Posted on Feb 02, 2010 in Uncategorized No Comments »
Although technology has created an increasingly paperless environment, an audit, whether initiated by the Internal Revenue Service, state, or local governmental agency, still requires a clear paper trail.
For a typical IRS examination, 14 monthly bank statements must be furnished (January through December of the audited year, December of the prior year and January of the [...]
Posted on Jan 30, 2010 in Uncategorized No Comments »
Your Annual Report filed with the Colorado Secretary of State is relatively straightforward. Since it does not involve any financial figures, my clients (or their attorneys) typically go online, change any appropriate information (address of the business or name & address of registered agent) and pay the $10 filing fee. (Between us, the credit card [...]
Posted on Jan 29, 2010 in Uncategorized No Comments »
Question: What are the rules for sole-employee businesses concerning payroll taxes?
Answer: Single-owner sole-employee business ventures can file and remit payroll taxes on an annual basis without penalty. While a bit unconventional, remitting appropriate payroll and withholding taxes once a year in late December and early January is often a smart business decision. I generally [...]
Posted on Jan 26, 2010 in Uncategorized No Comments »
Local tax increase initiatives may be on the November 2, 2010 election ballot
Local municipality and county governments may place sales and property tax increase initiatives on the upcoming fall election ballot….due in large part to lagging tax revenues arising from an economy in recession and subsequent anemic growth.
While demographics and new purchasing attitudes have and will [...]
Posted on Jan 24, 2010 in Budgeting & Planning Tips, Operational No Comments »
Question – We would like to reduce our projected taxable income but due to current cash flow volume, we are unable to reduce all of our accounts payable. Would it be wise to take money from our line of credit to pay vendors?
Or are we better off not taking out additional debt?
Answer – Yes, you [...]
Posted on Jan 23, 2010 in Financial Statements & Taxes, Operational No Comments »
Question: Which contractors do I have to issue a 1096/1099 form for to the IRS? I know they are the ones whom I’ve paid more than $600 during the year to,but are there other qualifications to be concerned with?
Answer: Generally you only need to furnish 1099s to independent contractors who are individuals (SSN) or LLCs [...]
Posted on Jan 21, 2010 in Financial Statements & Taxes 1 Comment »
Sometimes business cash flow is a little tight and sometimes at the most inopportune time, such as “payroll tax payment day”. Please note that if any of the following four standard payroll tax payments are paid after January 31st
Form 941 – Federal payroll and withholding taxes
Form 940 – Federal unemployment insurance taxes
Form DR 1094 [...]
Posted on Jan 17, 2010 in Uncategorized No Comments »
Too often, I’ll notice that business owners fail to perform a simple annual requirement to keep their Limited Liability Company or Profit Corporation in good standing with the Colorado Secretary of State. And honestly, it’s pretty easy to overlook.
Every year at your venture’s organization or incorporation date, registered agents (generally the business owner) should receive [...]
Posted on Jan 16, 2010 in Financial Statements & Taxes No Comments »
Question – Are life insurance benefits from my mother’s estate taxable?
Answer – The best answer depends on three different circumstances.
• If the amount exclusively relates to a life insurance policy, then no amount is taxable and the fiduciary (life insurance company) should not have asked you to complete a Form W-9 or asked if [...]
Posted on Jan 13, 2010 in Operational No Comments »
Fit. It’s the most important consideration when selecting a certified public accountant. To get off to a good start, interview two or three practices. I also recommend to both new and experienced business owners to look for a comfort level with their skill set and their culture. You want to be confident and comfortable with [...]
Geoff Goudy: The Certified Public Accountant Colorado Businesses Trust.
Serving Northern Colorado including Fort Collins, Greeley, Loveland, and Wellington.
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