages must report certain information to the state while they hold the funds. The report must be filed annually and display the following information:
· employee's name,
· last known address,
· description of the abandoned property ("wages"),
· the date the wages became payable,
· the dollar amount involved, and
· the date of the last transaction with the employee.
Employers must make a reasonable effort to contact the employee to prevent wages from being abandoned and remain liable for unclaimed wages until paid or turned over to the state. Attempts to keep or spend unclaimed wages will result in penalties and interest. *** |
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Is it time to upgrade your QuickBooks????
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Whether to upgrade to a more recent version of QuickBooks can be a simple decision, based on the age of your software and the new features offered - and of course the advice you are getting from your QuickBooks ProAdvisor.
As to the other issue, how do you know when it's time to move up from one edition to another, like from Simple Start to QuickBooks Pro, or from Pro to Premier or Enterprise Solutions? Again, you should turn to your QuickBooks ProAdvisor for advice, but for your consideration, here are some of the major capabilities that divide those editions:
- Online banking. Simple Start doesn't offer it; the others do.
- Multiple currencies. Only offered in Pro, Premier, and Enterprise.
- Multi-user. Simple Start is single-user only. Pro and Premier let you network up to five, but Enterprise Solutions lets you connect up to 30 seats.
- Time- and expense-tracking. Not offered in Simple Start, but in all others.
- Forecasting and business plan creation. You'll have to move up to Premier or Enterprise.
- Industry-specific features and reports. Premier and Enterprise only.
- Maximum reports. Premier and Enterprise offer the most, at over 150.
- Consolidated reports from multiple company files. Enterprise only.
Software acquisition and ongoing maintenance can be a major line item in your budget, but if you do your homework and make smart decisions, you can benefit without breaking the bank. Intuit has built a family of QuickBooks products that are easily upgraded, both from one year to another and from one edition to another. **
**info from QuickBooks ProAdvisor Newsletter |
| Save 25% |
Save 25% off QuickBooks Class or Training!!!!!!!!!! | | Offer Expires: December 31, 2011 |
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I hope you have enjoyed my newsletter. If you have any questions or comments please contact me. If you would like to forward this newsletter click on the link below.
Sincerely, Florence Santoro
ABS-Accounting & Bookkeeping Solutions, Inc |
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