Posts by ruggedlynx63

Carol Price4 said:I’m really hoping the Pupil gets this uploaded right away... maybe if we all start flooding their inbox with questions, they'll move faster! 😁

Well, I actually reached out to them just the other day, and they basically told me straight to my face that they aren't planning on doing a single thing about it 😢

Olivia Cruz86 said:So, quick question—do I need to file my Aggregate Report for services provided to a firm over in Canada by March 20th, 2017 (assuming the invoice was sent to them back in February)? This is even though they haven't actually paid me yet! Or am I supposed to just wait and bundle it all together with the VAT return once the money actually hits my account?

thanks

Look, both the ZP and the sales tax returns have to be filed by the 20th of the month following the period when the goods or services were actually delivered... it doesn't matter if you've seen a dime of that money yet, because they need to be reported on the sales tax return in the exact month the transaction occurred...

Peter Young5 said:I’m running into a bit of a headache where my sales tax figures in the PPP don't align with the total sales tax reported on my annual tax return.
I think I finally pinpointed the culprit. It turns out that for things like leasing rates and long-term assets acquired this year, I categorized the payments outside of the KPI—which means the system isn't pulling the sales tax from those specific entries into the PPP form.

At this point, my only workaround seems to be recording them under Section 22 via the checking account, just so the sales tax actually shows up in the PPP, even if the expense itself remains non-deductible.
Is it actually acceptable to categorize those types of costs under Section 22?

Thanks for the help. 🙂

Whenever I run into a situation like that, I just leave the discrepancy as is and attach a detailed explanation regarding the difference as a supporting document to the PPI filing.

William Miller16 said:I'm completely lost here, especially since I received a notice yesterday for an amount of $76?
Does anyone actually know what’s going on with these Chamber of Commerce contribution changes?

Look, the Chamber fee is set at 2% of the basic standard deduction as laid out in the Income Tax Act. Once they rolled out the new Income Tax Act back on January 1st, 2017, that basic standard deduction was bumped up to $1267. Because of that shift, the monthly Chamber contribution lands at $25 starting from the beginning of 2017...
Since this fee is handled on a quarterly basis, you ended up getting a notice for $76 to cover the whole quarter (which is just $25 x 3).

Larry Phillips2 said:The invoice from this American supplier shows "VAT Exempt per section 46/1" under the tax code
VAT exempt under article 138(1) of the US Tax Code.
How should I book this? Is it just a standard asset acquisition where I record both the tax and the input credit?

Yeah, exactly like that.

Carol Price4 said:61 Standard bonuses, up to the legal limit (think Christmas bonuses, vacation pay, etc.) for previous tax years (retroactive payments)

54 Financial assistance for those undergoing professional training without being formally hired

I noticed this one too!

Oh, wow, so that means people actually *will* be able to take two tax-free payouts in 2017 after all! 👏

Carol Price4 said:Some interesting stuff popping up...

- getting rid of field stipends—instead, they're introducing a standard per diem system
- travel expenses—they want employees to include their Social Security numbers and provide receipts for things like parking

...

Looking at this article, I didn't catch anything saying you *have* to attach parking receipts as proof now. You could always do that before.
As for this whole field allowance thing, jeez, they are seriously just making things up as they go now, it’s getting ridiculous. Since I have employees out on assignment, this hits home immediately. So, for example, instead of paying out $83 per day as a field allowance for workers sent abroad, they'll be using the per diem rates for those specific countries, which actually isn't a bad move since the tax-free amounts are higher. For domestic travel, it's basically the same deal, $57, except it's no longer called a field allowance but just a standard travel per diem ☕

Olivia Cruz86 said:Hey there, fellow forum dwellers!

Quick question for anyone here who actually knows their way around tax filings—maybe someone's an expert or just lives this stuff?
So, say an individual works part of the year, then hits a dry spell being unemployed, and then finally lands a new gig with a different employer toward the end of the year (back in 2016, specifically). Does that person need to manually file an annual return, or is the IRS just going to handle all the math and paperwork automatically?

Thanks!

There’s no obligation to file a return manually, because the IRS will just calculate everything themselves through their own reconciliation process...

Arthur Bishop6 said:Just need you guys to double-check these self-employment tax amounts for 2017.

First tier: 754.55
Second tier: 251.52
Health Insurance: 754.55
Health Protection: 25.15
Unemployment: 85.52

Are these numbers right? I don't want to mess up the math and get screwed over. One of our small business owners is paying this in tomorrow.

