|
|
For December 2011
Customer Refunds: Are You Doing Them Right?
Refunds. You probably wince at the word. Some – like customer refunds for returns – are fairly uncomplicated, thanks to QuickBooks’ tools. Others, not so much. You may find yourself unable to balance your accounts receivable.
There are numerous scenarios that necessitate the use of credit memos, including overpayment, order cancellations and bad debt write-off. It’s critical that these are entered correctly. If they aren’t, you may lose a lot of the time that QuickBooks helped you save as you try to chase down a few dollars.
Click here for the Dec 2011 QuickBooks Tip
This tip brought to you by Schutte & Hilgendorf, CPAs, a Prescott CPA firm serving the greater Yavapai County, provides auditing, accounting, bookkeeping, tax preparation and planning, and QuickBooks consulting and setup to individuals and small busienesses. Contact us for a free initial consultation at 928-778-0079
The attached article was written by John E. McEnroe, Jr. and was such a great summary of steps that every Non-Profit should follow, we thought we’d give John credit here and share the article on our website. We found the article when searching for information on the little-mentioned topic of Non-Profit Arizona Registration with the Arizona Secretary of State.
We have observed that many of our non-profit charitable clients are not aware of the registration requirement with the AZ Secretary of State before accepting any charitable donations. Many Non-Profits feel that receiving the IRS determination letter for a 501(c)(3), incorporating through the AZ Corporate Commission, and registering with the AZ Department of Revenue satisfies all setup requirements. Apparently, not so. This doesn’t seem to be widely enforced by the Secretary. An annual renewal is also required every September. Although free, if filed late, there is a $25 fee.
Click on the link below for a copy of the very informative Non-Profit Registration and Reporting Requirements article:
NPO Registration and Reporting_2010
Click here for a link to the Registration Form for the AZ Secretary of State:
SOS Reg Form
Please call Schutte & Hilgendorf, CPAs with any questions related to this article or any non-profit related audit, accounting or tax question. Schutte & Hilgendorf is a Prescott CPA firm specializing in providing audit, tax and accounting services to non-profits, for-profits, and homeowners associations. We also provide tax planning and preparation, bookkeeping, and QuickBooks consulting to individuals and small businesses. We service the greater Yavapai County and Northern Arizona Region. Call us at 928-778-0079 with any of your accounting, auditing or tax needs. Check the rest of our website for constant updates at www. prescottaccountants.com
Exempt Organizations Annual Reporting Requirements – Annual Electronic Notice (Form 990-N) for Small Organizations: Information Reported
|
| |
| What information do I need to provide on the e-Postcard?
The e-Postcard is easy to complete. All you need is the following information:
-
Organization’s legal name –
-
Any other names your organization uses – If the organization is known by or uses other names to refer to the organization as a whole (and not to its programs and activities), commonly referred to as Doing-Business-As (DBA) names, they should be listed.
-
Organization’s mailing address – The mailing address is the current mailing address used by the organization.
-
Organization’s website address (if you have one).
-
-
Every tax-exempt organization must have an EIN, sometimes referred to as a Taxpayer Identification Number (TIN), even if it does not have employees. The EIN is a unique number that identifies the organization to the Internal Revenue Service. Your organization would have acquired an EIN by filing a Form SS-4 prior to requesting tax-exemption. The EIN is a 9-digit number and the format of the number is NN-NNNNNNN (for example: 00-1234567).
-
If you do not know your EIN, you may be able to find it on the organization’s bank statement, application for Federal tax-exempt status, or prior year return.
-
Please note that the EIN is not your tax-exempt number. That term generally refers to a number assigned by a state agency that identifies organizations as exempt from state sales and use taxes.
-
If you do not have an EIN, see the Instructions for Form SS-4 for different ways to apply for an EIN. DO NOT use the EIN of a parent or other organization.
-
Name and address of a principal officer of your organization –
-
Usually president, vice president, secretary, or treasurer – often specified in the organization’s by-laws.
-
Organization’s annual tax year –
-
Like any taxpayer, exempt organizations must keep books and reports and file returns based on an annual accounting period called a tax year. A tax year is usually 12 consecutive months that can be either calendar year or fiscal year and is often specified in the organization’s by-laws.
-
Answers to the following questions:
|
Page Last Reviewed or Updated: September 21, 2011 |
|
Schutte & Hilgendorf, CPAs, a Prescott accounting firm, specializes in auditing, accounting and tax preparation and planning for non-profit Organizations throughout Yavapai County and Northern Ariziona. Should you need assistance with filing a non-profit information return (990) or notecard, please call us at 928-778-0079. We can e-file 990-e postcards (990-N) for you from our office for a nominal fee. Call us today!
