Gwizdala Business News Fall 2020
The Internal Revenue Service and Minnesota Revenue are continuing to look for additional revenue which has resulted in a continued increase in Sales & Use Tax, Unemployment Tax, and/or Income Tax Audits. We have four areas of emphasis to help your business in an audit situation.
Human Resources requirements are a big focus right now. Properly completed I-9s & W-4s are a big target for auditors. Every employee needs to have a completed I-9 form by the employer and a current W-4 form on-file. Homeland Security just recently issued an updated I-9 Form. Find this new form on our website under Business Forms at www.tenforty.com. Improper documentation of these forms can result in steep fines per employee.
Receipts from the use of credit cards are also a hot topic in current audits. Sales tax auditors are frequently asking for receipts to substantiate the credit card transactions on the statements. The credit card statements are no longer sufficient documentation of transactions. Tax is assessed if no receipt can be presented.
Keeping proper and updated Mileage Logs are also a focus in many audits these days. Some of our clients keep a log in their vehicle and record the mileage from place to place. Others find it easier to MapQuest their travels on a daily or weekly basis to determine miles driven.
Is your business a Corporation? If so, you are required to have annual minutes of Corporate meetings. These minutes need to describe the approval of any major policy decisions and authorize the president to take action. Not having these minutes can cause audit issues. Talk to us about getting these updated.
We Want To Hear From You:
Please let us know if there are topics you would like us to address in future newsletters. We are here to educate you, therefore, we want to deliver the information that matters to you. Please email or call Mandy with suggestions at email@example.com or call 651-772-2202.
Mark Your Calendar:
July 31, 2013 2nd - Quarter Payroll Reports are Due
September 16, 2013 - Extended Corporate Tax Returns Due
October 31, 2013 - 3rd Quarter Payroll Reports are Due
Our office will be closed on Fridays beginning May 24th from Memorial Day weekend through Labor Day weekend. Enjoy your summer!
2013 Mileage Rates:
Business 56.5 cents
Medical & Moving 24 cents
Charitable Organization 14 cents
Let Us Introduce Ourselves:
If you are new to our firm, you may not be aware of the services we provide. Aside from annual Corporate, Partnership, Individual, and Estate tax returns; we offer a variety of business service to our clients.
We are a full service accounting firm which means we provide payroll and bookkeeping services as well. We implemented cloud computing over a year ago and our clients are loving it. We can work in your QuickBooks files in real time without disrupting your workflow. No need for tedious exchanging of backup files anymore.
We also offer consulting services. Our CPA and Enrolled Agents are always willing to advise with you on business decisions.
We welcome you to take advantage of our services that would help you and your business be more successful. Let us know how we can help you. Don’t forget to check our website for updated information and tax tips.
Monday – Thursday 8:30am – 5pm
Friday 8:30am – 3pm (Closed on Fridays in Summer)
Dick Lidbom’s Office in Bloomington