• Seven things you should know about checking the status of your tax refund
• Where's my refund?
• Suggested chart of accounts
• Tax due dates
SEVEN THINGS YOU SHOULD KNOW ABOUT CHECKING THE STATUS OF YOUR REFUND.
1. Online Access to Where's My Refund? is an interactive tool on IRS.gov and the fastest, easiest way to get information about your federal income tax refund. Whether you split your refund among several accounts, opted for direct deposit into one account, used part of your refund to buy U.S. savings bonds or asked the IRS to mail you a check, Where's My Refund? gives you online access to your refund information nearly 24 hours a day, 7 days a week. It's quick, easy and secure.
2. When to Check Refund Status If you e-file, you can get refund information 72 hours after the IRS acknowledges receipt of your return. If you file a paper return, refund information will generally be available three to four weeks after mailing your return.
3. What you need to check refund status:
– your social security number or individual taxpayer identification number
– your filing status which will be single, married filing joint return, married filing separate return, head of household or qualifying widow(er)
– exact whole dollar refund amount shown on your tax return
4. What you can find out, once you enter your personal information:
– acknowledgement that your return was received and is in process
– the mailing date or direct deposit of your refund
– notice that the IRS could not deliver your refund due to an incorrect address, in which case you may be able to change or correct your address online using Where's My Refund?
5. Where's My Refund? also includes links to customized information based on your specific situation. The links guide you through the steps to resolve any issues affecting your refund. For example, if you do not get the refund within 28 days from the original IRS mailing date shown on Where's My Refund?, you may be able to start a refund trace.
6. Where's My Refund? is accessible to visually impaired taxpayers who use the job access with speech screen reader, with a Braille display is compatible with different JAWS modes.
7. If you do not have internet access, you can check the status of your refund in English or Spanish by calling the IRS Refund Hotline at 800.829.1954 or the IRS TeleTax System at 800.829.4477. When calling, you must provide your Social Security number, filing status and the whole dollar refund amount shown on your return.
Refund checks are normally sent out weekly on Fridays. If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back.
SUGGESTED CHART OF ACCOUNTS.
In many ways, the chart of accounts you use for your business accounting will determine or, at the least, significantly impact (1) the amount of effort involved in doing the accounting process for your business and (2) the amount and quality of the information you get out of that process. Too much detail will multiply your workload, while too little detail will mask critical information that is required for understanding your financial information and making critical business decisions. A properly structured Chart of Accounts can help you manage your business more effectively!
The following is a descriptive outline of the generic Chart of Accounts we recommend for our clients. It lists the Balance Sheet and Income Statement accounts needed to properly account for most small businesses like yours. You will note that, in certain critical areas such as Sales, Cost of Sales, and Payroll Expense, this listing contains only a range of account numbers. These sections reflect the "personality" of your business and are unique to each company. We will be happy to sit down with you and carefully structure these sections of your own Chart of Accounts, to help minimize your accounting efforts and maximize the critical management information you need to run your business.
101 Cash on Hand: Includes petty cash funds and any cash fees received from clients that have not been deposited.
102-108 Cash in Banks: Includes company checking and savings account balances.
109 Cash Clearing: Used by Accountant for Bank
116 Accounts Receivable – Trade: all revenues and fees due from clients or customers
117 Accounts Receivable – Other: all other revenues and fees due from outside parties
118 Notes Receivable: amounts due from others under note obligations
119 Employee Advances: all advances paid or loans made to employees such as advance payments of salary or hourly wages, travel advances, or other loans that have not yet been paid back
120-130 Inventory: current or estimated value of inventory on-hand at current balance sheet date or most recent measurement date.
