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Tag: Recordkeeping


Nov

01

2018
Business Expense Deduction Check-Up

Business Expense Deduction Check-Up

As you prep for year-end reporting, it’s a good time to consult with your CPA and brush up on changes to business expense deductions from the Tax Cuts and Jobs Act (TCJA). Read more about tax deduction changes that may impact your business and get tips on how to recategorize expenses to align with the changes.


Feb

19

2018
Top 10 Payroll Compliance Mistakes

Top 10 Payroll Compliance Mistakes

While ignorance is bliss, it won’t help you get out of an employment tax or labor law penalty.  We know business owners are juggling a lot of balls and under a great variety of pressures.  We compiled this top 10 list to help small business owners understand the most frequent payroll compliance issues they will inadvertently stumble upon. All payments you issue to your employees should go...

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Dec

01

2017
Apps to Better Manage Receipts and Expenses

RSVP for App Webinar

There are a number of affordable Apps to help you streamline receipt and expense management. Join us for this informative webinar and let’s eliminate the paper piles and please your bookkeeper in the process!


Aug

29

2016
FLSA Overtime Changes and Exempt Employees

FLSA Overtime Changes and Exempt Employees

New overtime rules are slated to go into effect DECEMBER 1, 2016. With this final ruling ANYONE who makes less than $913 per week ($47,476 per year) will be eligible for overtime (meaning you will be required to pay them overtime). In other words this will impact your workers currently classified as exempt (or rather in plain english – your SALARY workers).


Mar

26

2015
An Easy Guide to Understanding Financial Statements

An Easy Guide to Understanding Financial Statements

At ASAP we work with over 600 business owners on a regular basis. Many owners and managers are passionate about their line of work and not about accounting or payroll. This means when it comes to looking or reviewing their financial statements they’re often confused and many times ignore them. Entrepreneur recently posted a well-written article outlining the basics of a Profit & Loss Statement,...

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Jan

31

2014
Automatic Gratuities as Service Charges

Automatic Gratuities as Service Charges

Effective January 1st restaurants that put service or automatic gratuity on bills for larger parties now have to show these charges as taxable sales/service charges (not as tips) and are subject to all payroll tax withholding. That added fee will need to be included with their payroll, meaning workers will have to wait to get the extra cash. Restaurants are required to report to the...

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Jan

15

2014

Risky Business > Employee vs. Independent Contractor

It is important that employers understand the distinctions between employees and independent contractors. Classification can be a complex task, prone to mistakes, myths, misunderstandings, and classification errors – whether innocent or intentional – can be costly to the employer. With today’s tax revenue shortfalls, government agencies are cracking down on misclassification of workers. Here are two examples that have made recent headlines: FedEx to Pay $2.3 Million...

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Jan

01

2014

I-9 Compliance Basics for Employers

While ASAP does not provide tax or legal advisory services, there are a number of items to review regarding the NEWLY PUBLISHED federal Form I-9 Employment Eligibility Verification. This list should not be construed as all-inclusive resource – please refer to the IRS and State for additional resources. (All content listed in blue/underlined below is a hyperlink directing you to the appropriate resource page). Resources...

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Oct

25

2013

Colorado Employment Verification Audits

The Colorado Department of Labor & Employment (CDLE) is conducting more than a thousand audits on employers each year to enforce Colorado’s Employment Verification Law. According to a recent post by our friends at Jackson Lewis LLP, The Division has conducted approximately 200 compliant-based audits, 5,400 random audits, and 650 re-audits since the law went into effect in 2007. Colorado employers must make an affirmation...

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Aug

23

2013

Back to School – Laws restrict hours of student employees.

With school back in session, it’s important to understand the legalities behind employing students. It is legal to employ students during the school year, however federal and state laws impose certain restrictions on the amount of time students can spend at your business. Resources: Federal overview >>FindLaw.com – Legal for Students to Work During the School Year Colorado Youth Employment Laws >>CDLE, colorado.gov



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