Showing posts from December, 2016

2017 National Bank Holidays

2017 National Bank Holidays
Here is the full list of every day banks in the US will be closed in the upcoming year. You may want to call your own bank to confirm these dates as well! Refer back to for more information. 

January ⛄ 2 - New Years Day 16 - Martin Luther King Jr. Day
February 💕 20 - Presidents Day
May🌻 29 - Memorial Day
July 🌞 4 - Independence Day
September 🍂 4 - Labor Day
October 👻 9 - Columbus Day
November ðŸ¦ƒ 11 - Veterans Day 23 - Thanksgiving Day
December 🎄 25 - Christmas

Hoping you and your family enjoy the Holidays and your 2017 is filled with joy!

Back to the Basics: Quickbooks Edition

Back to the Basics: Quickbooks Edition
Chart of Accounts
The Chart of Accounts is the entire list of a business’ accounts and their balances. This keeps tab how much money your company has, owes, and what’s coming in and out. The more accurate the information is, the more useful the reports will be, therefore watch out for errors and try to be consistent as possible when assigning accounts to transactions.

Balance Sheet
All the information listed below is an accurate representation of what is listed in a balance sheet. The Balance Sheet is useful for giving a summary of your business at a certain period in time. It displays what you own (assets), what you owe (liabilities), and what you have left over (equity) at a certain point in time.

Use this type of account in your Chart of Accounts To Track Assets Bank Checking, savings, and money market accounts. Use on bank account for every account your company has at a bank or other financial institution. Accounts Receivable (A/R) Transactions rel…

IRS Changes Deadlines

IRS changes W-2 & 1099 filing deadlines
In an effort to prevent fraud, The Protecting Americans from Tax Hikes (PATH) Act of 2015was passed by Congress and signed by President Obama in December 2015. One key provision revises the filing deadline for Form W-2 and certain types of Form 1099. 
What's Changing?
Until now, employers had two dates to keep in mind when remitting W-2's: January 31, to provide employee copies, andFebruary 28, for paper filings submitted to the Social Security Administration (March 31 for electronic filings).Beginning with forms for tax year 2016, the filing deadline for all federal W-2s is January 31. This is true for both employee and agency copies, or whether filing paper or electronic returns. 

What about Form 1099-Misc?
The new January 31 deadline applies to certain types of 1099s.
If you're filing Form 1099-Misc and reporting amounts in Box 7: Non-employee Compensation, then you will need to observe the new filing deadline of Janua…