Small Business Financials

Audio is not supported in your browser Steve interviews Rich Lanza about profit leaks and recovery auditing, and also discusses metrics for the accounting department. * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser Managing the Relationship * This article was originally published here Check out https://www.johannakimball.com

HMRC & policy * This article was originally published here Check out https://www.johannakimball.com

What is a Credit Memo? Short for " credit memorandum " and also known as a credit note, a credit memo is a document that reduces a customer's or client's total account balance. Credit memos may be applied to future purchases of goods or services. * This article was originally published here Check out https://www.johannakimball.com

 Haven't posted any quotes about taxation for a while so here are some more: " I'm proud to be paying taxes in the United States. The only thing is—I could be just as proud for half the money." - Arthur Godfrey "Worried about an IRS audit? Avoid what's called a red flag. That's something the IRS always looks for. For example, say you have some money left in your bank account after paying taxes. That's a red flag." - Jay Leno "Day in and day out, your tax accountant can make or lose you more money than any single person in your life, with the possible exception of your kids." - Harvey Mackay "There's nothing wrong with the younger generation that becoming taxpayers won't cure." - Dan Bennett "If you get up early, work late, and pay your taxes, you will get ahead -- if you strike oil." - J. Paul Getty Previous posts containing tax quotes can be found through  this link * This article was originally published h

While attending the virtual Vistage Executive Summit , Anne Petrick, Sr. Director of Research at Vistage Worldwide, Inc. presented to us some interesting thought points for CEOs and business owners in 2021. * This article was originally published here Check out https://www.johannakimball.com

Growth * This article was originally published here Check out https://www.johannakimball.com

When everybody wants returns; future CPAs; the lure of Tinseltown; and other highlights from our favorite tax bloggers. ]] * This article was originally published here Check out https://www.johannakimball.com

IRS * This article was originally published here Check out https://www.johannakimball.com

I knew a firm of accountants who employed a chimpanzee as a trainee......It just didn't add up!  Did you hear about the accountant who became a chef?.....It wasn't long before he cooked the books!  My friend just became a full time accountant....From now on, his days are numbered!  Accountant goes into a department store and asks if they have any net curtains, the assistant says "sorry sir, all our prices include VAT. "  Old accountants never die. They just lose their balance.  An accountant went to a cake shop and asked the baker "Why does that one cake cost so much more than all the other?" The baker replied "That's madeira cake". * This article was originally published here Check out https://www.johannakimball.com

A notable takeaway from the Vistage Executive Summit in Boise, ID comes from guest speaker Joe Galvin, Chief Research Officer of Vistage Worldwide, Inc. Joe discussed how technology is one of the top areas CEOs will look towards for investments throughout 2021. The TOP Strategy provides some guidance to how these investments will be made. * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser Steve discusses controls for inventory. * This article was originally published here Check out https://www.johannakimball.com

Senate Democrats are sponsoring legislation to safeguard stimulus payments from debt collectors, while Republicans want states to be able to use funds from the new relief package for tax cuts. ]] * This article was originally published here Check out https://www.johannakimball.com

 Another song penned by Accountant  Nigel Hughes . This one should be sung to the tune of the Elton John classic, Crocodile Rock: I remember when we were young, Me and Susie having so much fun Audit programme and an ICQ, I had a battered ford escort and an M&S suit. But the biggest kick we ever got, Was doing a thing called the audit file rock. While other kids were rocking round the clock, We were Ticking and Bashing to the audit file rock Chorus Well audit file rocking is something shocking, When your feet just can't keep still I never knew me a better time, and I guess I never will. In the office 'til late at night, Trying to get our double entry right, And audit file rocking was outta sight. Well the years went by, now I’m an RI Susie went and left us for a big 4 guy, Long nights crying by the coffee machine Worrying 'bout ISAs and the QAD. But they'll never kill the thrills we got, Burning up to the audit file rock Learning fast as the weeks went past We really

On March 17, it was announced that the tax deadline to file individual federal income tax returns has been extended to May 17, 2021. This gives filers an extra 32 days to complete and file their tax returns without being subject to late filing penalties. Important details to know: You do not need extra forms:  You do not need to file a tax extension to take advantage of the new deadline. The IRS will automatically waive all interest and penalties. Note:  If you need additional time beyond May 17 to file your return, you still need to file an extension. State deadlines vary:  State deadlines are not automatically adjusted because of this extension. TaxAct is currently reviewing all states and will have updates as changes occur. Get Your Tax Refund Sooner Due to the impact of COVID-19, the IRS is still processing some 2019 returns. If you expect to receive a refund for 2020 and want to receive it as soon as possible, we highly encourage you to not wait to file your return. Ta

