January 2015 QuickBooks® Newsletter
Accurate, thorough item records inform your customers and help you track inventory levels correctly.
Whether you’re selling one-of-a-kind items or stocking dozens of the same kinds of products, you need to create records for each. When it comes time to create invoices or sales receipts, your careful work defining each type of item will:
- ensure that your customers receive correct descriptions and pricing;
- provide the information you must know about your inventory levels; and,
- help you make smart decisions about reordering.
You’ll start this process by making sure that your QuickBooks file is set up to track inventory. Continue reading
January 2015 General Client Newsletter
Make Tax Organization a Resolution
Are you ready for tax time? You can take a couple of steps now to alleviate some of the stress of filing your return. Plan to get organized early. Begin by putting together a tax folder with W-2s from your employer, 1099s for other income you may have earned, bank and other financial statements and receipts for things such as medical bills and charitable donations. A helpful video from the American Institute of CPAs offers more information on the best ways to get ready now and throughout the year.
Once you’ve gathered all your important paperwork, this is a good time to meet with your CPA to talk about changes in your financial situation or in tax laws that may affect your return. Having this discussion early is key to avoiding surprises at tax time and a great time to get started on planning that can potentially minimize your tax bite and strengthen your financial situation. Call us today!
Also in this month’s issue:
Congress has extended many popular tax provisions that significantly affect individuals and businesses. Late on December 16, 2014, the Senate, following earlier action in the House of Representatives, voted 76 to 16 to pass an identical version of H.R. 5771, the Tax Increase Prevention Act of 2014 (2014 TIPA). This legislation renews, at least for tax year 2014, a retroactive extension of business and individual tax provisions that expired at the end of 2013, and comes just before taxpayers and the IRS gear up for the 2015 tax filing season.
The legislation also extends multiemployer pension provisions first enacted under the Pension Protection Act of 2006 (2006 PPA).
In addition, the extenders legislation adds “ABLE Accounts” that will help disabled individuals save for their future much like the popular §529 education plans and accounts.
The bill’s provisions are summarized below.
Individual Tax Extenders
December 2014 General Client Newsletter
IRS Warns of Telephone Scam
Scam artists are targeting taxpayers, including recent immigrants, throughout the country. According to the IRS, victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting. The IRS offers advice about what to do if you receive phone call from someone claiming to be from the IRS: www.irs.gov/uac/Newsroom/IRS-Repeats-Warning-about-Phone-Scams.
Remember: the IRS will make first contact on an issue by sending official correspondence through the mail, not by phone or email. If you are unsure of what to do, please contact your accountant.
Also in this month’s issue:
Accounting Intern Scholarship Program starts fourth year in 2015
2014 AISP Alumni
Following three successful years, Weltman Bernfield is pleased to be part of the Accounting Intern Scholarship Program (AISP) for the 2015 summer session along with five other Chicago-area firms. As proof of the program’s success, 12 of the 28 students who have participated during the previous three sessions have accepted job offers from participating firms. The curriculum provides students with an understanding of the business of public accounting and the processes involved.
AISP was designed and developed by Allen Bolnick, CPA and a founding member of Weltman Bernfield, in collaboration with several other CPA firms in the Chicagoland area. The program has unique features that we believe are attractive to the dedicated accounting major:
- Each intern receives a $2,500 scholarship paid directly to his or her school upon successful completion of the program.
- Each intern works with professionals from several CPA firms, not just one.
- The collaborating sponsors actively assist students who are seeking employment in a CPA firm upon graduation.
A full description of the program is available on the AISP website, www.AccountingISP.com. This website also includes testimonials from AISP alumni, links to news articles about AISP that appeared in Accounting Today, a list of participating firms and, most importantly, applications for the 2015 session.
Weltman Bernfield managing member Glenn Mikell and staff accountant Becky Allen share their perspectives on the similarities between the Baby Boomer and Millennial generations in the November issue of Generational Viewpoints: