tag:blogger.com,1999:blog-60267234610676547742024-03-13T08:18:13.237-07:00South Palm Beach SCORETWICE VOTED THE #1 CHAPTER IN THE NATIONAnonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.comBlogger377125tag:blogger.com,1999:blog-6026723461067654774.post-906408534310153332018-06-02T16:09:00.000-07:002018-06-02T16:09:00.278-07:00Business Loan Taxation
<span lang="EN" style="font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Calibri;"><span style="font-family: Calibri;"><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">As
a business owner, and to properly account for a business loan, you should be
familiar the following tax issues that result from taking out a loan for your
business.<o:p></o:p></span></span></span><br />
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">1-A
bona fide business loan should be a written document with the following
information:<o:p></o:p></span><br />
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Date of the loan<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Principal Amount Borrowed<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Interest Rate<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Loan Repayment Dates<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Lender's Name & Address, <o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Business Borrower's Name &
Address<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Collateral pledged, if any<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Amortization Schedule<o:p></o:p></span></div>
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">2-Loans
are not income to the borrower. Rather, a loan is either as short-term or
long-term liability. Short-Term if the loan is for less than 1 year. Long-Term
if the loan is for 1 year or longer.<o:p></o:p></span><br />
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">3-The
Amortization Schedule shows the date and amount of each required loan payment.
For interest-bearing loans, each loan payment is broken down into a principal
and interest portion.<o:p></o:p></span><br />
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">4-Principal
repayments reduce the outstanding loan balance (and are not a tax deduction).<o:p></o:p></span><br />
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">5-Interest
payments are a deductible business expense.<o:p></o:p></span><br />
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">6-If
the borrower is unable to repay the loan in full, cancellation of debt income,
and gain or loss on asset disposal may result, depending on the specific facts
and circumstances.<o:p></o:p></span><br />
<br />
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<span lang="EN" style="font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Calibri;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
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<span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><a href="https://www.blogger.com/null"></a><a href="https://www.blogger.com/null"></a>This
article was written by Donald M. Scherzi, CPA, CFP, LLC <br />
Mike Lupo, SCORE Counselor<br />
Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb; text-decoration: none; text-underline: none;">www.scoresouthflorida.net</span></a></span><span lang="EN" style="color: #222222; font-family: Arial; font-size: 12pt; mso-ansi-language: EN;"><o:p></o:p></span></div>
<br />
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<span style="font-size: 12pt; line-height: 115%;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com1tag:blogger.com,1999:blog-6026723461067654774.post-22839035092100732692018-06-02T15:55:00.004-07:002018-06-02T15:55:33.577-07:00Marketing tip of the month
<br />
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#13<span style="mso-spacerun: yes;"> </span>FREE AS A BIRD<o:p></o:p></div>
<br />
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Continuing with the so important Call to Action, here is a
list of suggestions<span style="mso-spacerun: yes;"> </span>when you want to
attract customers with something for free: Get it free,<o:p></o:p></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
It’s free-get started,<span style="mso-spacerun: yes;">
</span>Get this deal, Sign up for your free trial, Free 30 day trial, Try it
now, free, Start saving today. And if you want to limit your offer try these:
Offer expires X, Limited time offer, For the first X people only, Order now and
receive a free gift!<o:p></o:p></div>
<br />
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<o:p> </o:p></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Martin Kahn, SCORE Counselor</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Visit us at: www.scoresouthflorida.net</div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com2tag:blogger.com,1999:blog-6026723461067654774.post-67425546328563769072018-05-20T10:43:00.002-07:002018-05-20T10:43:17.761-07:00Cybersecurity 101<br />
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Here are a few pointers:</div>
<br />
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Choosing passwords: </div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt; tab-stops: 2.5in;">
<span style="mso-spacerun: yes;">
</span>Using more letters, numbers and symbols while they may help, are not
infallible.<span style="mso-spacerun: yes;"> </span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt; tab-stops: 2.5in;">
<span style="mso-spacerun: yes;">
</span>Five or six words may be of more help by increasing the random
possibilities.</div>
<br />
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Using a password manager:</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="mso-spacerun: yes;"> </span>These pick random
very long passwords that you do not need to remember.<span style="mso-spacerun: yes;"> </span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="mso-spacerun: yes;"> </span>They require a
very long password that you better not forget</div>
<br />
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Public Wi Fi:</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="mso-spacerun: yes;"> </span>Anyone can
easedrop and intercept a conversation</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="mso-spacerun: yes;"> </span>Avoid these if
possible</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="mso-spacerun: yes;"> </span>Use only a
trusted virtual private network (VPN) </div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Charging your phone:</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="mso-spacerun: yes;"> </span>Doing this in
public places is not a good idea (airports, etc)</div>
<br />
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<span style="mso-spacerun: yes;"> </span>Venerable to side
channel attacks. </div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="mso-spacerun: yes;"> </span>If you must, turn
the phone off while charging</div>
<br />
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Decoys can help:</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="mso-spacerun: yes;"> </span>Download multiple
similar apps (ie. Bank apps) making it harder to find which is real.</div>
<br />
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<span style="mso-spacerun: yes;"> </span>Create multiple
“fake files” (ie. Tax returns, customer records) for the same reason</div>
<br />
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Technologists are continually looking for alternatives, so
stay on top of this subject.</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
How is your business protected?</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Steve Koenig, SCORE Counselor</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Visit us at: www:scoresouthflorida.net</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-36359687051170369712018-05-09T10:13:00.004-07:002018-05-09T10:13:51.553-07:00S Corporation Shareholder-Employee Business Use of A Home
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<span style="font-family: Calibri;"></span> </div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Shareholder
(owners) of an S Corporation who render services to the corporation's trade or
business are deemed to be an employee (and not an independent contractor) of
the corporation.<a href="https://www.blogger.com/null" name="_GoBack"></a><o:p></o:p></span></div>
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Because
the shareholder is deemed an employee, they are required by law to be paid a
reasonable amount of compensation (wages) services rendered which is reportable
on their W-2 each year.<o:p></o:p></span><br />
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
general rule is that employee un-reimbursed business expenses (business
expenses that an employee incurs while conducting business that are not
reimbursed by the corporation) are deductible on Form 2106. These expenses are
then transferred to Schedule A, Itemized Deductions, and included are line #21.
