If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. Here are some details. THE REQUIREMENTS Each person who, while operating a trade or business, receives more than $10,000 in cash in one transaction (or at least two related transactions), must file Form [...]
How Do You Deal with Payments and Deposits in QuickBooks? Depositing customer payments is one of your more pleasant business tasks. Here’s how it’s done in QuickBooks. If you’re still doing your accounting manually, depositing checks and cash that come in from customers takes a lot of work. You probably wait until you have several [...]
If you have a large unpaid federal tax bill, beware. A 2015 law allows the U.S. State Department to deny your passport application – or revoke or limit your current passport – if the IRS certifies that you have a seriously delinquent tax debt (SDTD). How large does the debt have to be to [...]
How to Use QuickBooks’ Doc Center QuickBooks can store more than records and transactions. It has lots of room for supporting documents you’ve uploaded. We’ve been hearing about the “paperless office” for many years. But if you look around your work area, you probably still see evidence of a lot of paper. We’re not there [...]
Businesses need to have inventory on hand. But having excess inventory is expensive, so it’s important to keep it as lean as possible. Here are some ways to trim the fat from your inventory without compromising revenue and customer service. ACCURACY FIRST Effective inventory management requires starting with an accurate physical inventory count. That allows [...]
You’ve spent years building your company and now you’re ready to move on, possibly to a new business, retirement or something else. Whatever your plans, you want to get the best return from your business that you can after all the time and money you’ve put into it. Not only do you need to get [...]