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Tuesday, 02 September 2014 13:10

Form 1099, Who Must File

The seemingly never-ending and complicated changes to the 1099 forms require you to stay diligent. NestEggg's own Andrea Newland, does just that and even more. She/we will ensure that you have the latest information and insight on how to properly use the myriad of forms. Reporting issues are commonly a top issue and there is no better way to stay up to date than learn from the experts… and be able to ask your specific questions. Contact NestEggg today and make sure you or your vendors are compliant with latest rules and regulations.

Form 1099, Who Must File

Tuesday, 02 September 2014 12:57

"Bookkeeping" debits and credits

The use of debits and credits in double entry bookkeeping can be traced back many centuries. Some

of the terminology used in bookkeeping includes the following:

debit an amount entered on the left side of an account; will increase the account balances of assets, expenses, losses; will decrease the account balances of liabilities, stockholders’ equity, revenues.

Monday, 01 September 2014 15:31

G.A.A.P

Generally accepted accounting principles are based on some underlying concepts often referred to as the basic accounting principles or fundamental accounting principles. Some of the basic principles and concepts are presented here:

cost or historical cost transactions are recorded at their cost (cash or cash equivalent at the time of the transaction) and generally the amounts are not changed as their market values change. (There are some exceptions such as certain marketable securities and impairments.)

Monday, 01 September 2014 15:29

'Thank You' Points Are Taxable Income

Tax Court Says Bank 'Thank You' Points Are Taxable Income

Gone are the days when a deposit would earn you a balky toaster; today, banks routinely offer “thank you” points–rewards programs in which  a customer accumulates redeemable credits that may be exchanged for tangible merchandise, often of considerable value.

And while these thank you points can often be swapped for, among other things, a plane ticket, a differentiation must be drawn between the incentives offered by banks and the frequent flyer programs offered  by the major airlines.

Monday, 01 September 2014 15:25

The meaning of "Labor Day"

This article is about the holiday in the United States. For labor days in other parts of the world, see Labour Day. For the workers' holiday held on May 1, see International Workers' Day. For the 2013 American film, see Labor Day (film).

Labor Day in the United States is a holiday celebrated on the first Monday in September. It is a celebration of the American labor movement and is dedicated to the social and economic achievements of workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of their country.

Friday, 29 August 2014 14:58

New IRS appeals process

 

Starting Sept. 2, the IRS Office of Appeals is changing the way it handles appeals to examination decisions. Under the new Appeals Judicial Approach and Culture (AJAC) project, appeals officers are “no longer going to be examiners or investigators,” Appeals Team Manager Philip A. Oyoto told preparers at the IRS National Tax Forum (Aug. 19–21) in National Harbor, Md.

 

In a July 2 memo to appeals staff, John V. Cardone, the IRS’s director of Policy, Quality and Case Support, stated that the program reinforces “Appeals’ quasi-judicial approach to the way it handles cases, with the goal of enhancing internal and external customer perceptions of a fair, impartial and independent Office of Appeals.”

Tuesday, 26 August 2014 15:05

Millions getting tax credits

Taxes? Who wants to think about taxes around Labor Day?

But if you count on your tax refund and you're one of the millions getting tax credits to help pay health insurance premiums under President Barack Obama's law, it's not too early.

Here's why: If your income for 2014 is going to be higher than you estimated when you applied for health insurance, then complex connections between the health law and taxes can reduce or even eliminate your tax refund next year

Tuesday, 26 August 2014 14:56

Financial ratios

Financial ratios are one component of financial analysis. Some of the many ratios and some of the terminology are included here:

working capital current assets minus current liabilities.

current ratio current assets divided by current liabilities.

acid-test ratio  (cash + marketable securities + accounts receivable) divided by current liabilities;

Tuesday, 26 August 2014 14:36

Start Planning for Retirement

Why It's Absolutely Okay to Start Planning for Retirement

With little entrepreneurs busier than at any other time in recent memory in the recent past, getting ready for retirement can regularly get set on a low priority status.

Numerous entrepreneurs think the consequent offer of their business can completely finance their retirement. Anyhow, it could be particularly hard to place a future esteem on your business, particularly if development is generally subject to a solitary holder.

Monday, 25 August 2014 00:01

HOW TO HIRE THE RIGHT BOOKKEEPING FIRM?

Let’s face it! Finding a good accountant/bookkeeper is not an easy task. We've heard too many small business owners express how frustrating it can be to find a qualified individual, until they met us; and, I have experienced the same myself over the life of NestEggg. In 2012, for example, we spent over 500 hours reviewing 75+ resumes, interviewing upwards of 35 individuals, testing 20 candidates to find only two people that met the NestEggg Standard!

Now, fortunate enough to have the knowledge, tools and resources to fully evaluate these candidates. However, most small business owners are simply not equipped to evaluate and identify a quality accounting professional – and they certainly don’t have 500 hours available to do so!

Sunday, 24 August 2014 17:10

Stockholders Equity

The statement of stockholders’ equity reports the changes in the components of stockholders’ equity

for the specified period. Some of the terms involved with stockholders’ equity include:

paid-in capital amount received by the corporation from the original issue of its shares of common and preferred stock; contributed capital.

retained earnings  generally, the cumulative earnings of the corporation since it began, minus the cumulative dividends declared by the corporation.

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