Archive for the ‘Small Business Finances’ Category
Credit Card Receipts to be Reported to IRS
February 4th, 2010
Proposed IRS regulations address reporting requirements for credit card and third-party network transactions (IR-2009-106; NPRM REG-139255-08). The IRS plans to require credit card and other firms that process transactions to report the annual gross network transactions to participating merchants and to the IRS.
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Posted in Small Business Finances, Tax Articles | 
Tags: 1099s, credit card, credit card receipts, form 1099, IRS, irs regulations, network transaction, network transactions
The Costs of Taking Credit Cards
October 26th, 2009
Figuring out the best deal on credit card processing takes some effort and they don’t make it easy. There are only a handful of credit card processors, but there are thousands of companies (including your bank) selling the service. They usually base the rate on your average ticket amount and average monthly total amount. It is difficult to compare costs because some use the tier method, others use cost plus. The best deal for the merchant (you) is usually the cost plus method.
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Record Retention Guide: What You Need to Keep
September 16th, 2009
| Item | Retention Period | Item | Retention Period |
|---|---|---|---|
| Accident reports/claims (settled cases) | 7 years | Journals | Permanently |
| Accounts payable ledgers and schedules | 7 years | Minute books of directors, stockholders, bylaws, and charter | Permanently |
| Accounts receivable ledgers and schedules | 7 years | Notes receivable ledges and schedules | 7 years |
| Audit reports | Permanently | Option records-expired | 7 years |
| Backup of computer data | 1 year | Patents and related papers | Permanently |
| Bank reconciliations | 3 years | Payroll records and summaries | 7 years |
| Bank statements | 3 years | Personnel files-former employees | 7 years |
| Capital stock and bonds records; ledgers, transfer registers, stubs showing issues, records of interest coupons, options, etc. | Permanently | Petty cash vouchers | 3 years |
| Cash books | Permanently | Physical inventory tags | 3 years |
| Charts of accounts | Permanently | Plant cost ledgers | 7 years |
| Checks-cancelled (see exception below) | 7 years | Property appraisals by outside appraisers | Permanently |
| Checks-cancelled (for important payments, i.e. taxes, purchases of property, special contracts, etc. Checks should be filed with the papers pertaining to the underlying transaction.) | Permanently | Property records, including costs, depreciation reserves, year-end trial balances, depreciation schedules. Blueprints, and plans | Permanently |
| Contracts, mortgages, notes, and leases-expired | 7 years | Purchase orders-except purchasing department copy | 1 year |
| Contracts, mortgages, notes, and leases still in effect | While in effect | Purchase orders-purchasing department copy | 7 years |
| Correspondence-general | 2 years | Receiving sheets | 1 year |
| Correspondence-legal and important matters only | Permanently | Retirement and pension records | Permanently |
| Correspondence-routine (customers and vendors) | 2 years | Requisitions | 1 year |
| Deeds, mortgages, and bills of sale | Permanently | Sales commission reports | 3 years |
| Depreciation schedules | Permanently | Sales records | 7 years |
| Duplicate deposit slips | 2 years | Scrap and salvage records (inventories, sales, etc.) | 7 years |
| Employee manuals | Permanently | Stock and bond certificates-cancelled | 7 years |
| Employment applications | 3 years | Stockroom withdrawal forms | 1 year |
| Expense analyses/expense distribution schedules | 7 years | Subsidiary ledgers | 7 years |
| Financial statements-year-end | Permanently | Tax returns and worksheets, revenue agents’ reports, and other documents relating to determination of income tax liability | Permanently |
| Garnishments | 7 years | Time cards/records | 7 years |
| General/private ledgers, year-end trial balance | Permanently | Trademark registrations and copyrights | Permanently |
| Insurance policies-expired | 3 years | Training manuals | Permanently |
| Insurance records, current accident reports, claims, policies, etc. | Permanently | Union agreements | Permanently |
| Internal audit reports (longer retention periods may be desirable) | 3 years | Voucher register and schedules | 7 years |
| Internal reports-miscellaneous | 3 years | Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement of employees, officers, etc. for travel and entertainment expenses) | 7 years |
| Inventories of products, materials, and supplies | 7 years | Withholding tax statements | 7 years |
Deadlines – It’s Due When?
September 16th, 2009
One of several important dealines for your small business
It’s important to not miss those deadlines. Here’s a list of Federal and Texas deadlines that may be important to you.
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Feeling the Pinch? Tips for Using Your Money More Efficiently
September 7th, 2009
Reevaluate your business to save money.
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Posted in Small Business Finances