Further, these expenses are subject to a 2% of Adjusted Gross Limit threshold
limit before they can potentially become deductible, assuming the taxpayer does
itemize deductions and not take the standard deduction.<o:p></o:p></span><br />
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Employee
business expenses (including the business use of a home) by a S Corporation
Shareholders officers, or regular employees have a special requirement in order
for the expenses to be deductible.<o:p></o:p></span><br />
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
tax law requires a written corporation resolution that requires the taxpayer to
incur expense as may be necessary or required, and that they would not be
reimbursed by the corporation. Thus, a written corporate resolution or policy
in place requiring a shareholder, officer or employee to assume specific
expenses is required in case of an IRS Audit.<o:p></o:p></span><br />
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Without
the corporate resolution, the IRS in an audit will most deny the deduction as a
voluntary payment of corporate expenses, and consider them to be capital
contributions or loans to the corporation.<o:p></o:p></span><br />
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</div>
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">NOTE:
Even if there is a written corporation resolution, specifically the shareholder
MUST follow the law requiring they receive reasonable compensation wages for
services rendered to the corporation.<o:p></o:p></span><br />
<br />
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<span lang="EN" style="font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Calibri;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0.75pt; mso-layout-grid-align: none;">
<span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><a href="https://www.blogger.com/null"></a><a href="https://www.blogger.com/null"></a>This
article was written by Donald M. Scherzi, CPA, CFP, LLC <br />
Mike Lupo, SCORE Counselor<br />
Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb; text-decoration: none; text-underline: none;">www.scoresouthflorida.net</span></a></span><span lang="EN" style="color: #222222; font-family: Arial; font-size: 12pt; mso-ansi-language: EN;"><o:p></o:p></span></div>
<br />
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<span style="font-size: 12pt; line-height: 115%;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-22120231572984380652018-05-02T07:46:00.001-07:002018-05-02T07:46:08.875-07:00Home Office Deduction For Self-Employed<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; text-align: center;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><o:p></o:p></span> </div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Self
Employed taxpayers file Schedule C (Form 1040) to report their business income
and expenses.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
home office deduction, if allowed, is taken on Line 30 of Schedule C.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
IRS allows taxpayers two options for taking the Home Office Deduction, the
Simplified Method or the Regular Method, whether they own or rent the home.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Under
the Simplified Method, the taxpayer is allowed a home office deduction of $5
per square foot up to a maximum of 300 square feet in lieu of determining
actual expenses. Actual expenses are not considered or taken into account.
Thus, the total potential deduction is $1,500.00. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">If
the taxpayer uses the Simplified Method for the home office deduction, they do
not File Form 8829 Expenses For Business Use of Your Home. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Under
the Regular Method, the taxpayer take into account various actual home office
expenses and then takes the business use percentage of the home office to
calculate the potential home office deduction. Thus, more record-keeping is
required to track the expenses.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">If
the taxpayer uses the Regular Method, they must file Form 8829 Expenses For
Business Use of Your Home, to calculate the allowable home office deduction,
which then transfers to Schedule C, Line 30.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Typical
home office expenses include: mortgage interest, real estate taxes, homeowners
insurance, utilities, maintenance and repairs, and depreciation.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Under
either method you need to figure the percentage of your home devoted to your
business activities. Therefore you will need both the total square footage of
the entire home and the square footage devoted to the business activity.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Regardless
of the method chosen, there are two basic requirements for your home to qualify
as a deduction:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">1-Regular
AND Exclusive Use-you must regularly use part of your home exclusively for
conducting business, and<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<st1:street w:st="on"><st1:address w:st="on"><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">2-Principal Place</span></st1:address></st1:street><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"> of Business-your home must be the principal place where you conduce
business.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">IRS
Publication 587 from the IRS provides information for Business Use of Your
Home.<o:p></o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<a href="https://www.blogger.com/null" name="_GoBack"></a><span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN;"><a href="https://www.blogger.com/null"></a><a href="https://www.blogger.com/null"></a>This article was written by Donald M.
Scherzi, CPA, CFP, LLC <br />
Mike Lupo, SCORE Counselor<br />
Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb;">www.scoresouthflorida.net</span></a></span><span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 115%;"><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-70770391176753199292018-05-02T07:11:00.004-07:002018-05-02T07:11:43.480-07:00Marketing Tip of the Month
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
#12<span style="mso-spacerun: yes;"> </span>CALLS TO ACTION<o:p></o:p></div>
<br />
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Here are some great calls to action to use in your sales
literature. Choose the ones YOU like, then, if possible, change them from time
to time to find out the BEST ones for your business: Find out more, Visit now, Get
on our mailing list, Join the club now, Take the next step, How to get started,
Start here, How it works, Learn more.<o:p></o:p></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span lang="EN" style="color: #222222; mso-ansi-language: EN;">Martin
Kahn, SCORE Counselor</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span lang="EN" style="color: #222222; mso-ansi-language: EN;">Visit
us at: <a href="http://www.scoresouthflorida.net/"><span style="color: blue;">www.scoresouthflorida.net</span></a><u1:p></u1:p><o:p></o:p></span></div>
<br />
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<o:p> </o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-72663580613087602802018-04-05T12:23:00.001-07:002018-04-05T12:23:23.622-07:00Partner's Business Use of A Home
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Partners
report expenses for the business use of a home as unreimbursed partnership
expenses on Part II,<span style="mso-spacerun: yes;"> </span>Line #28, column (h),
Schedule E, Form 1040.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Partners
do not use Form 8829, Expenses For Business Use Of A Home, for a partner's
expenses.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">See
a detailed discussion of Partner's Unreimbursed Expenses, article.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 115%;"><o:p></o:p></span> </div>
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN;"><a href="https://www.blogger.com/null"></a><a href="https://www.blogger.com/null"></a>This
article was written by Donald M. Scherzi, CPA, CFP, LLC <br />
Mike Lupo, SCORE Counselor<br />
Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb;">www.scoresouthflorida.net</span></a></span><span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 115%;"><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com1tag:blogger.com,1999:blog-6026723461067654774.post-48064017055220439352018-04-02T15:24:00.001-07:002018-04-02T15:24:14.616-07:00The Value of a Deal
<br />
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I recently saw a great sale on watches. Not those offered on
the streets in some cities, but an unusually good deal in any event. I did not
really need another watch, but I fell for the deal, and purchased one. It had
the main watch dials as well as two smaller dials and a few added controls on
the side. It took a while to get the band sized to fit with the help of the
seller. I actually could not see the smaller dials without my glasses, which I
did not have in my possession at the time of sale. When I got home and had some
time I looked closer and determined that the two small dials and controls were
decorative only, without functionality at all. The next day I returned to the
seller and asked about this and he responded: “what do you expect for that
price?”<span style="mso-spacerun: yes;"> </span>He was right. The deal was just
that…</div>
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He also took the watch back and returned my money. OK
seller…of TRASH…and I should have knowm better…</div>
<br />
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How about your products and/or service?</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Steve Koenig, SCORE Counselor</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: blue;">www.scoresouthflorida.net</span></a></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
<br />
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<o:p> </o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-77652521962155713352018-04-02T10:07:00.001-07:002018-04-02T10:07:08.356-07:00Un-reimbursed Partner Expenses<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; text-align: center;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><o:p></o:p></span> </div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Under
the general rule, a partner in partnership is NOT allowed to deduct
un-reimbursed partnership expenses (partnership business expenses paid by the
partner that the partner is not reimbursed for) on his/her individual tax
return.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">An
exception applies when there is a provision in the partnership agreement
requiring the partner to pay the specific expenses.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Each
partner's Schedule K-1 should indicate in <st1:address w:st="on"><st1:street w:st="on">Box</st1:street> 20</st1:address>, Code Z along with a statement
that the amount is for “UPE”.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Allowable
expenses are deducted on Part II, Schedule E, Form 1040 of the partner's
individual income tax return.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Report
allowable un-reimbursed partnership expenses as a separate item on Line 28,
Schedule E. Enter “UPE” as the name of the line item, then list the amount on
(h) of line 28.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
“UPE” amount will be deducted from partnership income and will also reduce the
net income subject to self-employment tax.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Audit
Tip:<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Include
the requirement that the partners pay the specific expenses in the written
partnership agreement to help ensure deductibility in case of an IRS Audit.
