The Importance of Updating the Beneficiary Form

by the Storen Team | Jan 20, 2020 | Businesses, Resources for Businesses, Retirement

Happy New Year, I am excited about the future and look forward to all that the year can offer. The first quarter is often the time that we all have our personal finances at the top of mind. With new employer benefits taking effect for the year, as well as preparing...

IMPORTANT: New IRS Requirement for All S-Corp Owners

by the Storen Team | Jan 15, 2020 | Businesses, Resources for Businesses, Taxes

We want to bring to your attention new compliance requirements from the IRS for S-Corporation shareholders. The IRS will now begin to audit shareholder basis statements. In 2020, they will begin to send audit letters to all shareholders who do not attach a basis...

REMINDER: 1099 Information for Subcontractors due January 31st

by the Storen Team | Jan 6, 2020 | Businesses, Taxes

Just a reminder to all our business clients that paid Subcontractors in 2019: The due date to send 1099s to a subcontractor and a signed Form 1096 to the IRS is January 31st! The IRS penalty for missing the January 31st deadline is $100 per subcontractor. If you would...

Fiduciary Responsibilities for 2020

by the Storen Team | Dec 10, 2019 | Businesses, Resources for Businesses, Retirement

In your business you wear many hats and managing your company’s retirement plan can be stressful and time consuming. However, as a fiduciary it is your responsibility to make sure the plan has the right mix of investments as well as ensuring the participants...

Tis the season… Holiday Bonuses

by the Storen Team | Dec 10, 2019 | Businesses, Resources for Businesses, Taxes

Common this time of year you will many want to reward your employees with a holiday bonus. This will recap how to remain compliant with the IRS and still be able to bring holiday cheer to your hard working employees. All cash bonuses are considered compensation, so...

QuickBooks Tip: Year end guide and checklist

by the Storen Team | Dec 5, 2019 | Businesses, QuickBooks, Resources for Businesses

Article from QuickBooks As the end of the year approaches, you will need to complete certain tasks in QuickBooks to close out the old year and prepare for the new one. The following sections can help guide you through these end-of-year tasks to make the ending of one...