First State CPAs and Associates

3 hours ago

𝗪𝗵𝗮𝘁 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝗰𝗵𝗲𝗰𝗸 𝗯𝗲𝗳𝗼𝗿𝗲 𝗜 𝘀𝗶𝗴𝗻 𝗮 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗳𝗼𝗿 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Before you sign, check exactly what you’re agreeing to pay, how long the agreement lasts, and what each side is responsible for.

Then check the smaller details:

• Whether it renews automatically
• What it takes to cancel
• Any additional fees or charges
• When payments are due
• Any requirements you’ll need to meet during the agreement

𝙋𝙧𝙖𝙘𝙩𝙞𝙘𝙖𝙡 𝙩𝙞𝙥: Write down any part you don’t understand as you read. Then get those questions answered before you sign, instead of assuming you’ll figure them out later. A few extra minutes of reading can give you a much clearer picture of what your business is committing to. ... See MoreSee Less

First State CPAs and Associates

3 days ago

𝗛𝗼𝘄 𝗱𝗼 𝗜 𝘀𝗲𝘁 𝘂𝗽 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗯𝗹𝗲 𝗣𝗹𝗮𝗻 𝗳𝗼𝗿 𝗺𝘆 𝗦 𝗰𝗼𝗿𝗽?

To set up an Accountable Plan for your S corp, start with these four steps:
1. Adopt a formal written plan that spells out eligible expenses, deadlines, and documentation requirements.
2. Create a monthly expense reporting system that records the amount, date, business connection, receipt, and business-use percentage for mixed expenses.
3. Submit your expense reports and receipts within the IRS 60-day safe harbor window, then formally approve them.
4. Transfer the approved reimbursement from your S corp account to your personal account and record it under the appropriate operating expense.

Want help putting an Accountable Plan and monthly expense process in place? Send us a DM. ... See MoreSee Less