Bob Parrish CPA, P.C. Send email to pro1040@home.com (Hint: Any topic can be read in full screen by rt-click, then new window)
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Introduction
Objectives - Your Question
Analyses
Plain English Analysis - Your Answers
Increase Wealth
How To Do This
Tools
A few closely related topics & pages From Bob Parrish CPA PC:
| Poor old Sue Started a set of books anew without reading these lines few and now Sue is in a Stew |
Client Letter - What this idea is about
Description / Scope / Skill Level Pre-requisite Knowledge Type in this area an introduction to this topic. State what it is about, state whether this is an introduction, beginner level, imd or advanced. State whether any special knowledge is required - for example, law, mathematical, management, knowledge of a specific industry, etc. Topic - Objective - Purpose Why This Is Important: Usefulness General Benefits 7 Objectives: Text Time Estimate: Who Materials - Equipment-Tools - Library Resources: Who Who This Applies to: WhoWhen to Perform: WhenSpecial Circumstances: Warnings & Special Circumstances TOP
Engagement Status LetterYou have not engaged Bob Parrish CPA PC, Bob Parrish CPA, pro1040, Consulting on line, any related parties, or the ISP to perform any services for you or offer you advice. This entire site is for educational or informational purposes only. You are not to use the forms, concepts, strategies, or knowledge without assistance from a professional. The author, the corporation, the ISP, Bob Parrish CPA, Bob Parrish CPA, P.C. or other parties related to those or this site do not guarantee or warrantee in any manner the suitability, usefulness, accuracy, timeliness, or results of any portions of this site, nor the links contained in this site which link to other areas. At times, information is taken from other sources and is believed to be accurate, but no verification or confirmation is performed. Furthermore, if any federal or state law invalidates a portion of this disclaimer, the other portions still apply. In addition, any allegations or actions are restricted to arbitration only and must be arbitrated by the Better Business Bureau in Sarasota Florida. Reading of these pages constitutes complete acceptance and agreement with all disclaimer provisions on all pages of this site. ....... Thursday, February 22, 2007 02:28 AM
Learning Objectives (What You Asked)YOUR QUESTION(S) Objective one
What You Will Need
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Plain English Analysis What it does, Why it works - The Answer, Alternatives
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YOUR ANSWERS What it does, Explanation of this topic and how it may affect you: IRS Forms that apply to this topic: 4070-A Employee's Daily Record of Tips; 4070 Employee Report to Employer; 8027 Employer's Annual Information Return of Tips, Income & Allocated Tips (see 8027 instructions); W-2 & W-3; State Unemployment Tax Report; 941 Federal Unemployment Tax Report. (Also refer to form 4137 which is used by the workers on the worker's personal income tax return) Introduction & Summary: Your employees who receive tips of $20 or more in a calendar month while working for you are required to report to you the total amount of tips they receive. They must give you a written report by the tenth day following the month they received the tips. Employees who receive tips of less than $20 in a calendar month are not required to report their tips to you for that month. Employees must report to you tips received directly from customers, tips from other employees, and tips that customers charge to their bills. Service charges that are added to a bill and then paid to your employees are not considered tips. Employees can use Form 4070-A, Employee's Daily Record of Tips, to keep a daily record of their tips and Form 4070, Employee's Report of Tips to Employer, to report their tips to you. When you receive the tip report from your employee use it to figure the amount of social security, medicare, and income taxes to withhold for the pay period on both wages and reported tips. You are responsible for paying the employer's portion of the social security and medicare tax. You must collect the employee's portion of the social security and medicare taxes and the income tax. You can collect these taxes from the employee's wages or from other funds the employee gives you up to the close of the calendar year. If you don't have enough money from the employee's wages and other funds, apply them in the following order. First, withhold all taxes due on regular wages. Second, withhold social security and medicare taxes due on reported tips. Finally withhold any federal, state, or local income tax on reported tips. You can withhold any remaining unpaid taxes from the employee's next paycheck. If you cannot collect all of the employee's social security and medicare taxes on tips, show the uncollected amount in Box 13 on the employee's Form W-2, Wage and Tax Statement. Also show the uncollected amount as an adjustment on your Form 941, Employer's Quarterly Federal Tax Return. When preparing your employee's Form