Thanks.🙂

Yeah, yeah, those look fine (based on a $1,350.00 income base)😉

Rachel Allen21 said:I have a quick question for the group. I’m working with a small business owner who handles all their expenses in cash—basically paying out of their own pocket—since they aren't required to keep a formal petty cash ledger. What I'm wondering is, can they just withdraw the total sum of all those monthly expenses from their business bank account at once, or do they really need to make separate withdrawals for every single individual receipt? Also, when they're filling out the withdrawal slip, what should they actually write for the purpose of the transaction?

Look, if you're running a sole proprietorship and you're on the hook for income tax, you can withdraw cash whenever you damn well please... it's your money. When you go to the bank to grab the cash to cover those various business expenses, just write "Business Supplies" or "Operating Expenses" on the withdrawal slip and call it a day.

Charles Hayes8 said:Anyone else having issues with the IRS website today?
I haven’t been able to sign a single form—payroll or sales tax—all morning. It’s completely frozen.
🙂🙂

It’s back up. You have to kill every single browser window you have open first, then head back over to the IRS site... once I did that, everything went through on my end.

Arthur Lopez3 said:The power is out. Apparently, there are going to be some outages today. If I caught what my coworker was saying earlier, we were supposed to get a notice this morning.

They really picked the worst possible day to mess with us. :grrrr

Exactly! The 20th... 🤦

Olivia Cruz86 said:So, are we looking at the new payroll calculations kicking in starting January 1st, 2017—meaning they’ll actually hit the December 2016 checks? Or what's the deal?

The updated rules regarding tax-free thresholds and the new tax rates are going into effect this coming January when they cut the checks for December 2016.

As for the new minimum base rate $1.00, that won't kick in until February when they process the January 2017 payroll...

Henry Edwards33 said:I don't see any reason to have a separate tax account for people earning an income. Our paperwork is already such a bureaucratic nightmare as it is; there's really no need to make our lives even more miserable.
But hey, if someone actually enjoys that kind of headache, be my guest. 😁

I couldn't agree more. I've never managed a cash drawer in my life, and I certainly don't plan on starting now for any small business owner... ☕
When I was answering that question, I just meant that you can still record it as a cash expense if, say, a spouse pays via credit card and it's properly documented with a receipt.

Olivia Cruz86 said:Hey there!

So, I’ve got this situation—we bought some supplies using an account under a sole proprietorship's name, but the actual payment went through my wife's personal debit card. Now, here's the kicker: can we actually record that expense in our petty cash fund and then just pull out cash from it to square things up? We don't even carry business cards at our office... thanks!

Sure you can.🙂

electricviper23 said:A company with zero employees—do I still have to file anything with Social Security or Medicare & Medicaid Services? Does anyone have any actual experience with this...

Nope, you don't have to. You can register the business with Medicare & Medicaid Services just to get a registration number on file, but if you aren't hiring anyone, it’s totally optional... Once you finally bring on your first employee, that's when you handle the filings for both the business and the worker at the same time...

I totally agree that if you're lending money to an individual—regardless of whether they actually work for the corporation or not—you've got to account for interest.
But, I don't know, I personally feel like when you look at it this way, a sole proprietorship should be treated as a business entity rather than just some random person, which means a loan between a corporation and a sole proprietorship shouldn't necessarily trigger those mandatory interest calculations.
I mean, if you draft a loan agreement between Xy (the lender) and Joe Smith (the borrower), then yeah, interest is a must, but if the contract is signed between Xy and YZ, I just don't see why interest would be required since both sides are clearly business entities... Maybe I'm totally off base here, though... someone please set me straight if I've got this wrong.

amberbadger17 said:So, quick question for the tax pros out there: can a small business owner write off a phone top-up if the phone itself is already listed on the company’s asset registry? And—here’s the kicker—what if I bought the credit without getting a formal receipt?

Thanks!

Look, if you have a proper IRS receipt, then sure, you can do it. But if there’s no official receipt... then no, you can't. It's that simple.

Betty King7 said:If there isn't a tax liability transfer to report, am I still expected to file an empty PPO form? And does this same rule apply to the OPZ-STAT 1?

Nope, you don't need to.

slycobra7 said:I’ve got a client on a quarterly VAT filing schedule who started importing from the USA back in April, and they already have an EIN.
Do I keep filing their returns on a quarterly basis, or am I now required to switch them over to monthly filings along with the specific import forms?

Once you start doing business with the USA, you're definitely on the hook for monthly tax filings and those import statements...