September 2011 QuickBooks Tip:
Classes or Types? When To Use Them
QuickBooks’ standard reports are critical to understanding your company’s past, present, and future. But the program also offers innovative tools that can make them significantly more insightful and comprehensive.
QuickBooks offers two simple conventions that let you identify related data: classes and types. Classes are used in transactions. Types are assigned to individual customers, vendors, and jobs.
click on the link below for more detailed information on this topic:
Sept 2011
This tip brought to you by Schutte & Hilgendorf, CPAs, a Prescott firm serving the greater Yavapai County, provides auditing, accounting, bookkeeping, tax preparation and planning, and QuickBooks consulting and setup to individuals and small busienesses. Contact us for a free initial consultation at 928-778-0079
How does an employer know whether to make Arizona withholding payments on a quarterly basis or more frequently?
QUARTERLY BASIS PAYMENTS: An employer must make its Arizona withholding payments on a quarterly basis if the average amount of Arizona income taxes withheld during the preceding four calendar quarters does not exceed $1,500.
MORE FREQUENT PAYMENTS: An employer must make its Arizona withholding tax payments at the same time as its federal withholding deposits if the average amount of Arizona income taxes withheld during the preceding four calendar quarters exceeds $1,500.
WHY DOES THE EMPLOYER MAKE THIS COMPUTATION? Arizona law requires an employer, at the beginning of each new quarter, to compute its average Arizona withholding tax liability for the preceding four calendar quarters. This calculation is performed to determine the correct Arizona withholding payment schedule.
HOW DOES THE EMPLOYER MAKE THIS COMPUTATION? An employer that has four full consecutive calendar quarters of Arizona withholding liability historical data must use the regular withholding payment schedule computation. An employer that does not have four full consecutive calendar quarters of Arizona withholding liability historical data must use the alternate withholding payment schedule computation. Refer to the “Arizona Withholding Liability/Payment Schedule” section of the Form A1QRT instructions for further information
Per the State of Arizona – Department of Revenue – Arizona Withholding FAQ’s
Should you have questions regarding this post or any other tax needs, contact us at Schutte & Hilgendorf, PLLC, Prescott accountants serving the greater Yavapai County with tax, accounting, auditing, and QuickBooks consulting expertise.
For June 2011
Job-Tracking Adds Precision to Your QuickBooks Company
Does your business have clients whose work sometimes requires multiple steps drawn out over weeks or months, like remodeling projects or court cases? If so, and you’re not using QuickBooks’ Jobs features, you’re missing out on the opportunity to track and evaluate the financial impact of these complex tasks.
You can, of course, just send an invoice out to these customers. But if you do, you’re not taking advantage of what QuickBooks’ job tools can do. If you create and track these projects faithfully, you’ll have valuable insight that you wouldn’t otherwise.
Click on the link below for more detailed instructions:
June 2011 QuickBooks Tip
This tip provided to you courtesy of Schutte & Hilgendorf, a Prescott and Yavapai County CPA firm providing accounting, QuickBooks training, tax planning and preparation, audits and other financial services to individuals, businesses, non-profits, and homeowners associations.
Article provided by Paychex, July 12, 2011:
Because Arizona was one of the 30+ states that borrowed money from the feds after our unemployment coffers were depleted as a result of our most recent recession, all Arizona employers who are subject to State Unemployment Tax are subject to a Special Assessment beginning July 20th 2011.
Here are a few of the details:
All employers subject to Arizona UI Tax in 2011 and 2012 are also subject to the SA.
- Reimbursement employers are exempt from the SA.
- “Taxable wages” are the first $7,000 of gross wages paid to each employee in a calendar year.
- The SA rate is 0.40% of taxable wages paid in 2011 (maximum $28 per employee).*
- The SA rate is projected to be 0.60% of taxable wages paid in 2012 (maximum $42 per employee).*
- Payment of the SA for the first three quarters of 2011 is due by October 31, 2011, payable as follows:
- In mid to late September 2011, DES will mail employers statements of the SA amounts they owe, if any, for the first two quarters of 2011.
- Beginning with the third quarter of 2011, SA amounts due are payable with quarterly UI taxes and reported on Line 7, Part C of the Unemployment Tax and Wage Report (form UC-018).
- Employers may include the amount of SA due for the first two quarters of 2011 on their third quarter 2011 report and remit a single payment for all amounts due.
- Alternatively, employers may pay the SA for the first two quarters separately from a report, via the online Tax and Wage System (TWS) at www.azuitax.com or by check or money order.
