The Tunstall Organization, Inc. would like to welcome Sangeeta Prasad to the organization. Continue reading
TTO WELCOMES SANGEETA PRASAD
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OFFER IN COMPROMISE–NEW YORK
Have you experienced ‘undue economic hardship’ and yet you still owe taxes? IF so, NY State has recently opened up another alternative in their Offer in Compromise Program.
1 WEEK FILING EXTENSION FOR HURRICANE IRENE
Only applies to tax filings…not tax payments.
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APPLYING DEPOSITS TO PLEDGES IN QUICKBOOKS – FOR NON PROFITS
It is often good internal controls to have multiple people entering different data within the accounting system. Yet, sometimes, this can lead to confusion about what has been entered and what hasn’t. One area where this manifests in Non Profit Organizations is with Pledges.
A pledge is a gift that is made in advance of receiving payment, similar to creating an invoice for a customer. They are listed as receivables in the A/R Aging Detail report (Quickbooks).
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QUICKBOOKS CLASS LIST
The class list in quickbooks can be used for many things. For example, for non-profits it can be used for event reporting. In retailers, it can be used for geographical regions and/or business segments…or really, anything you need columns for in your financial statements. Part of getting the class list set up correctly is realizing what you need to monitor and setting up classes to help you achieve that.
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QUICKBOOKS SETUP FOR NON-PROFITS
POST TAX SEASON RECAP
This tax season was quite a roller coaster. A lot went right and there were some major challenges. But overall, I felt that The Tunstall Organization, Inc. (TTO) served our tax clients well while maintaining a high level of service with our Accounting clients. There were some scary software moments: discovering that our tax software did not flag 4 returns for NYC tax (all addressed, hopefully all OK) but overall our systems operated as intended. I’m also thankful for the contracted tax preparers that helped TTO grow our tax client base by 59%.
TAX DAY – APRIL 18th
Yes, that is me, a muzzled dog coming down the home stretch. Continue reading
CORPORATE TAXES DUE TUESDAY, MARCH 15, 2011
Hey there, just a mid-tax season FYI that S-Corp. and C Corp. returns are due on March 15th.
SUPPORTING DOCS – INDIVIDUALS
Dear Client:
To help you properly prepare your 2010 individual income tax return, here is a checklist of common supporting documents:
- A copy of your 2009 tax return, if not prepared by this office
– Form(s) W-2 (wages, etc.)
– Form(s) 1099 (interest, dividends, etc.)
– Schedule(s) K-1 (income/loss from partnerships, S corporations, etc.)
– Form(s) 1098 (mortgage interest) and property tax statements
– Brokerage statements from stock, bond or other investment transactions
– Closing statements pertaining to real estate transactions
– All other supporting documents/reports (checkbooks, Quickbooks transaction activity, etc.)
– Any tax notices received from the IRS or other taxing authorities
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