What can be the best way to record business expenses paid by personal Credit card by LLC Owner?
I have one client who often pays his business expenses through his personal credit card, so I would like to confirm what is the acceptable treatment as per IRS as currently, I am recording it through a journal by debiting ...
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Theladycpa CPA
Good morning, the method you are currently using is the correct method. Creating a journal entry to debit the corresponding expense account and credit owners' e ... Read more
Is a fashion design company providing service to customer excluded from sales tax in California?
I have a customer with fashion design company who provides consultancy and some time products such as samples to the clients. The owner pays for some COGS and pays sales tax while purchasing the items. Then the business use those ...
Hiring international employees
Is there any IRS requirements of recordkeeping like w9 for US 1099 Persons?
Referrals from customers/clients
What are some ways that other small businesses handle referrals for new clients? I want to provide something to the current client as a thank you.
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Theladycpa CPA
Hi, some small businesses send a gift basket with perhaps a thank you card for referrals if you don't have a specific referral fee (compensation plan) in place ... Read more
Is there a good location to find out the IRS useful life for each asset?
Typically I have bookkeeping clients that have a tax professional and that person just lets me know what the determined useful life of that asset is, but occasionally, they don't already have a tax professional and I need to make ...
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Theladycpa CPA
HI the IRS has specific guidelines on depreciation that can be found here: https://www.irs.gov/taxtopics/tc704 However the publication is a bit lengthy, here is ... Read more