Quick question for the accounting pros here—once I get that approval from a vendor for some goods, should I be recording that amount as a benefit-in-kind or just straight through the business checking account? Up until now, I’ve been entering it into the Green Party filings as a negative amount and then clearing it via the bank account, but I feel like I might have misread something recently suggesting it should be treated as a benefit-in-kind. I’d love it if someone could clear that up for me! Also, I have a follow-up regarding credit card processing fees. Since the bank deducts those fees immediately from the payout before it hits our checking account, I’ve been recording the full invoice amount as paid from the bank and then logging the commission separately as an expense from the account. Is that the right way to handle it? Thanks, everyone!
Well, I just hit send on my filing, so now we play the waiting game. I actually lowered my depreciation rates for one of the fiscal years—kind of like adjusting how fast a fleet of Ford F-150s loses value on the books—so I’m guessing that might be why the numbers aren't lining up perfectly...
Tip Opis Information alert: Your depreciation amount needs to match the purchase value multiplied by the depreciation rate, divided by 100—just following the standard guidelines under Section 35.2, item 8 of the Internal Revenue Code. Check line 5. Also, just a heads-up that the closing balances from columns 4 and 9 should be carried over as the opening balances in columns 4 and 5 of next year's fixed asset schedule. So, this message popped up while I was trying to file my tax forms. I went ahead and submitted everything anyway—just pushed through! To all the seasoned accountants out there—what’s your take on this? Is it actually okay to leave it as is, or am I asking for trouble?
The mandatory chamber fee for the unified small business organization system is set at 2% of your standard personal deduction from income, per the federal tax code.
Since the standard personal deduction is now $1.25 instead of $0.87, that means the monthly chamber fee will be $25/mo rather than the previous $17/mo.
Keith Martinez5 said:I just received a notice from HOK stating that the deduction amount has been updated as of January 1st, 2017 $25. Up until this point, I’ve been paying my deduction as a flat quarterly fee of $52—is that correct?
I just received a notice from HOK stating that the deduction amount has been updated as of January 1st, 2017 $25. Up until this point, I’ve been paying my deduction as a flat quarterly fee of $52—is that correct?
wiredmarlin41 said:You’re going to have to manually adjust the inventory values and then rerun the 2016 depreciation (within the 2017 books).
Thanks! I went ahead and reran the depreciation, but those inventory cards were a bit of a puzzle for me—the documentation doesn't really specify if these adjustments trigger automatically or if you have to go in and do them by hand. Since I just started using this module recently, this is my first real year wrestling with it. So, just to be absolutely sure I've got this right—I should be performing the inventory value adjustments directly on the cards within the 2016 books?
I could really use some advice here... I’ve been working within the inventory module in Sinesys, and back in 2016, I ran the depreciation calculations and the fixed asset inventory for December 31, 2016. Since I had already closed out the books, the correct accounting values didn't carry over properly into 2017—it was a bit of a mess! My contact over at Pupilla suggested that I just re-run the depreciation for 2017 using a retroactive date from 2016. That actually worked out fine, and now my fixed asset inventory as of January 1, 2017, shows the right values. However, I’m stuck on the individual inventory cards. Should I be manually adjusting those values to fix the discrepancy, or is this something that's supposed to happen automatically if I haven't missed a step somewhere? Does anyone have any insight on how this usually flows? Thanks in advance! 🙂
Carol Price4 said:If they have an Austrian VAT number, then it counts as an acquisition... just set the currency to USD (840) and use an exchange rate of 1.😉
I’ve got a bit of a bookkeeping puzzle on my hands—I just picked up some toner for the office printer, but the vendor is actually registered over in Austria. The invoice itself is listed in US dollars and shows no sales tax (it includes a specific clause stating the tax exemption applies). Now, here’s where I’m getting stuck: how on earth do I record this in Silicon Valley? The total came out to $404.76, and the payment was sent directly to our Chase Bank account. When I tried to log the acquisition of goods within the European Union through the IRS system, it started asking me for a foreign currency amount, the exchange rate date, and the specific rate used... but since the transaction was handled in US dollars, I’m completely lost on what to enter in those fields.... Thanks so much for the help!!!
placidlynx92 said:It's actually the same figure in the Federal Register—it just shows one less decimal place. As for the OKFŠ, nothing changes there, though I did read somewhere that small business owners have until the end of February 2017 to file and pay.
