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Author: JACQUELINE DAILEY

we cover data migrations, this technology tuesday. we even go into why you might consider migrating your data - even when going from QuickBooks version to another.

Virtual Bookkeeping Services | The Future Of Accounting

With technological advancement, more businesses are considering virtual bookkeeping services. For some, the concept of a virtual bookkeeper is scary, while for others, it simply won’t work. For those that entertain this idea, they soon appreciate the benefits of using remote bookkeeping. Virtual bookkeeping permits a bookkeeper or accountant to offer services remotely....

Every employer should be aware of two components of SUTA: the annual wage base and the SUTA tax rate: Annual Wage Base: The annual wage base represents the maximum amount of wages subject to SUTA tax per employee for the year. For 2018, employers in California and Florida pay SUTA tax on the first $7,000 paid to each employee. Alaska, however, imposes SUTA tax on the first $39,500 paid to each worker. Once the annual wage base has been satisfied for an employee, the employer does not owe any more SUTA tax for that employee for the year. SUTA Tax Rate: These tax rates are based on varying factors, with the most common being whether the business is new, the employer’s industry (such as construction versus nonconstruction), and the amount of benefits claimed on the employer’s account. Generally, the more benefits claimed on the employer’s account, the higher the SUTA tax rate, which is why it’s crucial that you keep turnover at a minimum. Not Always Only an Employer-Paid Tax In most states, SUTA is an employer-paid tax. Three states — Pennsylvania, New Jersey, and Alaska — require withholding as well. If you have employees in any of these three states, you must withhold state unemployment tax from their wages at the state-mandated withholding rate and up to the maximum amount of wages allowed for the year.

Could Your Books Withstand A Tax Audit?

Tax audits can be time-consuming, taxing, and possibly expensive. Small business proprietors who might be navigating complex tax policies for the first time or who work in businesses such as restaurants where errors are easy to make are particularly likely to draw unnecessary attention for the IRS.

An audit doesn’t need to be a painful, endless, and invasive process if you follow these tips.

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