Accounting

Accounting Services Offered By LB Bookkeeping & Payroll Services, Inc.

Accounts Receivables

What Are Accounts Receivables?

Money which is owed to a company by a customer for products and services provided on credit. This is treated as a current asset on a balance sheet. A specific sale is generally only treated as an account receivable after the customer is sent an invoice.

Accounts Payable

What Are Accounts Payable?

Money which a company owes to vendors for products and services purchased on credit. This item appears on the company’s balance sheet as a current liability, since the expectation is that the liability will be fulfilled in less than a year. When accounts payable are paid off, it represents a negative cash flow for the company.

Create and Send Invoices

What Is An Invoice?

A bill issued by one who has provided products and/or services to a customer. In asset-based lending, invoice means account receivable.

New Hire Reporting

What is the New Hire Reporting Program?

New hire reporting is the process by which you, as an employer, report information on your newly hired employees to a designated state agency shortly after the date of hire. New hire reports are matched against child support records at the state and national levels to locate parents who owe child support. This is especially helpful for interstate cases (in which one parent lives in a different state from his or her child), which are often the most difficult cases for states to resolve.
Read more about new hire reporting here.

Quarterly and Year End Payroll Tax Forms

IRS 940 Form

File Form 940 to report your annual federal unemployment (FUTA) tax. You, as the employer, must pay this tax. Do not collect or deduct it from your employees’ wages. Use Form 940-EZ, a less complicated version of Form 940, to report your annual FUTA tax if you paid unemployment taxes to only one state, you paid these taxes by January 31, and all wages that were taxable for FUTA tax were also taxable for your state’s unemployment tax.

 

IRS W-2 & W-3 Tax Forms

IRS tax forms are used for taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS) of the United States. They are used to report income and calculate taxes to be paid to the federal government of the United States.

 

State Withholding Reconciliations Form

This form reconciles all of a company’s W-2’s into one cohesive state withholding document.
IRS 1099 Form. Form 1099 is a form promulgated by the Internal Revenue Service (IRS) and is used in the United States income tax system to prepare and file an information return to report various types of income other than wages, salaries, and tips (for which Social Security Administration Form W-2 is used instead). The term information return is used in contrast to the term tax return although the latter term is sometimes used colloquially to describe both kinds of returns.

IRS 1093 Form

If you withheld any Colorado income tax from any employee and filed Form DR 1094. You must also file this annual report. No report is required to be filed if you DID NOT withhold any Colorado income tax from ANY of your employees during the year. You also must attach each Form W-2 on which there was any state of Colorado income tax withheld.

FORM 941 – Employer’s Quarterly Federal Tax Return

Employers are required to withhold social security tax and Medicare tax from wages paid to all employees. The social security tax rate is 6.2% of the first $90,000 of each employee’s 2005 wages and the Medicare rate is 1.45% of all wages for a combined rate of 7.65% on wages up to $90,000 and 1.45% thereafter. The employer must match this amount withheld from the employees’ wages. The total of these taxes withheld, plus the employer match amount, plus the amount of federal income taxes withheld from each employee’s wages represent the amount of federal employment taxes that must be reported and remitted to the IRS.

LB Bookkeeping and Payroll Services, Inc. fills out the following Quarterly Reports:

State Unemployment
State Withholding
Occupational Tax

Works Cited: Sanders CPA, Wikipedia, IRS, Intuit