131 Prepaid Interest: prepaid interest amounts to be amortized over current year.
132 Prepaid Rent: rent paid in advance of rental period (example: rental contract requiring first and last months rent).
133 Prepaid Insurance: insurance premiums to be amortized over term of insurance contract
134 Prepaid Other Expense: other prepaid expenses
141 Land: total purchase price attributable to land, and cost of all expenditures for land improvements
142 Buildings: Total purchase price of buildings
144 Leasehold Improvements: total cost of all capital expenditures for capital improvements
146 Furnishings, Fixtures & Equipment: cost of office furniture, office machines and other equipment with a useful life of greater than one year. If the asset has personal usage, include only the portion of the cost of the asset attributable to business operations
148 Transportation Equipment:
149 Accumulated Depreciation:
162 Investments: long-term business investments (cash, Certificates of Deposit, stocks, marketable securities, etc.)
172 Software: initial cost of software
173 Accum Amortization Software: to-date amount of software cost that has been charged to expense (see account 960)
182 Franchise Fee: amount of franchise fee
183 Accum Amortization Franchise Fee: to-date amount of franchise fee that has been charged to expense (see account 961)
184 Non-Compete Covenant: non-competition covenants purchased with business.
185 Accum Amortization Non-Compete Covenant: to-date amount of non-competition covenants that has been charged to expense (see account 963)
186 Organization & Start-up Cost: Includes costs attributed to organizing and establishing business entity, such as legal fees, incorporation fees, registration of trademarks and business names, etc.
187 Accum Amortization Organization & Start-up Cost: amount of organization and start-up costs that has been charged to expense (see account 965)
188 Other Assets: costs of other intangible assets purchased with and related to business
189 Accum Amortization Other Assets: to-date amount of other assets that has been charged to expense (see account 967)
190 Security Deposits: cost of all refundable security deposits. Non-refundable deposits should be charged to expense when paid, or else amortized over life of agreement
191 Goodwill: excess value of purchase price of business over net realizable value of business assets
205 Accounts Payable Trade: all trade liabilities maturing in one accounting period or less, such as vendor invoices, etc.
206 Accounts Payable Other: all other liabilities maturing in one accounting period or less
208 Lease Contract Payable: current portion of capitalized Lease Contracts (i.e. principal amounts due and payable next twelve months)
210 Notes Payable: current portion of amounts payable to others under notes obligations (i.e. principal amounts payable within next twelve months)
211 Credit Cards Payable: unpaid balances due on company credit cards or other revolving credit accounts
232 Accrued FICA and Withholding Tax: employer share and amounts withheld from Employees for Federal Withholding tax and FICA taxes. Monthly or quarterly tax deposits for Form 941 should be charged to this account
233 Accrued State Withholding Tax: employer and employee amounts due under state income tax laws. Monthly or quarterly payments of State withholding taxes should be charged to this account
234 Garnishments: amounts withheld from employee pay and payable to third parties or government entities under garnishment orders. Payments of garnishments withheld from employees should be charged to this account
235 Accrued Unemployment Tax: employer’s share of federal and state unemployment insurance due. Payments of monthly or quarterly State or Federal (Form 940) unemployment deposits should be charged to this account
236 Sales and Use Tax Payable: sales tax collected but not yet paid, as well as Use Tax due on purchases. Payments of monthly or quarterly sales taxes should be charged to this account
237 RE & Personal Property Tax Payable: Real Estate & Personal Property tax due (primarily for Accrual base taxpayers – consult with your Advanced Small Business Solutions Accountant before using this account)
240 Accrued Salaries & Wages: accrued salaries & wages expense (for accrual base taxpayers)
245 Customer Deposits: amounts collected from customers for future purchases or work in-process
LONG TERM LIABILITIES.
261 Lease Contracts Payable Long Term: non-current portion (i.e. principal amounts not payable within next twelve months) of amounts payable to others under capitalized lease obligations
262 Note Payable Long Term: non-current portion (i.e. principal amounts not payable within next twelve months) of amounts payable to others under notes obligations
263 Due Officers & Shareholders: loans from and other amounts due to officers and Shareholders
264-277 Other Notes Payable Long Term: non-current portion (i.e. principal amounts not payable within next twelve months) of amounts payable to others under notes obligations
*Do not charge any amounts directly to the accounts in the equity section of the balance sheet without first consulting with your Advanced Small Business Solutions Accountant.
