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Accounting, Payroll & Pension Issues/Expert Profile
Expertise
I can answer questions dealing with financial accounting, tax accounting, bookkeeping and payroll issues. NO PENSION questions.
Experience in the area
Certified in 1980. Experience with Fortune 15 company in finacial accounting, manager at Price Waterhouse and then over 20 years with small business clients.
Education/Credentials
BBA - Baylor University.
What do you like about this subject?
It is the profession of karma. Debits always equal credits.
Average Ratings
Recent Reviews from Users
K = Knowledgeability C = Clarity of Response T = Timeliness P = Politeness| User | Date | K | C | T | P | Comments |
|---|---|---|---|---|---|---|
| Thomas | 03/30/09 | 10 | 10 | 9 | 10 | |
| Donna Hitchcock | 02/10/09 | 10 | 9 | 10 | 10 | Very quick. Thank you |
| ted | 12/04/08 | 10 | 10 | 10 | 10 | Thank you very much for your fast ..... |
| Christina Cooley | 08/06/08 | 10 | 10 | 10 | 10 | Thank you so much for your prompt ..... |
| Alex | 07/10/08 | 10 | 10 | 10 | 10 | Insanely fast respond time! Thanks a lot ..... |
Recent Answers from Mike Wellman
2009-02-10 accounting-determining transaction:
It would be a debit to insurance expense and a credit to cash. It will not be until the end of the year when all profit & loss (nominal) accounts are closed to income summary and then retained earnings
2008-12-03 profits:
The distributions, since they are not deductible, increase the net income of the S Corp and that profit flows thru to your K-1 and is picked up on your Schedule E. You pay tax on it then. By doing this
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
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
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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