Small Business Reading Room

Friday, February 10, 2006

Business tax records- what to keep

That's right- March 15th is just around the corner.

If you are like me, you don't do your own business income tax filings, but your accountant still needs to have the right information from me in order to prepare the returns correctly.

Over the years, I've come to realize that organization is key. You can never underestimate the value of a good bookkeeping system!

The IRS recommends that your bookkeeping systems should include a summary of your business transactions. Your company books should show your gross income, deductions, and credits. The main source of these entries might be the business checkbook. All of your information should support the amounts shown in company tax returns.

Gross receipts can be supported by cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips, and any Forms 1099-MISC, according to the IRS. Purchases can be documented with canceled checks, cash register tape receipts, credit card sales slips, and invoices. Canceled checks, cash register tapes, account statements, credit card sales slips, invoices, and petty cash receipts will support expense figures.

So where can you find out more on this topic for free?

The IRS has resources for businesses available on its web site including:

Starting a Business and Keeping Records

What Kind of Records Should I Keep?

Businesses with Employees - Employment Tax Recordkeeping

posted by Unknown at 9:30 AM - permalink 0 comments

Wednesday, February 08, 2006

Delaware Streamlines In-State Business Licensing

Talk about good ideas, here's one.

Governor Minner made an announcement yesterday on a new initiative that enables business owners to license and register new businesses online.

This One-Stop Business Licensing initiative is a great idea. It will act as an online interface between a business owner and the following agencies:

Department of Finance
Division of Revenue
Department of Labor
Division of Unemployment
Office of Workers Compensation

The online one stop business licensing is available through a link on the left from the pages of the Delaware Division of Revenue.

This is definitely a positive step forward for both government and business in Delaware.

posted by William Slawski at 10:27 AM - permalink 0 comments

U.S. Copyright Office - Orphan Works

During 2005, the Copyright Office studied issues raised by "orphan works" — copyrighted works whose owners may be impossible to identify and locate. Concerns had been raised that the uncertainty surrounding ownership of such works might needlessly discourage subsequent creators and users from incorporating such works in new creative efforts, or from making such works available to the public.

The US Copyright Office has released its report on orphan works. The report proposes new legislative language that would reduce potential liability for use of works where the copyright owner cannot be located following a diligent search.

Full Report with Appendices
Main Text (no appendices)

The Copyright Office issued a Federal Register Notice summarizing issues raised by orphan works, and soliciting written comments from all interested parties.

The Office asked specifically whether there were compelling concerns raised by orphan works that merit a legislative, regulatory, or other solution, and if so, what type of solution could effectively address these concerns without conflicting with the legitimate interests of authors and right holders.

Initial comments received were posted here. Reply comments received were posted here.

posted by Unknown at 9:00 AM - permalink 0 comments

links

magazines

blogs