281 Capital Stock: (corp only) capital contributions (partnership llc) for corporations, includes the stated value of capital stock issued and outstanding. For partnerships or llcs include partners'/ members' capital contributions.
283 Retained Earnings: finalized to-date corporate earnings for prior years.
284 Undistributed Taxable Income: (s-corp only) income earned as a c-corp prior to electing s-corporation status. Distribution of this income should be done only in consultation with your Advanced Small Business Solutions accountant.
285 Accumulated Adjustment Account: (s-corp only) earnings withdrawn from the company for all completed prior years.
287 Current Year Distribution: (s-corp only) earnings withdrawn from the company during the current year.
290 Owners Drawing: (sole proprietor only) earnings withdrawn from the company during the current year.
296: Unadjusted Prior Year P/L: preliminary earnings of the company for the prior fiscal year before completion of tax return and final close-out of year. This account will be closed out after completion of tax return.
Profit/Loss: to-date earnings of the company for the current year.
Sales: the sales revenue reported on this statement should include only revenue earned in the current period.
301-399 Sales Revenue: sales revenue received or earned for sales of products and services during the current accounting period.
COST OF SALES.
402-439 Cost of Sales: purchase and production costs directly related to products and services sold during the current accounting period.
GROSS PROFIT. equals total sales less total cost of sales.
OPERATING EXPENSES. regular monthly payroll and other expenses of the business that are not directly related to sales revenue. The expenses charged to this statement should include only those expense amounts directly related to operation of the business and chargeable against sales revenue earned in the current or prior accounting periods.
Any prepaid or deferred expenses that apply against future revenues should be pulled out of operating expense and included in prepaid expenses under the assets section of the balance sheet.
Any business revenues or charges not directly related to operation of the business (example: sublease of a portion of your office space) should be recorded as other income and other expense.
*For any personal expenses or charged paid by the business that are not related to the operation of the business, consult with your accountant.
PAYROLL AND RELATED EXPENSES.
451-474 Wages and Salaries: wages, salaries and other compensation paid to regular full and part time employees.
481 FICA Tax: cost of employer matching of social security tax.
482 Unemployment Tax: state and federal unemployment compensation taxes.
483 Employee Insurance and Benefits: gross cost of company-supplied insurance and other benefits programs.
484 Employee Med. Reimbursements: amounts withheld from or paid by employees for company supplied insurance and other benefits programs.
485 Workers Compensation Insurance: cost of worker's compensation insurance.
OTHER GENERAL & ADMINISTRATIVE EXPENSES.
509 Outside Services: charges for temporary outside help or services.
510 Operating Supplies: cost of supplies used for company operations that are not directly related to products and services and included in cost of sales.
511 Small Tools: cost of small tools purchase for use in the business.
512 Postage & UPS: all charges for stamps, UPS or any other type of delivery service used in sending or receiving business data.
520 Rent: charges paid for rent of office or storage space. Does not include rent or lease of vehicles or transportation equipment, which should be charged to account 553 – vehicle lease expense.
521 Equipment Rental: all equipment rented under short-term rental agreements or non-capitalized leases.
526 Utilities: charges for heat, light, power etc.
529 Telephone Expense: all charges billed except for directory advertising.
530 Repairs and Maintenance: charges for regular repairs and maintenance of business assets, except for repairs that significantly enhance the usefulness or extend the life of the asset. Those types of charges should be included in the appropriate asset account on the balance sheet (141-148) and depreciated over the life of the asset.
533 Security: cost of security services, alarms, guard services, etc.
534 Advertising & Promotion: costs of advertising and promotion, including the portion of the telephone bill applicable to directly advertising, placement of help wanted ads, signs, business cards etc.
535 Insurance Expense: insurance charges for office contents, professional liability, business liability, etc. Do not include auto insurance, which should be charged to vehicle expense.
538 Meals & Entertainment: business meals while traveling as well as funds spent for client entertainment.
359 Travel & Lodging: business travel such as air fare, hotels, rental cars, taxi or limo, tips, etc. Does not include costs of meals or entertainment, which should be charged to meals and entertainment.