I’m looking for a little bit of guidance here—does anyone know which rate I should be using to calculate the Town Hall fees for vehicle maintenance and repairs (Article 4, Class A)? I was browsing the HOK website and saw a rate of 0.1020, but then I checked the Federal Register and found a rate of 0.09690. It’s a bit confusing! Also, regarding that OKFŠ form—is everything still proceeding the same way it has been previously? Thanks so much!
Sam Evans said:Honestly, I am constantly running into walls when dealing with people from Italy... they have this incredibly laid-back, slow-moving way of doing things that can drive you crazy. But look, the actual process is pretty straightforward: if a business has a valid number registered in the Visa system, you just apply the reverse charge; if they don't, then they owe our local sales tax. If you messed up the paperwork, you just issue a credit memo to void the old one, send the new one, and you're done with it.
That’s exactly what I did, so now I’m just crossing my fingers that they actually received the invoice and will get everything squared away...
Zachary Hughes12 said:What about just emailing them in English?
If you're going to fix it, you need to issue the credit memo and send it over to them. The adjustment will hit the next sales tax filing. Before you do anything, just double-check that they're actually registered in the system.
You could always check in with your contact at the IRS...
Unfortunately, they don't speak any English... I tried calling the LAPD, but they weren't able to help me either. I ended up submitting an inquiry through the official website, so now I'm just playing the waiting game to see what they say—most likely, I just made a mistake on my end...
Kate Adams7 said:It really should be. You don't actually need a code for taxes or payroll contributions anyway.
Thanks! It worked fine last month, too—I even processed my own salary payment without using that new recipient ID requirement (that 40002... number)—but the system still flagged it saying the transfer wouldn't be recorded correctly. I'm honestly a bit stumped on what that actually implies... maybe it just gets categorized as a standard miscellaneous deposit?
What exactly should I enter under the Purpose Code when paying my contributions? I was looking through the IRS guidelines and saw that for salary, I should use SALA—so I used SALA for my commuting allowance too—but I left the field blank for the actual contributions themselves... Do you think that’ll fly?
Nicole Lee6 said:Honestly, I wouldn't lose too much sleep over it...
Either you cite Section 19 of the Value Added Tax Act on the invoice—which basically implies you've tied the service to a rental property, which is taxable here in the States—or you just strike the VAT ID from the invoice entirely and put a zero in its place. That’s what I personally do when someone just gives me a business name 😬 without any credentials; it makes it look like you didn't have a valid ID to verify through the European Union system, so you had no choice but to charge the tax.
Thanks for the tip! I'll definitely try one of those routes... I did attempt to call them to explain that I'd be sending over a corrected invoice, but my Italian isn't quite fluent enough to navigate that conversation successfully, so I think that option is pretty much off the table.
Nicole Lee6 said:Look, whenever I'm dealing with impound fees and they hand me a VAT ID that's verified in the VIES system, I just cite Section 17 and apply the reverse charge. Some consultants tried to tell me it should be tied to Section 19 regarding real estate—claiming VAT should be applied—but honestly, that makes zero sense to me. That would only apply if I were charging them for parking or renting out a specific plot of land, which isn't what an impound fee is. An impound fee is its own thing, so I stick to Section 17. I remember one time I had a company from Germany; a tow truck picked up a car, and all they gave me was their name and address. They didn't give me a VAT ID, and I couldn't find one anywhere on their website, so I just charged them VAT.
Well, this person actually gave me their VAT ID... I even made sure to include everything on the invoice, but I ended up calculating and charging them VAT anyway. Now I'm wondering, if I messed that up, what's the best way to go about fixing it?
Keith Martinez5 said:Help! I’m in a bit of a pickle regarding an invoice for vehicle storage fees. The car itself is privately owned, but the towing company I went to pick up—which is actually a branch of a firm based out of Italy—insisted that I issue the invoice under their corporate name. So, I went ahead and entered all their business details and tax ID, but I accidentally used our local US sales tax rate instead. Did I mess this up? Since the car was parked right here in the States, the service was technically performed in the US, so I'm feeling a little lost on the tax implications... If I did indeed make a mistake, what's my best move to fix it now??🤔hvalati everyone for the help
Help! I’m in a bit of a pickle regarding an invoice for vehicle storage fees. The car itself is privately owned, but the towing company I went to pick up—which is actually a branch of a firm based out of Italy—insisted that I issue the invoice under their corporate name. So, I went ahead and entered all their business details and tax ID, but I accidentally used our local US sales tax rate instead. Did I mess this up? Since the car was parked right here in the States, the service was technically performed in the US, so I'm feeling a little lost on the tax implications... If I did indeed make a mistake, what's my best move to fix it now??🤔hvalati everyone for the help