Also include wording that the partnership will not reimburse the partners for
the expenses.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN;"><a href="https://www.blogger.com/null"></a><a href="https://www.blogger.com/null"></a>This
article was written by Donald M. Scherzi, CPA, CFP, LLC <br />
Mike Lupo, SCORE Counselor<br />
Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb;">www.scoresouthflorida.net</span></a></span><span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 115%;"><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-61504491338058599692018-04-02T07:44:00.001-07:002018-04-02T07:44:21.426-07:00Marketing tip of The Month
<br />
<div class="NoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt;">#11
THE OPENING KICKOFF<o:p></o:p></span></div>
<br />
<br />
<div class="NoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt;">Start
every business day, and I mean EVERY business day, by making TWO cold calls.
It’s a great, proven tactic. You’re bound to meet customers who had a great day
themselves the day before and are ready to do business with you. But it’s got
to be a habit. Every business day.<o:p></o:p></span></div>
<br />
<br />
<div class="NoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt;">Martin
Kahn, SCORE Counselor<o:p></o:p></span></div>
<br />
<div class="NoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt;">Visit
us at: <a href="http://www.scoresouthflorida.net/"><span style="color: blue;">www.scoresouthflorida.net</span></a><o:p></o:p></span></div>
<br />
<div class="NoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt;"><o:p> </o:p></span></div>
<br />
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<span style="font-family: "Times New Roman"; font-size: 12pt;"><o:p> </o:p></span></div>
<br />
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<o:p> </o:p></div>
<br />
<br />
<div class="NoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt;"><o:p> </o:p></span></div>
<br />
<div class="NoSpacing" style="margin: 0in 0in 0pt;">
<o:p><span style="font-family: Arial; font-size: large;"> </span></o:p></div>
<br />
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<o:p> </o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-21216500369206437442018-03-12T07:24:00.002-07:002018-03-12T07:24:23.684-07:00IRS Installment Agreements
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><b><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><o:p> </o:p></span></span></b></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">If
you are financially unable to pay your tax debt immediately, you may be able to
make monthly payments through an installment agreement with the IRS.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Before
applying for a payment agreement, you must file all required tax returns.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">You
may be eligible to apply for an online payment agreement:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Individuals must owe $50,000 or less in combined individual income tax,
penalties and interest, and have filed all required tax returns.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Business must owe $25,000 or less in payroll taxes and have filed all
required tax returns.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Even
if you are ineligible for an online payment agreement, you can still pay in
installments:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Complete and mail Form 9465 and Form 433-F<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Call 800-829-1040 or the phone number on your bill or notice.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<u><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Things
to Consider<o:p></o:p></span></u></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Penalties and interest continue to accrue until your balance is paid in
full. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Your future refunds will be applied to your tax debt until it is paid in
full.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">There may be a restatement fee if your agreement goes into default.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">You must pay at least your minimum monthly payment---on time.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">You must file all required tax returns on time.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">You must contact the IRS if you need to make any changes to your agreement.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Ensure the IRS has your current address if you move by filing Form 8822
Change of Address.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; mso-list: l0 level1 lfo1; text-indent: 0in;">
<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Include your name, address, SSN, daytime phone number, tax year and return
type on your payment.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Currently,
the IRS One Time Fee for a standard installment agreement or payroll deduction
agreement is $120 or $52 if you choose to pay through a direct debit from your
bank account.<a href="https://www.blogger.com/null" name="_GoBack"></a><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><o:p> </o:p></span></div>
<br />
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<span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><a href="https://www.blogger.com/null"></a><a href="https://www.blogger.com/null"></a>This article was written by Donald M.
Scherzi, CPA, CFP, LLC <br />
Mike Lupo, SCORE Counselor<br />
Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb;">www.scoresouthflorida.net</span></a></span><span style="font-family: "Times New Roman"; font-size: 12pt;"><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-79948949236767306162018-03-06T01:12:00.000-08:002018-03-06T01:12:18.456-08:00Product, Price and Service<br />
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We recently had a good example of the subject title that
could be a good learning experience. First, we purchased a small home appliance
from a discount retailer. </div>
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Upon putting the pieces together and plugging it in to power,
the power circuit breaker blew out.. each time it was reset and reattempted.
The retailer replaced the appliance with one that would not blow the breaker,
but also would not turn on at all. So we gave up and returned this second one
for a refund which the retailer provided. So we received a terrible product,
but received good service, but felt a lack of confidence in any event. We then
purchased a replacement appliance from another retailer. The model and
manufacturer were different, as was the price…slightly lower…which was a
surprise as the device was of higher quality. The lack of confidence in the
products carried by the discount retailer, also led us to return another small
appliance UNOPENED, and received another refund. So this is a case where poor
quality products led to NO SALES.</div>
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How about your business?</div>
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Steve Koenig, SCORE Counselor</div>
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Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: blue;">www.scoresouthflorida.net</span></a></div>
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<o:p> </o:p></div>
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<o:p> </o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-67687001270042969902018-03-03T16:11:00.002-08:002018-03-03T16:11:30.913-08:00 IRS Offer In Compromise
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
IRS Offer In Comprise program allows you to settle your tax debt for less than
the full amount you owe—if you are eligible.<o:p></o:p></span></div>
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<u><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Make
Sure You Are Eligible<o:p></o:p></span></u></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Before
the IRS can consider your offer, you must be current with all filing and
payments requirements. You are not eligible if you are in an open bankruptcy
proceeding. You can use the IRS Offer In Compromise Pre-Qualifier to confirm
your eligibility and prepare a preliminary proposal.<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
IRS will generally approve an offer in compromise when the amount offered
represents the most the IRS can expect to collect within a reasonable period of
time.<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
IRS considers each taxpayers unique set of facts and circumstances such as:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Ability to pay<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Income<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Expenses, and<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Asset equity<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><o:p> </o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">IRS
Form 656-B contains the step-by-step instructions and all the forms and
information required for submitting an offer in compromise.<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Note
that the IRS will return any newly filed Offer In Compromise Application where
the taxpayer has not filed all required tax returns. This policy does not apply
to current year tax returns if there is a valid extension to file.<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Currently
the application fee is $186.00 and is non-refundable. You will also need to
make an initial payment (non-refundable) with each Form 656.<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">BEWARE:<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Television
ads suggesting you can settle for “pennies on the dollar” may be misleading.