540 Property & Other Taxes: any other taxes related to business or professional assets and activities other than payroll taxes or state and federal income taxes.
544 Sales & Use Tax: sales and use tax paid by company that is not collected from customers, or that is collected from customers but not segregated from reported sales revenue.
548 Permits and Licenses: cost of all business permits and licenses.
550 Internet Expense: any business loan interest charges (auto, buildings, equipment).
551 Bank Charges: all bank-related charges for accounts such as service fees, lock-box or safety deposit boxes or other bank fees.
552 Vehicle Expense: items such as gas, oil, repairs, insurance, tires, etc. It also includes any employee reimbursements for mileage on personal vehicles. Records should be retained with payment documentation for documentation of miles traveled and purpose of trip.
554 Vehicle Lease Expense: lease costs for vehicles leased by the company. Costs of operating leased vehicles should be included in vehicle expense.
564 Legal and Accounting: cost of professional legal and accounting services.
566 Office Expense: charges for office supplies such as stationery, forms, pens and pencils, maintenance contracts on office machines, incidental office furniture and other office equipment not subject to depreciation and any other incidental office expenses.
567 Bad Debts: charges and collection fees related to collection and/or write-off of uncollectable portion of accounts receivable. Only aged items should be recorded as bad debts. Write-off of current receivable should be recorded as sales returns.
574 Amortization: current year amortization of intangible assets.
574 Amortization: current year amortization if intangible assets.
575 Depreciation: current year depreciation of fixed assets.
576 Professional Development: cost of seminars, schools, and other forms of professional development.
580 Dues & Subscriptions: charges for memberships in professional or business organizations and all publications.
581 Laundry & Uniforms: costs of obtaining and maintaining company-required and company-supplied employee clothing or uniforms.
585 Contributions: charitable contributions to qualified tax-exempt charities and other qualified organizations.
595 Miscellaneous Expenses: charges for any items not included in any of the above operating expense accounts.
OTHER INCOME AND EXPENSE.
901 Interest Income: interest on bank accounts, investments or accounts receivable owned and maintained by the business.
902 Other Income: any other business revenue received by the company that is not related to ongoing operation of the principal business (example: rental revenue from sublease of a portion of a business facility).
951-97 Other Expense: any other expenses incurred by the company that are not related to operation of the business.
TAX DUE DATES.
If a due date falls on a Saturday, Sunday or legal holiday, the next business day becomes the due date.
Individual Income Taxes: Estimated tax payments for individuals and businesses are due on April 15, June 15, September 15 and January 15. State Income Tax deposits are due on the 15th of April, June, September and December
Corporate Income Taxes: Tax deposits are due on the 15th day of the 4th, 6th, 9th and 12th month of the fiscal year.
Payroll Tax Deposits: Deposits are made on either a monthly or semi-weekly basis. The determination of which deposit schedule applies will be made for the calendar year by looking back at the employment taxes reported for the 4 quarters ending the previous June 30 of the calendar year.
Employers who reported $50,000 or less will deposit monthly by the 15th day of the following month. Those reporting more than $50,000 must deposit semi-weekly. For paydays on Wednesday, Thursday or Friday, the deposit is due the Wednesday after payday. For all other paydays, the deposit is due by the Friday following payday.
All new firms will be monthly depositors. Firms amassing $100,000 or more at any time must deposit the funds by the next business day.
As an accounting, bookkeeping and tax firm, we collect nonpublic personal information about you from some or all of the following sources:
• Information received from you on applications, tax preparation worksheets, organizers and supporting schedules we use in preparing your tax returns and other forms.
• Personal interviews, meetings and conferences with you.
• Information received from you and others about your transactions with others and with us.
• Information received from consumer reporting agencies.
We do not disclose any nonpublic personal information about our clients or former clients to any third parties, except as permitted by you or required by law.
We restrict access to nonpublic personal and account information about you to those of our employees or contractors who need to know that information in order to provide products or services to you.
We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.
Please let us know if you have questions about the above information. And thanks so much for the opportunity of serving you. We truly appreciate your patronage.