Category Archives: Small Business Accounting

Tax Court Ruling on Activity Qualified As Business, Not Hobby

Tax Court Ruling on Activity Qualified As Business, Not Hobby In TC Memo 2016-71, the Tax Court found that a taxpayer’s hair-braiding             activity qualified as a business, where the taxpayer had a genuine, if optimistic, … Continue reading

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Setting Reasonable Compensation for S Corporation Shareholder-Employees

Since an S-Corporation is not taxed at the entity level but rather each owner is taxed at the individual income tax rate on his or her respective ownership percentage of the business income, typically, the shareholder-employee wants to minimize compensation … Continue reading

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Does Your Business Need A Buy-Sell Agreement?

Does your business have a buy-sell agreement? Should it?  The answer is yes, absolutely.  It is prudent for all businesses, regardless of size or structure, to have a buy-sell agreement in place.  The cost and effort to establish far outweigh … Continue reading

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Audit vs Review vs Compilations

Proper review can save you both time and money.  Many business owners are aware assurance services can be provided by an accountant. Often times, we have found that these business owners do not fully realize the different available levels of … Continue reading

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S Corporation Basics

An S corporation is a pass-through entity that is treated very much like a partnership for federal income tax purposes. As a result, all income is passed through to your shareholders and taxed at their individual tax rates. However, unlike … Continue reading

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Electing S Corp status for your LLC

Since we usually get a number of questions regarding the impacts of an LLC electing to be taxed as an S Corporation we thought it would be beneficial to address some of these issues. An LLC is a legal structure, … Continue reading

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Simplified Home Office Deduction Next Year?

The IRS, in an attempt to ease the burden on small business, has introduced procedures to significantly simplify the home office deduction rules.  These rules, pending comment and final approval, would be effective for the 2013 tax year. Under the … Continue reading

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Intuit Payment Network a Good Inexpensive Solution

We are regularly asked by clients to assist them with setting up their accounting environment and how best to leverage the tools available to them.  Obviously, business owner are always looking for a better, cheaper way to receive payments from my … Continue reading

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Sleeter Group Annouces 2012 QucikBooks Add-on Award Winners

Each year the Sleeter Group selects the best QuickBooks Add-Ons. This years winners are: Bill.com Receivables QQube Bill & Pay Fujitsu ScanSnap ShareFile for Accountants Check out more details by clicking here  or to check out prior year winners click here.

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QuickBooks 2012 and Excel

QuickBooks 2012 has made some major improvements in its  integrate with Excel. Now you can create a template report and retain many formatting elements. This new functionality will allow you to develop Excel templates that can easily be updated directly from QuickBooks.  … Continue reading

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