Always seek competent professionals you can trust before considering an offer
in compromise.<a href="https://www.blogger.com/null" name="_GoBack"></a><o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><o:p> </o:p></span></div>
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<span style="color: #222222; font-family: "Times New Roman"; font-size: 12pt;"><a href="https://www.blogger.com/null"></a><a href="https://www.blogger.com/null"></a></span><span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">This article was written by Donald M. Scherzi, CPA, CFP,
LLC</span><span style="color: #222222; font-family: "Times New Roman"; font-size: 12pt;"> <br />
</span><span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Mike Lupo, SCORE Counselor</span><span style="color: #222222; font-family: "Times New Roman"; font-size: 12pt;"><br />
</span><span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb;">www.scoresouthflorida.net</span></a></span><span style="font-family: "Times New Roman"; font-size: 12pt;"><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-55749180333741735822018-03-03T16:00:00.001-08:002018-03-03T16:00:03.374-08:00Marketing Tip of The Month
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#10 SIGNS OF SUCCESS<o:p></o:p></div>
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Get yourself a license plate with your company name or tag
line, anything that uniquely identifies you when you pull up, or that promotes
you as you drive about.<span style="mso-spacerun: yes;"> </span>I’m an Interior Designer..or
was til I retired..my plate could be DECOR8. What’s yours?<o:p></o:p></div>
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<o:p> </o:p></div>
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Martin Kahn, SCORE Counselor</div>
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Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: blue;">www.scoresouthflorida.net</span></a></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-33361299032005287372018-02-16T09:02:00.006-08:002018-02-16T09:02:50.229-08:00Payroll Taxes and the Trust Fund Recovery Penalty (TFRP)
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">To
encourage prompt payment of payroll employment taxes, Congress passed a law
that provides for the TFRP. These taxes are called trust fund taxes because you
actually hold the employee's money in trust until you make a federal tax
deposit payment in that amount. The TFRP may apply to you if these unpaid trust
fund taxes cannot be immediately collected from the business. And, the business
does not have to have stopped operating in order for the TFRP to be assessed.<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Who
Can Be Responsible for the TFRP?<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
TFRP can be assessed against any person who:<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">1-Is
responsible for collecting or paying withheld income and employment taxes, or
for paying collected excise taxes, and<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">2-Willfully
fails to collect or pay them.<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">A
responsible person may be:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">An officer or employee of<span style="mso-spacerun: yes;"> </span>a
corporation<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">A member or employee of a partnership<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">A corporate director or shareholder<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">A member of a board of trustees for a nonprofit organization<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Another person with authority and control over funds to direct their
disbursement<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Another corporation or third party<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Payroll service providers or responsible parties within these organizations<o:p></o:p></span></div>
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<span lang="EN" style="font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Calibri;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">For
willfulness to exist, the responsible person:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Must have been, or should have been, aware of the outstanding taxes and<o:p></o:p></span></div>
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<!--[if !supportLists]--><span lang="EN" style="font-family: Symbol; font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·</span></span><!--[endif]--><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Either intentionally disregarded the law or was plainly indifferent to its
requirements (no evil intent or bad motive is required)<o:p></o:p></span></div>
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<u><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
Penalty and Enforcement<o:p></o:p></span></u></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
amount of the penalty is equal to the unpaid balance of the trust fund tax.<o:p></o:p></span></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Once
the IRS asserts the penalty, they can take collection action your personal
assets by fiing a federal tax lien or take levy or seizure action.<o:p></o:p></span></div>
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<u><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Avoiding
the TFRP<o:p></o:p></span></u></div>
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">You
can avoid the TFRP by making sure that all employment taxes are collected,
accounted for, and paid to the IRS when required. Make your tax deposits and payments
in full and on time.<o:p></o:p></span></div>
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<span lang="EN" style="font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Calibri;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
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<span style="color: #222222;"><a href="https://www.blogger.com/null"></a><a href="https://www.blogger.com/null"></a></span><span lang="EN" style="color: #222222; mso-ansi-language: EN;"><span style="font-family: Calibri;">This article was written by
Donald M. Scherzi, CPA, CFP, LLC</span></span><span style="font-family: Calibri;"><span style="color: #222222;"> <br />
</span><span lang="EN" style="color: #222222; mso-ansi-language: EN;">Mike Lupo,
SCORE Counselor</span></span><span style="color: #222222;"><br /><span style="font-family: Calibri;">
</span></span><span lang="EN" style="color: #222222; mso-ansi-language: EN;"><span style="font-family: Calibri;">Visit us at: </span><a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb; font-family: Calibri;">www.scoresouthflorida.net</span></a></span><span lang="EN" style="font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Calibri;"><o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Calibri;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
<br />
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<span lang="EN" style="font-size: 12pt; mso-ansi-language: EN; mso-bidi-font-family: Calibri;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
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<a href="https://www.blogger.com/null" name="_GoBack"></a><span style="font-size: 12pt; line-height: 115%;"><o:p><span style="font-family: Calibri;"> </span></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-26377234939293133582018-02-11T14:51:00.001-08:002018-02-11T14:51:16.340-08:00Florida Small Business Index Report<o:p> </o:p><br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Near the end of 2017 The Florida Chamber of Commerce
reported its</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<strong><span style="font-weight: normal;"><a href="http://www.flchamber.com/small-business-index-survey/" target="_blank"><span style="color: windowtext;">Quarterly Small Business Index</span></a> statewide
survey showing small businesses are most concerned about:<o:p></o:p></span></strong></div>
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<o:p> </o:p></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Workforce quality (18 percent),</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Government regulations (17 percent),</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Economic uncertainty (12 percent),</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Healthcare costs (10 percent),</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Lawsuit abuse (8 percent),</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Access to capital (6 percent).</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
The Chamber reported: Of Florida small businesses, 48
percent of respondents expect to hire in the next six months.</div>
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<o:p> </o:p></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
How does your business compare?</div>
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<o:p> </o:p></div>
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Steve Koenig, SCORE Counselor</div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: windowtext;">www.scoresouthflorida.net</span></a></div>
