Archive for the ‘Small Business Finances’ Category

Credit Card Receipts to be Reported to IRS

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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The Costs of Taking Credit Cards

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

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
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Deadlines – It’s Due When?

One of several important dealines for your small business

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

Reevaluate your business to save money.

Reevaluate your business to save money.

Many small businesses are feeling the pinch of this current economic climate. Here are a few tips that relating to your office, staff, outsourcing, and using your money more efficiently. Review them and use the ones that work for your business.
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