IntraScope Accounting Solutions, LLC
September 2005 Edition
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New Mileage Rate
I have to admit that the IRS has surprised me. Even though they don't normally raise the mileage reimbursement rate mid-year, the IRS has made a special adjustment for the final months of 2005.
The mileage rate will increase effective
September 1st through the end of the year to 48.5 cents per mile.
Many of my clients are sole proprietors or single member LLC's.
When asked for their tax identification number, the only number
they have is their social security number. My advice: never
give out your social security number unless you absolutely have
to. Many times you are giving this information to complete
strangers that aren't required to keep the information confidential.
You would be surprised how often this information is left lying
out on desks, in out-baskets, etc
The IRS allows you to file for a separate taxpayer identification number for any business you have. They have made it really easy to apply for this number by filing form SS-4 online. So if you are still using your social security number as your business taxpayer identification number, I would highly recommend you get a separate identification number today.
www.irs.gov
Change to Federal Payroll Tax Deposits
We have been notified by the IRS that starting
next year, they will no longer be printing out forms 8109-B or
the form you take to the bank when you are making a payroll tax
deposit. The IRS wants really is more convenient to make these
deposits electronically you to make these deposits electronically
or via the telephone. It because it only takes a couple of minutes
and you will save gas!
If you haven't already signed up for electronic
deposits you can call us and we can help or you can go to www.eftps.com
and sign up there.
Did you know......
A study by Hollinger and Clark explored several
different possible hypotheses to explain the why employees commit
fraud and theft. They looked at worker's personal financial problems,
a decline in employee honesty, inadequate controls, and workplace
dissatisfaction. They concluded that the problem was largely a
result of the workers' perception of job-related satisfaction.
Simply put, employees who like their jobs are less likely to engage in fraudulent behavior, including fraud and theft. They see that acting against the interests of their employers is a way of "getting back" at inequities such as inadequate compensation, unlikable bosses, and undesirable working conditions. Moreover, Hollinger and Clark observed that excessive controls are likely to make the situation worse, not better.
So does this mean we need to go through hoops to make sure everybody is a happy camper? Not at all! However, you should have reasonable internal controls in place to make it difficult to commit fraud. Keep in mind that there are few controls that cannot be circumvented by those with sufficient motivation. And finally, organizations with good controls have fraud, too.
Its our Anniversary!!!
On September 1st, we celebrated our seventh
year in business. We cannot thank you enough for your support
and referrals over the years. We are so fortunate to work with
all of you!!!