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<o:p> </o:p></div>
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<o:p> </o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-50892945647223334192018-02-01T09:43:00.001-08:002018-02-01T09:43:23.620-08:00Canceling an EIN "Employer Identrification Number"<span lang="EN" style="font-family: "times new roman"; font-size: 12pt;"><o:p> </o:p></span><br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "times new roman"; font-size: 12pt;">If,
for some reason, you have an old EIN with the IRS, the IRS can close your
business account.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "times new roman"; font-size: 12pt;">The
IRS cannot cancel your EIN. Once an EIN has been assigned to a business entity,
it becomes the permanent Federal taxpayer identification number for that
entity. Regardless of whether the EIN is ever used to file Federal tax returns,
the EIN is never reused or reassigned to another business entity. The EIN still
belongs to the business entity and can be used at a later date, should the need
arise.<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "times new roman"; font-size: 12pt;">If
you receive an EIN but later determine you do not need the number (the new
business never started up, for example), the IRS can close your business
account.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "times new roman"; font-size: 12pt;">To
close your business account, send the IRS a letter that includes the complete
legal name of the business entity, the EIN, the business address and the reason
you wish to close your business account. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "times new roman"; font-size: 12pt;">If
you have a copy of the EIN Assignment Notice that was provided by the IRS when
your EIN was assigned, include that with your letter.<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "times new roman"; font-size: 12pt;">Send
the information to:<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "times new roman"; font-size: 12pt;">Internal
Revenue Service</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<st1:place w:st="on"><st1:city w:st="on"><span lang="EN" style="font-family: "times new roman"; font-size: 12pt;">Cincinnati</span></st1:city><span lang="EN" style="font-family: "times new roman"; font-size: 12pt;">, <st1:state w:st="on">Ohio</st1:state> <st1:postalcode w:st="on">45999</st1:postalcode></span></st1:place><span lang="EN" style="font-family: "times new roman"; font-size: 12pt;"><o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "times new roman"; font-size: 12pt;">To
prevent potential tax issues down the road, it is a good idea to take the above
steps to close your business account with the IRS. <o:p></o:p></span></div>
<br />
<div align="center" class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none; text-align: center;">
<span lang="EN" style="font-family: "times new roman"; font-size: 12pt;"><o:p> </o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin: 0in 0in 0.75pt; mso-layout-grid-align: none;">
<span style="color: #222222; font-family: "times new roman"; font-size: 12pt;"><a href="https://www.blogger.com/null"></a><a href="https://www.blogger.com/null"></a></span><span lang="EN" style="color: #222222; font-family: "times new roman"; font-size: 12pt;">This
article was written by Donald M. Scherzi, CPA, CFP, LLC</span><span style="color: #222222; font-family: "times new roman"; font-size: 12pt;"> <br />
</span><span lang="EN" style="color: #222222; font-family: "times new roman"; font-size: 12pt;">Mike Lupo, SCORE Counselor</span><span style="color: #222222; font-family: "times new roman"; font-size: 12pt;"><br />
</span><span lang="EN" style="color: #222222; font-family: "times new roman"; font-size: 12pt;">Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb; text-decoration: none;">www.scoresouthflorida.net</span></a></span><span style="color: #222222; font-family: "times new roman"; font-size: 12pt;"><o:p></o:p></span></div>
<br />
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<span style="font-family: "times new roman"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-76324453040946375152018-02-01T08:51:00.001-08:002018-02-01T08:51:24.333-08:00Marketing Tip of the Month
<br />
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#9 THINGS THAT GO BUMP IN THE NIGHT</div>
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Want your mail opened? Include something that makes a “bump”
in the envelope. It could be as simple as a wrapped mint, a product sample,
whatever.<span style="mso-spacerun: yes;"> </span>I guarantee it will be opened,
because we’re all curious, aren’t we, just like the<span style="mso-spacerun: yes;"> </span>proverbial cat! And to be doubly sure? Use a
bunch of stamps instead of one!</div>
<br />
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<o:p> </o:p></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: #222222;">Martin Kahn, SCORE Counselor<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: #222222;">Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: blue;">www.scoresouthflorida.net</span></a><o:p></o:p></span></div>
<br />
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<o:p> </o:p></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-10060727930170221982018-01-19T15:54:00.001-08:002018-01-19T15:54:10.648-08:00Special Counselor of the Month
<br />
<div align="center" class="MsoNormal" style="margin: 0in 0in 0pt; text-align: center;">
<span style="font-family: "Times New Roman"; font-size: 12pt;">OWEN KOFF</span><span style="font-family: "Times New Roman"; font-size: 12pt;"><o:p> </o:p></span></div>
<br />
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<span style="font-family: "Times New Roman"; font-size: 12pt;">Electing a counselor of the Quarter is often a
difficult task for the CTT (Counselor Training Team). So many of our members do
such outstanding work, with clients, colleges, organizations, Chambers, truly
we are blessed with the outstanding staff we have. And of all the members
perhaps no one works harder, takes on more additional duties and
responsibilities than does our Counselor of the 1<sup>st</sup> Quarter of 2018,
Owen Koff.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Times New Roman"; font-size: 12pt;">You may know Owen as an outstanding
client-devoted fellow member, but are you aware Owen is a member of the
Executive Committee, a member of the CTT, a special ambassador to the JM
Executive Program for Entrepreneurs, a representative to the Delray Chamber of
Commerce, both as a speaker and a Mentor, a developer of a Boot Camp on the Art
of Selling, a representative to St. John Paul’s, an ambassador to the West Boca
Chamber of Commerce, all<span style="mso-spacerun: yes;"> </span>among his many
“jobs”. Additionally<span style="mso-spacerun: yes;"> </span>Owen has designed
and written his own material for his Seminars, and will be delivering an
all-day Seminar on Selling as part of our upcoming <st1:place w:st="on"><st1:placename w:st="on">Business</st1:placename> <st1:placename w:st="on">Certificate</st1:placename>
<st1:placetype w:st="on">Academy</st1:placetype></st1:place>.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Times New Roman"; font-size: 12pt;">As the Chapter Editor, I can tell you that when
it comes to “volunteering”, Owen is at the head of the line. And yes, Owen has
won this award before, but he simply never says “no”, and always wants to help
the Chapter in any way he can. All of that begins to describe this very special
guy, and so we join in saluting him for everything he does that makes our
Chapter shine.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Times New Roman"; font-size: 12pt;">Take a bow, friend, you are so worthy of the
award and you ARE our Special Counselor of the Quarter for January, February,
and March.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "Times New Roman"; font-size: 12pt;"></span> </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "Times New Roman"; font-size: 12pt;">Martin Kahn, SCORE Counselor</span></div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "Times New Roman"; font-size: 12pt;">Vist is at: <a href="http://www.scoresouthflorida.net/">www.scoresouthflorida.net</a></span></div>
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<span style="font-family: "Times New Roman"; font-size: 12pt;"></span> </div>
<div class="MsoNormal" style="margin: 0in 0in 0pt; text-align: justify;">
<span style="font-family: "Times New Roman"; font-size: 12pt;"></span> </div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-67955092621439926172018-01-14T05:17:00.005-08:002018-01-14T05:17:51.551-08:00Entertainment & Meal Expense Tax Rules
<span lang="EN" style="mso-ansi-language: EN; mso-bidi-font-family: Calibri;"><o:p><span style="font-family: Calibri;"> </span></o:p></span><br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
following tax law rules pertain to entertainment and meal expenses.<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">1-The
expense must be directly related to and or associated with the active conduct
of the taxpayer's trade or business.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">2-Generally,
the deductible portion is 50% of the amount deemed not lavish or extravagant.
