by Liana Ellison, CPA
Accounting Services Manager at Atchley & Associates, LLP
Atchley & Associates, LLP provides accounting services of various levels to many of our clients. The levels of services vary from consulting with startup companies about their accounting set up all the way to outsourcing their accounting department to us. We are able to provide a custom level of service to meet our client’s needs. Some of the accounting services we provide at Atchley & Associates include:
- Outsourced payroll, set up, reporting, support and consulting
- Outsourced bookkeeping, reconciliations of accounts such as bank, credit cards, loans and lines of credit, and preparation of any adjusting journal entries
- Review of systems utilized and internal processes, and make recommendations of accounting platforms and ancillary applications
- Customized Financial Statement preparation
- Preparation or support for various compliance such as personal property renditions, Forms 1099, and Sales Tax
- Year-end accounting analysis and clean-up in preparation for tax return
In addition, our team can take the pressure off business owners or executive directors that may not have the expertise or time to review and supervise the work performed by their accounting department. These leaders may not want to deal with having to worry about turnover or fraud in this critical position, and often engage us to support them in this area of their business or organization.
Our services are not specific to any one industry, therefore we are able to support various types of service industries including a number of non-profit clients.
I’ve put together some recent questions that our group has received and compiled them into a True or False Quiz as examples of how we support our client. As in every case, that correct answer is- “it depends”. However, you may find some helpful information for your business or line of work.
- A client inquired, I receive a cell phone allowance with my payroll of $50 a month, this taxable compensation to me- true or false?
False- this can be considered non-taxable compensation, as a non-tax fringe benefit IF
– The employer has an accountable plan and
– There is a business connection for the cell phone use and
– The allowance does not exceed the cost of employee’s monthly plan (requires substantiation). Any excess allowance would be considered taxable compensation.
i. IRS Notice 2011-72
- I had the privilege to attend the Rotary scholarship luncheon last month with our partner, Harold Ingersoll, where Rotarians gave out over $43K in scholarships towards recipient’s tuition and higher learning. The Rotary Club of Austin is not required to issue a 1099 to these recipients for the amount received- true or false?
True- the Rotary Club of Austin is not required to issue scholarship recipients a 1099 since these funds were not in connection with any services performed for teaching, research or other services as a condition for receiving the scholarship. It may not prevent the recipient from picking it up as income on their personal return, but nothing is required to be reported to the IRS by the Rotary Club of Austin.
i. Sec 117(b) and Regulations section 1.6041-3(n), Tax Topic 421
- I have an hourly (non-exempt) employee therefore I am only required to pay them at least once a month in the state of Texas- True or False?
False- per Texas Pay Day Law hourly (non-exempt) employees must be paid at least twice a month.
i. Texas Payday Law section 61.011
- I bought a used iPad mini for my business for $199. Since the cost is less than $250, I don’t need to report this property on the Personal Property Rendition for Travis County– true or false?
False- per Travis County Appraisal District, ALL business personal property that is used in business must be rendered on the form, regardless of the amount.
- I just started a new business and have chosen QuickBooks Online as the application to provide record keeping for my business because I have heard it’s the best in the market- True or False?
Trick question- You might receive a different answer depending on who you ask. There are several new applications on the market that compare to QuickBooks Online. However, QuickBooks still retains a large portion of the small business market.
i. Contact us to find out what might be the right fit for your business.
You can leverage our services for more answers to these types of questions in addition to receiving accurate reporting and record keeping. Contact us for more information on how we can help your business.