Caltory Management Solutions ceased operations upon the retirement of its principal in 2015. We thank everyone who supported the company and used its services.
Bookkeeping services included:
Services included on-site and remote/online data entry, reconciliations, and report generation.
The IRS audit rate is down, but not for small firms! The IRS doesn't list taxpayers most likely to be audited, but what tax professionals-including IRS officials-are seeing and Tax Court cases indicate, very small firms are more vulnerable to audit. This is particularly so for companies with large vehicle write-offs, Schedule C losses, real estate rental income, and home offices. Maintaining accurate books is more important than ever.
When you deposit 941 taxes using EFTPS, your screen shows separate lines for FIT withheld, FICA, and Medicare amounts being deposited. These lines only compute the total amount owed, they do not allocate amounts. If a deposit is short, the IRS has the authority to decide how much goes where. A caution notice appears on the screen, but it is often misunderstood. Don't ignore it!
If a 941 FIT liability is not paid in full, the company is liable. Further, if a 941 FICA liability is not paid in full, the IRS can seek remedy from the "responsible person," which may be the bookkeeper.
- Implement an effective chart of accounts.
- Insure accuracy of reports.
- Be available for training and questions.
- Handle unfamiliar accounting entries.
- Resolve payroll issues.
- Avoid tax penalties.
- Find and correct erroneous entries.
- Follow job costing and profitability.
- Integrate third-party software.
- Keep current with updates.
Data entry and payments on credit cards in QuickBooks can be confusing. Our tutorial Entering Credit Cards in QuickBooks shows two methods of posting charges and payments.
Using QuickBooks to calculate Sales Rep Commissions in QuickBooks. A guide to tracking and calculating Sales Rep commissions with QuickBooks. Avoid third party software expense and keep track of who you're paying and how much.