Meal expenses incurred in the course of travel away from home fall in this
category. (NOTE: Some limited exceptions to the 50% limit apply and the full
100% is deductible)<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">3-The
total expense also includes any admission fees, parking fees, tips, and taxes
paid.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">4-Club
dues such as airline, country, hotel, luncheon, social, and sporting clubs are
NOT deductible in and of themselves.<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">5-The
deductible portion of business gifts is limited to $25 per recipient per year
and is treated separately from entertainment and meal expenses.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
taxpayer should keep documentation and substantiation with the following
information:<o:p></o:p></span></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Date</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Description</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Total Amount</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Business Discussed</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Business Relationship of those
entertained</span></div>
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><span style="mso-tab-count: 1;"> </span>Identification of individuals who
attended the event, their reason for attending, their titles, etc.<o:p></o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span style="color: #222222; font-family: Arial; font-size: 9pt;"><a href="https://www.blogger.com/null"></a></span><span style="color: #222222;"><a href="https://www.blogger.com/null"></a></span><span lang="EN" style="color: #222222; mso-ansi-language: EN;"><span style="font-family: Calibri;">This article was written by
Donald M. Scherzi, CPA, CFP, LLC</span></span><span style="color: #222222;"><u2:p></u2:p><span style="font-family: Calibri;">
<br />
</span></span><span lang="EN" style="color: #222222; mso-ansi-language: EN;"><span style="font-family: Calibri;">Mike Lupo,
SCORE Counselor</span></span><span style="color: #222222;"><u2:p></u2:p><br /><span style="font-family: Calibri;">
</span></span><span lang="EN" style="color: #222222; mso-ansi-language: EN;"><span style="font-family: Calibri;">Visit us at: </span><a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb; font-family: Calibri;">www.scoresouthflorida.net</span></a></span><span lang="EN" style="mso-ansi-language: EN; mso-bidi-font-family: Calibri;"><o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<a href="https://www.blogger.com/null" name="_GoBack"></a><o:p><span style="font-family: Calibri;"> </span></o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-49451469103102002712018-01-05T03:56:00.002-08:002018-01-05T03:56:23.516-08:00Terrible Customer Service<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
A family mail ordered a lamp shade to replace one of their
own that had aged. Prior to placing an order the supplier asked them to send
via email a scanned photo of their existing shade to confirm they had a
replacement. The family did so. When the replacement shade arrived it was the
correct version, however, it was discolored and damaged probably from years on
a shelf. </div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
The family called the supplier who pushed back, refusing to
take the unit in return. The family escalated to management of the organization
who agreed to accept the unit and pay the cost of return shipping. The return
shipping costs where high because the supply organization refused to allow use
of their bulk shipping rates. The family notified their credit card company to
dispute the charges, and made a point with management about abuse from the
underlings in the organization. Someone probably lost a job as a result.</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
How to you train your employees?</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Steve Koenig, SCORE Counselor</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: blue;">www.scoresouthflorida.net</span></a></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-8079424748967123142018-01-05T03:40:00.002-08:002018-01-05T03:40:26.189-08:00Accountable & Non-accountable Reimbursement Plans
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
arrangement under which an employer reimburses business expenses incurred by
employees or provides advances to cover such expenses is either an accountable
or non-accountable plan.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">The
federal tax treatment of each plan is summarized below.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<u><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Accountable
Plans<o:p></o:p></span></u></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Amounts
paid under an accountable plan are deductible by the employer as business
expenses and are not reported as taxable income to the employee. They are not
reported on the employee's Form W-2 and are not subject to federal income tax
withholding, social security tax withholding, medicare tax withholding, or
Federal Unemployment Tax (FICA and FUTA).<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<u><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Non-accountable
Plans<o:p></o:p></span></u></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Amounts
paid under a non-accountable plan are deductible by the employer as
“compensation” reportable on the employer's Form W-2 and subject to withholding
as supplemental wages. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Expense
reimbursements that are subject to withholding may be added to the employee's
regular wages for the appropriate payroll period and withheld payroll taxes may
be withheld on the total.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<u><span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Specific
Rules for Accountable Plan Treatment<o:p></o:p></span></u></div>
<br />
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<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">Accountable
plans have the following 3 requirements:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">1-the
expenses covered under the plan must have a business connection,<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">2-the
plan must require the employees to document and document and substantiate the
covered expenses within a reasonable period of time, and<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">3-the
plan must require the employees who receive advances to return any amounts in
excess of their documented and substantiated expenses within a reasonable
period of time.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">If
the above rules for accountable plans are not strictly followed, employer
reimbursements will be deemed to be made under a non-accountable plan.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="line-height: normal; margin: 0in 0in 0pt; mso-layout-grid-align: none;">
<span lang="EN" style="font-family: "Times New Roman"; font-size: 12pt; mso-ansi-language: EN;">It
is good practice to put the plan in writing to document and substantiate all
expense reimbursements. This will provide valuable evidence should an IRS Tax
Audit occur.<o:p></o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<a href="https://www.blogger.com/null" name="_GoBack"></a><span style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; line-height: 115%;"><a href="https://www.blogger.com/null"></a></span><span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN;">This article was written by Donald M. Scherzi, CPA, CFP, LLC</span><span style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; line-height: 115%;"><u2:p></u2:p> <br />
