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Author Archives: Chip Majors
Fiscal Cliff Tax Act
Summarized from an AICPA article by Paul Bonner and Alistair M. Nevius With some modifications targeting the wealthiest Americans with higher taxes, the American Taxpayer Relief Act permanently extends provisions of the Economic Growth and Tax Relief Reconciliation Act of … Continue reading
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12 Tasks to Finish Before Noon
Summarized from an article by Jada A. Graves, U.S. News and World Report. A recent study published in an American Psychological Association journal, Emotion, suggests that early birds are generally happier than night owls. Self-professed “morning people” reported feeling happier … Continue reading
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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 can keep track of your credit card purchases. To setup and use credit cards in QuickBooks: Add the best … 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 … Continue reading
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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 … Continue reading
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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 … Continue reading
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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
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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 … 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
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