Money, taxes and insurance · 10 guides
Auditor: problems and fixes, explained by EJ
EJ Musharbash is the only auditor member of BNI Preston Center. These guides are written for a Dallas–Fort Worth reader who has the problem right now: what is happening, what to check, when to call, and what it costs.
- What a CPA firm charges for bookkeeping, payroll and taxes, and what moves the fee There is no single price for small business accounting, but the fee is predictable once you know what drives it. Here are the factors, the hidden costs and the ways to keep the bill down. The short answer on what it costsThe factors that set the monthly numberWhy the state of your books matters more than your revenuePayroll fees follow headcount, frequency and the extras
- The IRS sent an audit letter: what happens next and how to respond An IRS audit letter is stressful, but the process follows predictable steps. Here is how audits start, what the IRS asks for, what rights you have and how to build a response that ends the matter. What an audit really involvesFirst, confirm the letter is realMail audit or interview: reading the letterYour rights, including someone in your corner
- Stopping employee theft before it starts: internal controls for a small office Most fraud in small organizations happens because one trusted person controls a transaction from start to finish. A few simple controls, even in a two-person office, close most of that gap. Split the duties and keep a second set of eyesWhy trusted people are where the risk sitsThe one-person problem, and how to divide the workControls that work with a tiny staff
- Payroll tax mistakes that turn into personal liability for small business owners Payroll tax problems grow faster than almost any other tax debt, and some of them follow the owner personally. These are the mistakes I see most, the myths behind them and how to stay clear. The mistakes that cost the mostMyth: the withholding is the company's money until the deposit is dueMyth: only the owner can be held personally responsibleMissing the deposit calendar
- Owe no Texas franchise tax? Why your LLC still has a report due every May Owing no Texas franchise tax is not the same as having nothing to file. Here is who is in the system, what the no-tax-due threshold means, which report you still owe and what happens if you skip it. Usually yes, even when the tax is zeroIs your business in the franchise tax system at all?The no-tax-due threshold and what changedPIR or OIR: which report is yours
- LLC or S corporation taxation: when the election helps and when it costs you The S corporation election can lower an owner's taxes, and it can also add payroll, paperwork and risk that outweigh the savings. Here is how to think it through before you file. It depends on profit, and on paying yourself properlyHow an LLC is taxed if you do nothingWhat actually changes after the electionThe reasonable salary rule
- Doing your own books in QuickBooks: what you can handle and when to bring in help Plenty of owners keep their own books well. The trouble usually starts with a setup choice made in the first week or a task that was never meant to be do-it-yourself. Here is where the line falls. Yes, with a few exceptionsWhat the IRS actually requires of your recordsSetup decisions that are hard to undoA monthly routine you can run yourself
- Does your nonprofit actually need an audit? The triggers that make one required Not every nonprofit is required to have an audit, but federal funding, grant agreements, lenders and your own bylaws can make one mandatory. Here is how to tell which applies to you. The direct answerThe federal threshold that triggers a single auditGrant agreements, contracts and your own bylawsWhat Form 990 asks, and what it does not require
- Before you hire a CPA firm in Texas: check the license, the peer review and the fit Anyone can call themselves an accountant. Checking a CPA firm's Texas license and peer review takes a few minutes, and a handful of direct questions will tell you the rest. Three checks that take fifteen minutesLooking up the license yourselfWhat peer review is, and why it matters for assurance workThe independence question most owners never ask
- Your bank or grantor just asked for audited financials: what that means and what to expect The loan renewal letter says audited statements are now required, or the grant application wants a review, and your bookkeeper has gone quiet. Here is what each level of assurance means, what a CPA firm actually does, how long it takes and how to get your books ready. The letter that changes your yearAudit, review and compilation are not three words for the same thingRead the request and your own books before you call anyoneWhen a lower level will do, and when you should call a CPA this week