Integrity Bookkeeping Solutions, LLC

If the phrase “chasing down W-9s in January” makes you cringe, you’re not alone. Most 1099 problems don’t start at filing time—they start months earlier when contractors are paid without a plan. Here’s why thinking about 1099s all year can save you time, money, and frustration.

1099 Compliance - A Quick But Important Reminder Why 1099 Compliance Matters (and Why It Shouldn’t Be a January Fire Drill) Every year, many business owners find themselves scrambling in January—tracking down contractors, requesting missing paperwork, and racing to meet 1099 deadlines. This last-minute stress is almost always avoidable with a ...

My favorite payroll processing program! https://gusto.com:/partners/r/joyce1291

Welcome to the Gusto People Platform Payroll, benefits, time tracking tools, and more. Everything your small business needs to grow your team and thrive.

Here is an email I recently sent out to my clients regarding the FFCRA and information on the small business loans (CARES, EIDLS and grants) available to businesses during this time of crisis: (I'll try and figure out how to get the attachments up here soon.)

Hello all,
I’m sure you are hearing all kinds of information regarding new payroll requirements (Mandatory Emergency Paid Medical Leave and Paid Family Leave) and small business loans and paycheck protection loans (CARES, EIDLs and Grants). I am hoping to give you a summary of what is important for you immediately (Payroll Paid Medical Leave as of April 1, 2020) and information on the small business loans out there that should be very helpful to you during this strange new world we live in now.
IF YOU ARE AN EMPLOYER WITH EMPLOYEES:
1. I’ve attached a flyer you will need to post or send out to your employees via email/mail immediately called the FFCRA Poster. This notifies your employees of the new COVID-11 – Families First Coronavirus Response Act (FFCRA) and you are required by this Act to notify your employees. If you have laid off or furloughed any employees, you are not required to inform them. I highly recommend watching the video below to educate yourself on how this will work. If we process your payroll for you, we will just need to know if any of your employees qualify or this program and if we will be paying them the emergency paid sick leave instead of regular payroll.
This webinar talks more about the FFCRA Act:
https://www.nfib.com/webinars/covid-10-part2/
2. I’ve also included an attachment called “ESD-unemployment benefits” – If you have laid off or furloughed any of your employees, this is a helpful flyer on how they can apply for unemployment benefits thru the state of WA.
3. The 3rd attachment is a sample of what you can use if one or more of your employees needs to request Family Medical Leave.

IF YOU ARE IN NEED OF FINANCIAL ASSISTANCE IN THE FORM OF LOANS OR GRANTS:
This webinar will walk business owners and employers through the Coronavirus Aid, Relief, and Economic Security (CARES) Act stimulus bill, which will provide small business grants, forgivable loans, and tax relief.
All business owners who anticipate a need for financial assistance during the COVID-19 pandemic are encouraged to attend.
https://www.nfib.com/webinars/nfib-coronavirus-webinar-part-iii-financial-resources-and-updates-for-small-business/

And finally, I’ve attached the COVID-19-SBG to summarize most of the information you will get from the webinars if you are more of a visual learner.

WA STATE RESOURCES:
Get more information on Unemployment for your business thru state of WA here:
https://esd.wa.gov/newsroom/covid-19-employer-information

Get more information on Unemployment for your employees thru the state of WA here:
https://esd.wa.gov/newsroom/covid-19-worker-information

Get more information on unemployment for temporary layoffs, standby and furloughs in the state of WA here:
https://esd.wa.gov/unemployment/temporary-layoffs

Get more information on requesting a tax penalty waiver for quarterly employer payroll taxes for WA state here:
https://esd.wa.gov/employer-taxes/tax-penalty-waiver

OR STATE RESOURCES:
https://www.oregon.gov/DOR/Pages/index.aspx

I hope this helps! As always, please feel free to reach out with any questions you may have.

Warmly,

Joyce Kvalvik
Integrity Bookkeeping Solutions

NFIB COVID-19 Webinar Part II – Congressional and Legal Update for Small Businesses | NFIB

We are being showcased this week at Banner Bank in Salmon Creek! Stop by and tell Azar and Angie hi. Awesome folks down there!!

Year End Bookkeeping

December is upon us so it’s time to think about wrapping up your bookkeeping. If you’re already organized and up-to-date, this is a good time to check in with your CPA (we recommend https://www.lewisgroupcpas.com/) They can do a quick review and give you an estimate of what your tax obligations will be along with any possible tax saving ideas.

If you need some help getting (or staying) organized, here are some things to help you.

1. Reconcile bank statements. This helps make sure you have recorded all of your income and expenses. Include all of your checking and savings accounts along with any credit cards your business uses. I’ll take this opportunity to remind you that your business should have its own credit card.

2. Have you invoiced your customers for all of the goods and services you have provided to them? You want to make sure you get paid what you are owed.

3. If you have invoiced your cutomers, make sure thay have paid on time. Implement a system for following up with them if they haven’t paid. You want to keep the cash flowing in!

4. Review your expenses and the categories they’re in. You want to make sure you have everything in the right place since different items can have a different tax treatment. For example, Meals recorded under Office Supplies will cause a problem since only half of what you spend on meals is tax-deductible.

5. Don’t forget mileage. You have been keeping a log all year recording your business miles, haven’t you? If not, start now and you’ll be in the habit come January.

This should give you a good starting point to make sure you’re bookkeeping is organized and complete when it’s time to wrap everything up on December 31.