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“Stanley “Chip” Majors, CPA and his staff are always on time and accurate with our financial reporting and with our payroll processing and reporting. We value their knowledge and experience. We appreciate their timeliness in communicating our financial position and results of operations. We know we can always rely on Chip’s assistance with any issues that happen to arise.”
— Maureen, Practice Manager
Southeast Texas OB-GYN Associates, P.A. -
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Author Archives: Chip Majors
Reconcile Your Credit Card Statements
Properly accounting for and reconciling credit card statements are good accounting practices and part of a fraud prevention and detection program. QuickBooks will keep track of your credit card purchases much the same way that it keeps track of activity for your … Continue reading
Posted in Fraud, QuickBooks, Tax
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Excel Custom Lists
Using lists in Excel can be very efficient. Just type the the first item in the list in a cell, such as “Jan” and then grab the fill handle and drag to the right to complete the rest of the months. These built-in … Continue reading
Posted in Chip IT
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Congress Votes to Repeal New 1099 Requirement
The Senate and House have approved a measure that would repeal the expanded Form 1099 reporting requirements that were part of last year’s health care law. The move has broad support because the Form 1099 rules, which are set to require businesses … Continue reading
Posted in Tax
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Section 199 Manufacturing Deduction
If your business didn’t meet the requirements in the past to claim a manufacturing deduction or you determined that it wasn’t worth the time, maybe you should reconsider it. One of the most compelling reasons is because the 9% deduction is … Continue reading
Posted in Tax
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QuickBooks 2008 and Payroll Tax Expiration
After May 31, 2011, QuickBooks (QB) will stop providing payroll tax table updates for any users on QuickBooks 2008. This means that tax withholding and match computations with go to zero on 06/01/11 if you don’t upgrade to QB 2011. … Continue reading
Posted in QuickBooks
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Medicare Part B Now Deductible as SE Health Ins.
According to page 29 of the 2010 Form 1040 Instructions, “Medicare Part B premiums can be used to figure the [Self-Employed Health Insurance] deduction” That’s a change from 2009 Form 1040 instruction where on page 39, it stated “Medicare premiums cannot … Continue reading
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IRS Agents Requesting QuickBooks Data File
During a recent examination…, the agent requested a copy of the QB file and told me they will be specifically reviewing the QB audit trail. He said they want to see if there were any significant changes to the transaction coding in the days leading up to the audit appointment. Continue reading
Posted in QuickBooks, Tax
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Excel Quick Tip: =sum() Short Cut
If you ever work in Excel, you might occasionally need to use the =sum() formula to sum a column or row of numbers-without your 10-Key ;) If so, you’ll love adding this shortcut to your repertoire. Highlight a cell where … Continue reading
Posted in Chip IT
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IRS Delay in Processing Tax Returns Until Feb 14th
The IRS announced a delay in its ability to process some tax returns affected by late-year changes to the tax law, which involve: State and local sales tax deductions The higher education tuition and fees The educator expenses deductions Schedule A … Continue reading
Posted in Tax
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One Year Payroll Tax Reduction
The biggest new tax break for individuals in the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is the one-year payroll tax reduction. Under this new provision the payroll tax will be cut by two … Continue reading
Posted in Tax
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