Please see attached article (Special Assesment change with SUI) from DES for details, or visit the below website:
https://www.azdes.gov/main.aspx?menu=316&id=6767
Click on the link below for this months QuickBooks Tip:
April 2011 QuickBooks Tip: Using Sales Orders
Sales Orders in QuickBooks: Why? When? How?
There aren’t that many different types of forms to keep straight in QuickBooks, but you likely don’t use all of them. You probably use invoices and purchase orders frequently, and may fill out the occasional sales receipt or credit memo or estimate.
But what about sales orders? You may find that they could make your bookkeeping more accurate and easier. There are only a few situations where they’re needed, but they’re the appropriate form to use at those times.
Schutte & Hilgendorf, CPAs, serving the greater Yavapai County, provides accounting, bookkeeping, tax preparation and planning, and QuickBooks consulting and setup to individuals and small busienesses. Contact us for a free initial consultation at 928-778-0079.
Published by the AICPA:
2011 Tax Saving Tips for Small Businesses
If you have questions related to any of these tax saving tips, please call us at Schutte & Hilgendorf, CPAs. serving the greater Yavapai County. We have over 40 years combined experience with small business accounting, bookkeeping. and tax planning and preparation. We are certified QuickBooks Proadvisors and may also be able to help you setup or clean-up your QuickBooks files for the filing season.
Schutte & Hilgendorf is located in the Crossings at 3140 Stillwater Drive, Ste. A, Prescott, AZ 86305. Or call to setup a free inital consultation at 928-778-0079. Ask for Gidget Schutte or Lois Hilgendorf.
Private School Tuition Credit
AZ Tax Credit-Qualifying School Tuition Organizations
Frequently Asked Questions (from the AZ DOR Website:
http://www.azdor.gov/ReportsResearch/SchoolTaxCredit.aspx )
What do I have to do to qualify for this credit?
To qualify for this credit, you must make cash or payroll
withholding contributions to a school tuition
organization that provides scholarships or grants to
qualified schools.
What is the maximum dollar amount of the credit?
The credit is limited to the actual amount of the
contribution. However, in 2011 the credit cannot exceed
$500 for single or head of household taxpayers. For
married taxpayers that file a joint return, the 2011 credit
cannot exceed $1,000. If married taxpayers file separate
returns, each spouse may claim only 1/2 of the credit that
would have been allowed on the joint return. Please Note:
Starting in 2011, the maximum credit amounts will be
annually adjusted (although never downward) in
accordance with changes in the metro Phoenix consumer
price index.
Must the private school tuition tax credit be claimed
in the year of donation?
No. Beginning in 2011, a contribution made by April 15
may be treated for purposes of this tax credit as if it was
made on December 31 of the prior year. For example, a
contribution made to a school tuition organization from
January 1, 2011 to April 15, 2011 could be used as a tax
credit on either your 1) 2010 or 2) 2011 Arizona income
tax return
What is a school tuition organization?
A school tuition organization is one that is tax exempt
under Section 501(c)(3) of the Internal Revenue Code,
allocates at least 90 percent of its annual revenue to
scholarships or grants, and makes its scholarships/grants
available to students of more than one qualified school.
Will the Department of Revenue certify school
tuition organizations?
Yes. Beginning January 1, 2011, the Arizona
Department of Revenue is required to begin certifying
school tuition organizations. The Arizona Department
of Revenue will maintain a registry of currently
certified school tuition organizations on its website,
www.azdor.gov.
What is a qualified school?
A qualified school is a non-governmental preschool for
handicapped students, or a non-governmental primary
or secondary school located in Arizona. The school
cannot discriminate on the basis of race, color,
handicap, familial status, or national origin. The
primary school begins with kindergarten, and the
secondary school ends with grade 12.
Are there situations where a contribution to a school
tuition organization, as defined in statute, would not
qualify for the tax credit?
Yes. Your donation to the school tuition organization
will not qualify for the credit if you designate the
donation for the direct benefit of your dependent. Your
donation will also not qualify if you designate a student
beneficiary as a condition of your contribution to the
school tuition organization. Additionally, the tax credit
is not allowed if you agree with another person to
designate each other’s contribution to the school tuition
organization for the direct benefit of each other’s
dependent, a practice commonly known as swapping.
May I make credit eligible contributions through
payroll withholding?
Yes. You may now be able to make credit eligible
contributions to a school tuition organization through
payroll withholding. Check with your employer to see
if your employer has agreed to withhold contributions
that qualify for this credit from your pay.
|
We Are The Piece That Fits.
Schutte & Hilgendorf PLLC
3140 Stillwater Drive
Prescott AZ 86305
Phone: 928.778.0079
Fax: 928-778-0261
|
