Uncategorized Archives - Denise Cataldo, CPA - a metrowest business accounting firm specializing in QuickBooks & Tax Prep advice serving Sudbury, Westboro, Southboro, Wayland and more

New Overtime Regulations

On May 18, 2016 The Department of Labor (DOL) announced their final rule on updating the overtime regulations that “will extend overtime protections to over 4 million workers within the first year of implementation.”  The new regulations will affect salaried employees only as hourly wage based employees are already afforded overtime pay.  Here are some […]

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Donations – Cash and Cars – What you need to know

During the month of December, many individuals and businesses make gifts to charity.  Often we receive phone calls regarding the gifting of old cars.  There are several rules you need to keep in mind when you are thinking about donating your old car: The charity that receives the car must be an IRS approved charitable organization that […]

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Change In Responsible Party

Here is an article recently published in The Tax Advisor about a new IRS form that needs to be completed when there is a change in the personal who is considered the “responsible party”. The definition of which is below. Change in “Responsible Party” Must Be Reported to the IRS by Debera Salam, Houston, and […]

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Estate Planning for Gun Owners

   Individuals that own guns need to be careful when drafting their wills.  Even if the guns are family heirlooms or memorabilia meant to be passed on to future generations, federal and state laws are very strict as to who may inherit a gun.  Transferring a gun to a beneficiary who is unlicensed or otherwise […]

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New Notices Related to Form 1099-K

New Notices Related to Form 1099-K Form 1099-K is an information return that reports to the IRS the total amount of payments your business received via credit card and third party network transactions.  You should retain this form for your records and use it to assist you in completing your tax return.  The IRS has […]

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NEW TAX INFO FOR 2013

    NEW TAX INFO FOR 2013     Social Security News – Social Security Administration announced that recipients will receive an increase of 1.7% in 2013. Some recipient’s increase may be partially or completely offset by increases to their Medicare premiums. Another change that will be effective January 2013 is the amount of taxable earnings subject […]

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What are the tax implications on being an “Independent Contractor”

  INDEPENDENT CONTRACTORS   Are you an independent contractor or an employee?  In today’s tough economic times, when jobs are tough to come by, many people are taking positions that are typically employee positions but disguised as “independent contractors” without really understanding what this means.   What are the tax consequences of being self-employed or being […]

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Using the “Class” feature in QuickBooks

Using the “Class” feature in QuickBooks               QuickBooks allows users to track information by department or location or by property or business office or any other important breakdown you require to generate the information necessary to make good business decisions.  This is done by checking off the “class tracking” box located in the Accounting […]

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Setting Up Chart of Accounts In Quickbooks

SETTING UP QUICKBOOKS CHART OF ACCOUNTS   Although it may appear rather simple to set up QuickBooks with all the support features the software has to offer, there is more to it than meets the eye.  For example, when you set up your chart of accounts, ordering the profit and loss accounts by no particular […]

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