Posts by driftingfox24

So, I’m looking into liquidating a small business here in the States, and I’ve got a bit of a head-scratcher regarding the final books... If there's some equipment that was already fully written off way back in 2013, do I still need to account for its value on the balance sheet if the book value is basically zero? And while we're at it, what's the deal with office supplies and small inventory—do those actually get recorded in the closing books?
Thanks for any insight you guys can throw my way...

Knez1974 said:So, I just did my first inventory count working in retail, and now I’m staring at both surpluses and shortages in my inventory levels. Apparently, if there's a shortage, I have to deal with paying sales tax on it, which sounds like a blast... can anyone walk me through how to actually record an inventory surplus in the books?

You've gotta log those extra goods—according to a recent issue of NPR:

-update your retail inventory cards (or whatever similar tracking system you use in-store) by recording it as a debit;
-log it in the inventory list (use the standard KP form) for the store, again, as a debit based on the inventory receipt;
-for manufacturing or hospitality settings, update the material cards, stock records, or equivalent logs as a debit;
-on the KPI form, it gets treated as an in-kind expense based on the official inventory investment report.

Knez1974 said:Please, someone out there definitely knows how to handle inventory surpluses and shortages in the books? If we pay sales tax on a shortage, but end up with an actual surplus, can we somehow "offset" that... maybe just balance it out?

I’ve dropped a couple of links here, hopefully they give you at least a little bit of direction...

I honestly don't even know where to start with this one, because looking at the sheer mess we're dealing with right now... it’s just exhausting, really. You see people out there acting like everything is perfectly fine, like the system isn't basically held together by duct tape and prayers, but if you actually take a second to look at the data—not the sanitized version they feed you on the evening news, but the actual numbers—it’s pretty clear we're heading toward a massive headache... It feels like we're constantly circling the drain while everyone debates whether or not we should even bother grabbing a life jacket. And don't get me started on what some of these "experts" are saying on NPR lately, because it’s almost insulting how much they ignore the reality on the ground here in the States... It’s just one thing after another, isn't it? Just a endless loop of predictable chaos that nobody seems willing to call out for what it actually is... driftingfox24 says:
Hey, quick question... did this contribution actually drop off since... $80 So, I’m sitting here looking at this 132k bill that’s been hanging over my head for three months now... does anyone actually have any idea if anyone has received their official paperwork yet? I'm trying to figure out if I need to cough up this extra payment before the end of February or if I can just sit on my hands for a little longer...

So, I’m looking at the Chamber of Commerce flat-fee contribution for the first quarter of 2014... the deadline to get that payment in is February 28th, 2014, and I'm just trying to track down the exact amount... $44Sent from the IRS...

Lisa Hernandez5 said:driftingfox24, you’re spot on. But honestly, they’ve made it so easy for small businesses where they just shove everything straight into the system to register. Meanwhile, us regular folks—actual individual taxpayers—we still have to resubmit everything manually...

In the meantime, I’m not even buying cigarettes because God forbid there’s a price hike and I don't have a way to send over the payment...

This whole useless, pointless bureaucracy drives me absolutely insane. Broken phone lines, nothing works. If the goal is for me to pay everything I owe, and to do it on time, I don't get why they're breathing down my neck to take a whole day off just to deal with a hundred million pieces of paperwork. And the Secretary of State's registry is actually totally legit and up to date; you can check everything with a single click. Registered activities, tax IDs, whether they're operational... it's all right there...

Yeah, Lisa Hernandez5, you aren't wrong. We really went through the wringer, we even had to go get certain copies notarized by a public notary—$28 which is such a hassle—but I will say the IRS was actually pretty helpful, their helpdesk worked with us to make the digital registration smoother, and now I see they finally updated the website with some new info for small business owners. It would've been a total nightmare to get everything finished properly without that...🙂

Formula 1 said:And honestly, I’m skeptical about all of that, if you know what I mean...
I just got off the phone with the IRS, and apparently, they still don't have a clue when it comes to self-employed income tax filers.
Plus, nobody can even tell me which specific code to use for that infamous employment tax contribution...

All they told me was to sit tight, wait for a notice from Penn State, and just hold off on paying anything for now 😵

Anyway, here's the answer at this link:
http://www.accounting-taxes.com/

So, quick question regarding the new sales tax forms kicking in on July 1st... do those pass-through items—you know, stuff like consumption tax and reimbursements—actually get included in the new layout?
Up until June 30th, we were just tossing those pass-through entries under section I.1...

I mean, does it even make sense to include them in the new format at all, considering they're basically non-taxable supplies? 🙄 Thanks in advance for any insight...