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You’re Getting Audited – Here’s What to Do

September 27, 2017 by L. Scott Elwell

Most of us will never be audited. But when it does happen, it might feel a little scary. The truth of the matter is IRS auditors do audits every day. They know what to look for and can ask questions that you may easily answer incorrectly. Here’s how you can be more prepared if it […]

Filed Under: Blog Tagged With: Accountant, audit, irs, irs notice, IRS tax tips, Public Accountant, tax issues

Team BAS supports The Leukemia & Lymphoma Society at The Light The Night Walk

October 19, 2015 by L. Scott Elwell

Team Business Accounting Systems took part in The Light The Night Walk on Saturday, October 17th at Washington Lake Park, Sewell, NJ.  The Light The Night Walk is a fundraising campaign benefiting The Leukemia & Lymphoma Society and their funding of research to find blood cancer cures.  As a team, we raised $1400 to support […]

Filed Under: Accounting Tagged With: Accountant, accounting, accounting help, accounting services, business accounting systems, Public Accountant, South Jersey NJ, tax planning, tax Preparation New Jersey, tax services

Back to school? Check this tax credit

September 28, 2015 by L. Scott Elwell

If you or a member of your family is off to college this fall, you may be eligible for the American Opportunity Tax Credit.  Eligible students may take this credit for the first four years of higher education.  The credit can be up to $2500 annually.  Expenses that qualify for the credit include tuition, fees, […]

Filed Under: Accounting, Tax Preparation Tagged With: Accountant, accounting services, business accounting systems, IRS tax tips, Public Accountant, South Jersey NJ, tax planning, tax Preparation New Jersey, tax services, tax tips

Business Tip: Don’t sell property; exchange it

September 2, 2015 by L. Scott Elwell

A tax-deferred exchange is a tax planning technique which should be considered by any taxpayer that is relocating or disposing of property.  Often referred to as a “tax-free exchange,” the tax-deferred exchange allows you to exchange certain business or investment property for other “like-kind” business or investment property and pay no income taxes currently.  Your […]

Filed Under: Accounting, Tax Preparation Tagged With: Accountant, accounting, accounting services, business accounting systems, IRS tax tips, IRS tax withholding tips, Monthly Accounting, Public Accountant, tax planning, tax Preparation New Jersey, tax tips

Accurate inventory numbers are crucial for your business

August 4, 2015 by L. Scott Elwell

For many companies, inventory is a significant dollar amount on the company’s financial statements.  So it’s crucial that recorded inventory balances reflect actual values.  When such accounts aren’t properly stated, the cost of goods sold and current ratios – numbers that often matter to decision makers – may be skewed.  If banks discover that your […]

Filed Under: Accounting Tagged With: Accountant, Balance Sheet, business accounting systems, Income Statement, Monthly Accounting, Public Accountant, QuickBooks Consultant NJ, tax planning, tax services, tax tips

IRS launches new “misclassification initiative”

July 2, 2015 by L. Scott Elwell

How you classify your workers – as “independent contractors” or “employees” – matters a great deal to the IRS.  The IRS is aware that employers prefer to treat workers as independent contractors to avoid paying fringe benefits and payroll taxes.  The IRS estimates that 80% of workers who are classified as independent contractors are actually […]

Filed Under: Accounting, Tax Preparation Tagged With: Accountant, accounting, accounting help, accounting services, Automated Payroll West Deptford, business accounting systems, IRS tax tips, Public Accountant, small business payroll help, South Jersey NJ, tax help, tax planning, tax Preparation New Jersey, tax services, tax tips

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