The thinking behind the infamous scarlet letter is alive and well in California government.
Last month Gov. Brown signed into law Senate Bill 459, concerning the misclassification of workers. In addition to the large fines for willful misclasification (up to $25,000 per violation), employers must post a notice on their website and “displayed prominently” in an area that is “accessible to all employees and the general public at each location where a violation. . .occurred.”
As many of you have already wrapped-up your tax returns and finding someplace to keep all of the supporting documentation, one of the questions we often here is “How long should I keep this?”. Here’s what you need to keep and what you can throw out without fearing the wrath of the IRS.
I guess the off-the-cuff response to the question is “As long as it is relevant.”, but that doesn’t exactly help. So let’s look at specifics: (more…)
Accounts Payable is a part of any healthy business – so are local government agencies. And as your business gets more complicated, you get more invoices, and report to more government agencies.
Over the past few years, a number of our clients have received faxed and mailed notices instructing them to complete a corporate compliance form. Some of these notices are directed at directors or officers, while others are for the general corporation. (more…)
I am always amazed at the number of business owners who think they are going to save money by handling their own accounting.
I am sure there are many that can do it – as far as I am concerned Bookkeeping is just a matter of balancing your checkbook and categorizing the payouts. And accounting is just the next step in the process – analyzing the categorized numbers. And if that was all an accountant or bookkeeper did, I would say go for it – buy a copy of QuickBooks and save yourself a bit.
But the financial side is the least of what accountants do. (more…)