</span><span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN;">Mike Lupo, SCORE Counselor</span><span style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; line-height: 115%;"><u2:p></u2:p><br />
</span><span lang="EN" style="color: #222222; font-family: "Times New Roman"; font-size: 12pt; line-height: 115%; mso-ansi-language: EN;">Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: #2288bb;">www.scoresouthflorida.net</span></a></span><span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 115%;"><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-90700577409668788832018-01-05T03:26:00.003-08:002018-01-05T03:28:43.238-08:00Marketing tip of the month<br />
<div class="NoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: "times new roman"; font-size: 12pt;">#8<span style="mso-spacerun: yes;"> </span>COPYCAT<o:p></o:p></span></div>
<br />
<div class="NoSpacing" style="margin: 0in 0in 0pt;">
<span style="font-family: "times new roman"; font-size: 12pt;">Want
to impress your clients that you really care about them? Photocopy interesting
articles and send them to clients and prospects<span style="mso-spacerun: yes;">
</span>with a hand written<span style="mso-spacerun: yes;"> </span>FYI (For your
information) note, and include your business card.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Martin Kahn, SCORE Counselor</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: blue;">www.scoresouthflorida.net</span></a></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-91164501254780111562017-12-01T06:36:00.004-08:002017-12-01T06:36:42.281-08:00How to collect money you're owed
<br />
<div class="overline" style="margin: 3pt 0in 0pt;">
<span style="text-transform: uppercase;"><span style="mso-spacerun: yes;"> </span>From<span style="mso-spacerun: yes;"> </span><st1:state w:st="on"><st1:place w:st="on">Florida</st1:place></st1:state> Small
Business:<span style="mso-spacerun: yes;"> </span>SMALL BUSINESS ADVICE<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<a href="http://www.floridatrend.com/people/gray-poehler" style="font-size: inherit; font-style: inherit; font-weight: inherit; outline: 0px;"><span style="border: 1pt windowtext; color: windowtext; mso-border-alt: none windowtext 0in; padding: 0in; text-decoration: none; text-underline: none;">Gray Poehler</span></a> |
11/17/2017<o:p></o:p></div>
<br />
<div style="margin: 3pt 0in 15pt;">
<strong>Q:</strong> Your recent article about managing one’s cash
flow emphasized the importance of converting accounts receivables (uncollected
money owed to you) into cash in the bank. Can you offer more suggestions how to
speed up the collection process without aggravating and risking the loss of the
customer?</div>
<div style="margin: 3pt 0in 15pt;">
<strong>A:</strong> The process of collecting money, while a delicate
subject, can be handled in a variety of ways. You must first come to grips with
the fact that you are entitled to be paid for your services. It is quite common
these days for the provider to ask the customer for full or partial payment at
the point of sale. This is the absolute best way to handle the situation. If
the customer is disciplined to pay at point of sale, you have eliminated your
collection problem.</div>
<div style="margin: 3pt 0in 15pt;">
Remember, once you have rendered the service or released the article for
sale, you no longer have leverage with the customer.</div>
<div style="margin: 3pt 0in 15pt;">
Accepting credit card payments also can help, so you may want to sign up
for a merchant account with Mastercard or Visa. Be sure to encourage customers
to use this option. You do pay a small fee for the service, but it can be built
into your invoice, and the cost pales in comparison to those of a collection
agency.</div>
<div style="margin: 3pt 0in 15pt;">
Now, there are some instances where the customer wants to see the finished
product before payment is rendered. This is especially true with services
provided by building contractors. However, there are materials to be purchased
and labor to be paid for on a weekly basis. The wise contractor will request a
deposit and periodic draws as the project advances, with the balance due at
completion.</div>
<div style="margin: 3pt 0in 15pt;">
In those instances where it is necessary to extend credit terms, make sure
that your invoice arrives promptly and is clear and concise. It should itemize
the charges, indicating how the check should be made payable. Be sure to state
that payment is due upon receipt, and include a self-addressed return envelope.</div>
<div style="margin: 3pt 0in 15pt;">
It is extremely important to age your accounts receivables (outstanding
monies owed to you 0-30 days, 31-60 days, more than 60 days). Focus first on
the largest amounts due, followed by the over 60-day accounts, then work
backward. Small business accounting programs such as QuickBooks can easily
create invoices and age your accounts receivables.</div>
<div style="margin: 3pt 0in 15pt;">
Finally, if you feel the need to press the customer for payment, send a
customized, personal note, not a lifeless form letter. Remind the client of
their original promise to pay and ask for full and immediate payment. If no
response, by all means get on the telephone. Most businesses wait too long to
call.<o:p></o:p></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Martin Kahn, SCORE Counselor</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
Visit us at: www:scoresouthflorida.net</div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<o:p> </o:p></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0tag:blogger.com,1999:blog-6026723461067654774.post-32047910289665856012017-12-01T06:27:00.001-08:002017-12-01T06:27:11.265-08:00The Baby Boomer-Millennial Bond
<br />
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 107%;">Finding and retaining top talent in today’s highly
competitive business environment is challenging and complex.<span style="mso-spacerun: yes;"> </span>We are five generations in the workforce,
all seeking work, but approaching it with very different styles and attitudes.<span style="mso-spacerun: yes;"> </span>Organizations are faced with an
ever-increasing demand for talent, a shrinking talent pool and a desperate need
to groom leadership from within. </span></div>
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 107%;">The Baby Boomers, who climbed the corporate ladder, and
sacrificed personal life balance for success and prestige, are changing the
timeline of retirement.<span style="mso-spacerun: yes;"> </span>A 2015 <a href="http://www.gallup.com/poll/181292/third-oldest-baby-boomers-working.aspx"><span style="color: #0563c1;">Gallup
Poll</span></a> shows that approximately 50% of Boomers age 60 and above are still
working, and a third who are 67 and above remain employed. The news continues
to report that 10,000 Baby Boomers turn 65 each day.<span style="mso-spacerun: yes;"> </span>In the not too distant future, this
generational mainstay of the workforce will disappear, except for those
resistant stalwarts who can’t imagine life without work and will continue until
they drop.<span style="mso-spacerun: yes;"> </span>Organizations throughout the
world are pondering how to deal with this loss of leadership and sheer volume
of experience and how to cultivate the four other generations garnering the
best each generation has to offer. </span></div>
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 107%;">One population, the Millennials (born 1977 to 1995), is cited
as being very different job seekers and employees than Baby Boomers.<span style="mso-spacerun: yes;"> </span>But are they?<span style="mso-spacerun: yes;">
</span>It’s often a challenge to Baby Boomer to understand and work with