In response to the COVID-19 pandemic, a Special Enrollment Period for individuals and families to apply and enroll in a healthcare plan has been established. From Feb. 15, 2021 to May 15, 2021 , Marketplaces using the HealthCare.gov platform will open to all Marketplace-eligible consumers who are submitting a new application or updating an existing application. This will allow many Americans who remain uninsured or underinsured to gain access to needed health coverage. How to get started To take advantage of this opportunity, you can access the Special Enrollment Period through a number of channels, including HealthCare.gov directly, the Marketplace call center, or direct enrollment channels. You can also work with a network of over 50,000 agents and brokers who are registered with the Marketplace. You can find out if you are eligible to take advantage of this Special Enrollment Period by visiting HealthCare.gov or calling the Marketplace call center. How the Special Enrollment

Tech pulse * This article was originally published here Check out https://www.johannakimball.com

There are several ways to get your income tax refund as quickly as possible. Follow these tips from TaxAct to get your tax refund faster than ever. Everyone looks forward to getting their tax refund. They can use it to pay off debt, put it into their savings, take a vacation, or buy something they’ve been wanting for a long time. According to Yahoo! Finance, the average federal tax refund for individuals was $2,707 for 2019 taxes filed in 2020 . This is a nice chunk of change. But if you need it quickly and you’re worried about how long it’s going to take to get your tax refund , thankfully, there are some things you can do to ensure you get it as soon as possible. Here are ways in which you can get your tax refund faster in 2021. File Your Taxes Sooner The sooner you file your taxes, the sooner your refund will arrive. Perhaps you’re hesitant to file because in the past, you didn’t like doing your taxes. With TaxAct, you can easily file your taxes with the help of an expert or

March 15 is a busy date. The S corporation and partnership returns are due then, so the K-1s can be distributed timely. * This article was originally published here Check out https://www.johannakimball.com

HMRC & policy Tags HMRC Making tax digital Sage * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser An overview * This article was originally published here Check out https://www.johannakimball.com

Clients * This article was originally published here Check out https://www.johannakimball.com

Clients * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser How to deal with accounting automation * This article was originally published here Check out https://www.johannakimball.com

Third Stimulus Payment Approved – What You Need To Know It’s official: the third round of COVID-19 financial aid is on the way. As part of the American Rescue Plan, the stimulus checks (also called “economic impact payments”) are aimed at providing another round of financial relief for individuals and families. The American Rescue Plan is expected to be signed into law Friday, March 12, 2021. Continue reading to learn more about the third stimulus payments and how they will affect you. Quick Facts: Third Stimulus Plan Individuals earning $75,000 or less AGI per year will receive $1,400 Married couples filing jointly earning $150,000 or less AGI per year will receive $2,800 Head of household filers earning 112,500 or less AGI will receive $1,400 Each dependent claimed will be an additional $1,400 Federal unemployment benefits of $300 a week have been extended through Sept. 6, 2021 Unemployment benefits will be tax-free on the first $10,200 received in 2020 for households maki

 The partners in a 20 strong accounting firm decided to downsize. Half of the staff were duly handed their redundancy notices. The letters left them in no doubt the firm would be better off without them. Selecting the half to make redundant had been a no-brainer for the partners: the firm was staffed by a mixture of very competent young people at various stages of training, and a motley crew of duffers who were mostly a waste of space. Some even had quirks that made them automatic choices: there was one guy who always arrived at the crack of dawn each morning - only to spend an hour on expensive sex chat-lines! And a twenty-something female who looked as though butter wouldn't melt, but was transformed into a door-slamming Banshee whenever told to go work on-site. One of the staff who had been selected to stay, was recently qualified, and had just been head-hunted by his former mentor, a Big 4 Partner branching out with his own practice. Promoted to manager and charged with staffin

Accounting software Tags Coronavirus Diversity Remote working * This article was originally published here Check out https://www.johannakimball.com

Trends * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser Ways to select the best employees * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser An overview * This article was originally published here Check out https://www.johannakimball.com

In January 1986 the political comedy " Yes Prime Minister" featured an episode "The Smokescreen" in which The Prime Minister, Jim Hacker, favours abolishing smoking through heavy taxation but he runs into strong opposition from the tobacco lobby and the Treasury department. The following exchange between the PM and his permanent secretary, Sir Humphrey, seemed especially worthy of reference: Sir Humphrey : Taxation isn't about what you need. Jim Hacker : Oh, what is it about? Sir Humphrey : Prime Minister, the Treasury doesn't work out what they need to spend and then think how to raise the money. Jim Hacker : What does it do? Sir Humphrey : They pitch for as much as they think they can get away with and then think what to spend it on. * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser Accounting issues faced by contractors * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser Why not to use the senior accountant title * This article was originally published here Check out https://www.johannakimball.com

Accounting software Tags Accounts Audit Cloud * This article was originally published here Check out https://www.johannakimball.com

Business tax Tags Payments R&D tax relief Small business * This article was originally published here Check out https://www.johannakimball.com