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Showing posts from December, 2016

2017 National Bank Holidays

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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 usbanksdirectory.com 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

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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 othe

IRS Changes Deadlines

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IRS changes W-2 & 1099 filing deadlines In an effort to prevent fraud,  The Protecting Americans from Tax Hikes (PATH) Act of 2015   was 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, and February 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 w