W-2, include the tips reported to you in Box 1, Wages, tips, and other compensation, Box 3, Medicare wages and tips, and Box 7, Social security tips. When figuring your liability for federal unemployment tax add the reported tips to your employee's wages. If you operate a large food or beverage establishment where tipping is customary and you normally employ more than ten people on a typical business day, you must file Form 8027, Employer's Annual Information Return of Tips Income and Allocated Tips, each calendar year. If you have more than one food or beverage operation, you must file a separate Form 8027 for each. Form 8027 is due on the last day of February of the next year and is filed with the Internal Revenue Service Center, Andover, Massachusetts, 05501. If the total tips reported by all employees are less than 8 percent of your gross receipts (unless a lower rate has been approved by the IRS), you must allocate the difference among the employees who received tips. The allocation may be based on each employee's share of gross receipts or share of total hours worked, or on a written agreement between you and your employees. Show the amount allocated in Box 8, Allocated Tips, of the employee's Form W-2. Do not withhold income, social security or medicare taxes on allocated tips. If you are required to allocate tips, your employees must continue to report all tips to you, and you must use the amounts they report to figure payroll taxes.
Start of Plain English Section Why or How it works - Both Sides of the Equation and Examples: Start of Plain English Section Start of Plain English Section Start of Plain English Section Other Start of Plain English Section Reserved
Start of Plain English Section
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Technical Analysis & Citations What It does, Why it works -
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CommentaryStart of Revenue Procedures Section Start of Private Letter Rulings
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Tax KillersThis is about Activity Based Taxplanning - maximizing deductions, minimizing cash outlay and maximizing the amount of cash retained and the net worth. Activity Based Taxplanning (ABT) is a methodology developed by Bob Parrish CPA, that assists people with the tax issues by focusing on the activity (or actions - events) that are being undertaken or contemplated (or have already taken place). The, research is compiled from the myriad of sources to help you complete the activity with the least tax cost, while maintaining compliance the tax laws, other laws and regulations and place yourself in a position to protect your objectives. Tax is a subject that many view in order to cut costs. Taxes are a cost just as any other cost. It happens this cost is somewhat intangible and is defined by legislation without a tangible item to view and control. The money is spent and the control of the expenditure is more appropriately administered by someone trained in the law.
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Cost Killers Management Info Sys, Cost Acctg, Activity Based Costing)This is about Activity Based Costing - methods to cut costs, management accounting, management information systems, decision support systems - in general about being a manager.
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Preparing for your CPA, attorney, or preparing to start your own What to gather -
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From Your Other Business, or Financial Records From Corporation Records or Organization Records (meetings, etc.) Start of Preparing For You CPA Section
Forms - checklists, time-line to do, etc. Assistance - What To Do -
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Financial Accounting: Bookkeeping & Financials
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Financial Statement Presentation Back to Start of Financial Accounting: Bookkeeping & Financials Back to Start of Financial Accounting: Bookkeeping & Financials Back to Start of Financial Accounting: Bookkeeping & Financials Back to Start of Financial Accounting: Bookkeeping & Financials Bookkeeping Methods - Cash, Accrual and Other Back to Start of Financial Accounting: Bookkeeping & Financials How the Business Entity Affects the Recording
Compliance - what is required for protection, defense, etc.Compliance Checklist Back to Start of What is required for protection, defense, etc.
Alerts & Dangers - Risks, Asset Protection, IRS DefenseClick on the title to expand or collapse the topics
Back to Start of Alerts & Dangers Back to Start of Alerts & Dangers Back to Start of Alerts & Dangers Back to Start of Alerts & Dangers
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Spreadsheets & Computations
Spreadsheet #1 Back to Start of Spreadsheets & Math
Contracts, Trusts, etc.Agreement #1 Back to Start of Contracts, Trusts, etc.
Reports RequiredReport #1 Back to Start of Reports Required
Checklists for DeploymentChecklist #1 Back to Start of Checklists - Deployment
Checklist for MonitoringChecklist #1 Back to Start of Checklist - Monitoring
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