 Make sure the shoe fits before you file 1099 Forms by checking the IRS website, utilizing a handy 20 point checklist and collecting a W-9 from each contractor.
So you're asking which IRS webpage, what's a W-9 , and where can I find that 20 point checklist. Well, continue on to find a handy 20-point checklist made into a Google Form that you or your contractor can fill out, along with some helpful links to the IRS web pages regarding contractors vs. employees, and the IRS W-9 form. So are your ready for 1099 Season?  Learning how to set up your chart of accounts for simple, successful, and consistent financial reporting can often be a mystery for nonprofits and small businesses alike. First, what is a chart of accounts and what really belongs in a chart of account? This puzzle often stop a nonprofit or small business in their tracks. A simplified chart of accounts that even the most non-financial member of their staff or board can understand is essential for success. Below are a few insights into how to begin to think about your chart of accounts.
 "Oh what a tangled web we weave, when first we practice to deceive!" is a quote from a little known poem by Sir Walter Scott. In short it refers to the effects of lying. Often, one lie leads to more, similar to how a spider weaves a web; and as the lies multiply, the web becomes more and more tangled creating a trap of dishonesty. If business owners and managers of nonprofits are honest with themselves and their bookkeeper, there is little chance of being trapped by dishonest books. Sometimes, we may not even understand or intend to deceive, but it may be perceived when commingling personal and business funds. And, the results can be devastating!
Merriam Webster dictionary defines commingle as "to blend thoroughly into a harmonious whole." If you read this definition with no financial background whatsoever, you will understand the commingling of personal and business expenses as blending two very distinct things into one "harmonious whole." For the small business and non-profit alike this can bring your bookkeeper to their knees. Hours and hours of sorting things out, multiple questions about each and every expense, unnecessary journal entries, and the extra scrutiny of an auditor when they encounter it in the books. |
AuthorHi, I'm Candance Weaver. Married 30 years with a passion for nonprofit and small business success. My bookkeeping service helps liberate time and efforts, so you can focus on your mission, vision and strategic goals. 
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March 2021
CategoriesMember of the American Institute of Professional Bookkeepers
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