Millennials, but to also use the differences between them to advance growth,
foster mentorship and help them make the transition to leading the future
workplace.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 107%;">I fall on the younger side of the Baby Boomers, and though
I’ve always worked well with colleagues regardless of generation, I believe we
must make a better effort to bridge the generational divide.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 107%;"><a href="http://www.pewresearch.org/fact-tank/2015/05/11/millennials-surpass-gen-xers-as-the-largest-generation-in-u-s-labor-force/"><span style="color: #0563c1;">The
Pew Research Center</span></a> reports that more than one-in-three American workers
are Millennials and currently represent the largest share of the American
workforce. The more I read about them, the more I truly appreciated <i style="mso-bidi-font-style: normal;">who</i> they are! <b style="mso-bidi-font-weight: normal;">The distance between us (Boomers and Millennials) offers bold
opportunities for partnership that have the potential to be recruitment and retention
game changers when it comes to Talent.</b><span style="mso-spacerun: yes;">
</span>But the trick is speaking to the differences between our generations and
then maximizing our strengths to their needs.<span style="mso-spacerun: yes;">
</span>As Baby Boomers, we were the corporate ladder climbers, we strived for
leadership roles, and trained to reach success by investing in ourselves,
working as many hours as possible to catch the brass ring and we were willing
to wait or be tapped to achieve it.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 107%;">Millennials are confident multi taskers.<span style="mso-spacerun: yes;"> </span>They are “can do” believers in their own
abilities who want to work in diverse teams and believe that leadership is the
ability to make an impact on their company’s success from day one, as well as
an ongoing impact on the world community.<span style="mso-spacerun: yes;">
</span>They know they need some degree of structure and want training.<span style="mso-spacerun: yes;"> </span>They crave challenge and feedback from us,
but demand <i style="mso-bidi-font-style: normal;">immediate opportunity</i> and
respect for their work, and operate in a sphere of social media where constant
communication feedback and over-sharing are the norm. They will not be held
back and will not stay in a job and wait.<span style="mso-spacerun: yes;">
</span>I say to any Baby Boomers struggling with how to turn over the keys,
this is not a problem, this is an invitation.<span style="mso-spacerun: yes;">
</span>Millennials hold all of the ingredients for SUCCESS! They are tenacious
and will use the network and visibility that they have personally crafted to
advance to the next opportunity.<span style="mso-spacerun: yes;"> </span>They
are positioned with strength from Day One and are not afraid of change!<span style="mso-spacerun: yes;"> </span>That’s really not so very different from the
Baby Boomers, but the Baby Boomers journey and struggle to this same space was
perhaps longer and more arduous.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 107%;">On a recent visit to an Apple store, I watched a Millennial
in action and admired his capabilities.<span style="mso-spacerun: yes;">
</span>There he was at the “Genius Bar” surrounded by a multitude of consumers,
and an ever growing stack of problematic iphones, laptops and ipads.<span style="mso-spacerun: yes;"> </span>Jared, the young man, smiled broadly as his
hands and fingers rapidly took on the challenges before him.<span style="mso-spacerun: yes;"> </span>He knew everyone’s name at the Genius Bar,
remembered everyone’s immediate issues and was working very hard and quickly to
resolve them.<span style="mso-spacerun: yes;"> </span>He was courteous, clear
and determined.<span style="mso-spacerun: yes;"> </span>It was amazing to watch
his cool, confident, eager composure in the midst of total chaos.<span style="mso-spacerun: yes;"> </span>One by one the matters were resolved, and yet
for every one resolved, there seemed to be four more devices added to the
stacked pile and an increase in the crowd watching him.<span style="mso-spacerun: yes;"> </span>He thrived on the attention and on questions
being pelted his way.<span style="mso-spacerun: yes;"> </span>All the while
Jared’s eagerness and confidence kept climbing higher while he gave credit to
the <i style="mso-bidi-font-style: normal;">triple expresso macchiato Venti</i>
he enjoyed earlier as the source of his strength and his delight in doing
more.<span style="mso-spacerun: yes;"> </span>When my own iPhone’s issues
stumped him, he impressed me even more by reaching out to his Manager, Joseph
(a Baby Boomer), to join the team.<span style="mso-spacerun: yes;"> </span>Together,
they indeed resolved the matter by collaborating and respecting one another’s
input and skills.<span style="mso-spacerun: yes;"> </span>It was wonderful to
watch the interplay between the two generations and how each of them approached
the situation –<span style="mso-spacerun: yes;"> </span>each one with his own
bag of tricks, but with a united purpose and common goal.</span></div>
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 107%;">As Managers and Leaders, I believe we must celebrate,
foster, support and embrace this generational detente.<span style="mso-spacerun: yes;"> </span>It means we may have to change our way of
thinking and see the similarities instead of the differences. We must raise up
these new young leaders, who – with our leadership, will develop faster if we
provide feedback, challenge, praise and acknowledgement.<span style="mso-spacerun: yes;"> </span>Help them rise within your ranks instead of
seeking a new opportunity elsewhere.<span style="mso-spacerun: yes;">
</span>Unless you give them a reason to stay, they will always be looking.<span style="mso-spacerun: yes;"> </span>Losing talent is one of the greatest threats
to any organization.<span style="mso-spacerun: yes;"> </span>A <a href="http://about.beyond.com/press/releases/20130806-Millennial-Branding-and-Beyondcom-Survey-Reveals-the-Rising-Cost-of-Hiring-Workers-from-the-Millennial-Generation"><span style="color: #0563c1;">joint
study by the firm Millennial Branding and the online career network Beyond.com</span></a>
showed that Millenials leave because they believe they are not in a good
culture fit or their goals weren’t in line with their employer. Within their
teams and through their focus on work, we commit to feeding the Millennial
employee’s quest for balance so that they are given every opportunity to
achieve and perhaps even surpass their goals.<span style="mso-spacerun: yes;">
</span>Their greatest enemy is boredom, lack of authority to achieve and not
enough challenges to quench their thirst for more.<span style="mso-spacerun: yes;"> </span>It’s our job to make sure we satisfy the
hunger, feed the spirit and provide a bounty of tasks to feed upon.<span style="mso-spacerun: yes;"> </span>If they don’t make it after that, they will
not have lived up to the meaning of a Millennial.<span style="mso-spacerun: yes;"> </span>If they do, they will have the baby Boomers
to thank and that will be our greatest legacy of all.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 107%;">Jeanine Bondi Banks <span style="mso-spacerun: yes;"> </span>SCORE
Counselor </span></div>
<div class="MsoNormal" style="margin: 0in 0in 8pt;">
<span style="font-family: "Times New Roman"; font-size: 12pt; line-height: 107%;">Visit us at: <a href="http://www.scoresouthflorida.net/"><span style="color: #0563c1;">www.scoresouthflorida.net</span></a><o:p></o:p></span></div>
Anonymoushttp://www.blogger.com/profile/14641473232604626974noreply@blogger.com0