| Recent Answers from Mike Wellman |
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2008-08-05 Deferred Salary accounting: As far as payroll accounting and the IRS is concerned, the payroll taxes are not due until the salary is actually paid. For financial accounting purposes, you accrue the salary of course. You should accrue...
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2008-05-31 1065 Filing Requirements: Hold on there cowboy. Your question asked if a partnership with fewer than ten partners is required to file a 1065. The answer is, of course they are. The regs you cited relate to the late filing penalty...
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2008-03-06 I think my boss is commitiing tax fraud: It sounds fishy but I do not really have all the facts to make that determination. If he has no receipts to back up his expense report though I would say that is a strong indication. On the other hand...
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2007-12-28 New S Corp Payroll Taxes: It is pretty easy. You should go to the IRS site (irs.gov) and download Circular E. It will explain it all to you. I do recommend you buy and hour or so of a CPA's time to get guidance on this as well...
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2007-12-27 New to Bookeeping: You can do that but it is not necessary. You can simply use the standard mileage rate for all miles driven as a deduction on your Schedule C and then take the interest expense paid on the loan on the tax...
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