| Subject | Date Asked | Expert |
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| back pay | 7/8/2009 | Shirley McAllister, CPP, PHR |
Q: I was recently told by our human resources department that I have not been getting paid as a ...
A: I do not believe that your wages were affected. A 10 month or a 12 month employee usually refers ...
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| Pension Plan | 7/8/2009 | Allen |
Q: I am fully vested in a pension plan called Equity services in a firm that I worked for 7 years. My ...
A: If you have not done so already, request IN WRITING that the company provide you with information ...
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| Paper work and an incoming job. | 7/6/2009 | Arthur Naman |
Q: My brother and I have started a screen printing service and I am his office manager. He will be ...
A: There is no specific answer to your question as it depends on how you run your business. For ...
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| Solo 401(k) Eligibility | 7/3/2009 | Allen |
Q: I recently switched jobs from the federal government (where I participated in the TSP (Thrift ...
A: If you are receiving income for your side business and that income is reported to the government on ...
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| Father's death and pension question | 7/2/2009 | Allen |
Q: My father and mother divorced in 1989. He retired in 1993 with a pension. He lived with a woman ...
A: The payment would be governed by the Beneficiary Designation on file with the Plan Administrator. ...
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| unvested funds | 7/2/2009 | Allen |
Q: If I was terminated without cause what happens to the unvested funds in my employer 401K plan? Also ...
A: The money that is not vested is forfeited and reallocated to the other participants in the plan. As ...
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| Rent prepayment | 7/2/2009 | Arthur Naman |
Q: How do i treat a rent prepayment of 6,600.00 paid on the 18/08/2008 in my books
A: When the rent is prepaid: cash credit prepaid rent debit "Prepaid rent" is a short-term ...
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| Unemployment Benefits | 7/1/2009 | Shirley McAllister, CPP, PHR |
Q: I was recently let go from my job (very unjustly but that's another matter) I filed for unemployment ...
A: The Department of Labor is investigating if it is pending. Please do keep reporting. They may go to ...
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| Unemployment Benefits | 7/1/2009 | Shirley McAllister, CPP, PHR |
Q: I was recently let go from my job (very unjustly but that's another matter) I filed for unemployment ...
A: I also do not wish it on anyone. Some landlords do understand and will work with you. It is very ...
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| Unemployment Benefits | 7/1/2009 | Shirley McAllister, CPP, PHR |
Q: I was recently let go from my job (very unjustly but that's another matter) I filed for unemployment ...
A: It is not legal and the company should pay a huge fine and penalty for not paying their unemployment ...
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| Profit Sharing Plans | 6/30/2009 | Arthur Naman |
Q: Are there any periodic reporting requirements to employees on their account values in the company's ...
A: I expect there is: however, I cannot point to an IRS Code section or other reference to support my ...
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| Accounting | 6/29/2009 | Arthur Naman |
Q: I just started working as an intern with a company. what are the first things i should look for in ...
A: Begin by seeking advice from the CPA or whoever is preparing their annual tax returns. Find out what ...
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| accounts | 6/28/2009 | Arthur Naman |
Q: Respected sir I have been given the subject of accounts to teach to PG students(no option)but i ...
A: By "accounts" do you mean the setup of the chart of accounts? -- What is a short term asset, long ...
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| Retirement contribution "matching" | 6/26/2009 | Shirley McAllister, CPP, PHR |
Q: Ms. McAllister, I am looking for a basic explanation of what "matching" is. If I contribute 2% of ...
A: Your company must have a government approved retirement plan in order to do this. The money you ...
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| Current Ratio | 6/26/2009 | Arthur Naman |
Q: Sir, what happened when we use cash i.e current assets to pay the account payable i.e current ...
A: I have copied the figures below from a spreadsheet; I hope you can read them okay. In this example, ...
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| Current Ratio | 6/26/2009 | Arthur Naman |
Q: Sir, what happened when we use cash i.e current assets to pay the account payable i.e current ...
A: Well, write down an example of current assets and current liabilities. Then reduce current assets by ...
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| When would you take a reserve on cash receipts? | 6/24/2009 | Arthur Naman |
Q: Let's say company A receives some cash from a settlement with company B. If Company A believes that ...
A: I understand that the payment received may have to be returned. I would expect that during the ...
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| When would you take a reserve on cash receipts? | 6/24/2009 | Arthur Naman |
Q: Let's say company A receives some cash from a settlement with company B. If Company A believes that ...
A: Your question is a little confusing. If you have received the cash settlement, then what difference ...
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| Expenditure on fixed assets | 6/22/2009 | Arthur Naman |
Q: How do i treat the purchase of a used spare part for an equipment eg CAT BULLDOZER. Eg. purchased ...
A: Generally, the transaction would be: Fixed assets $2,000 debit Cash $2,000.00 ...
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| Pension refound/ cash out | 6/22/2009 | Shirley McAllister, CPP, PHR |
Q: maybe You can help me with pension question. i have worked in california for 3 years in 1958-61. i ...
A: What type of pension do you refer to? Did you pay private pension or 401K? If so than you would ...
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| Employer refuses to pay valid FlexSpend expenses | 6/20/2009 | Shirley McAllister, CPP, PHR |
Q: My husband left this company before the end of 2008. AFLAC manages they FSA and Dependant care ...
A: FSA plans are regulated by the IRS and the Department of Treasury and are considered a group health ...
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| Docking practice by employer | 6/18/2009 | Shirley McAllister, CPP, PHR |
Q: this time is unpaid as it allows me to get to my work station, is this legal? Also, if I am late ...
A: You must be paid from the time you clock in on the clock to work until the time you clock out. It ...
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| Flexible Spending Account Refund | 6/17/2009 | Arthur Naman |
Q: We received our refund for unused FSA funds for 2008. It is larger than was estimated and is being ...
A: I am a little unclear as to whether you are an employer or employee based on the wording of your ...
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| Payroll taxes | 6/16/2009 | Arthur Naman |
Q: I work for a small company where we get a bonus at the end of the year for meeting our yearly ...
A: Keep in mind that an employee stock option plan is a type of pension plan. As such, it is not a ...
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| Accounting of Post dated cheques | 6/10/2009 | Arthur Naman |
Q: Can I account these cheques and knock off the receivables from my account. and show the chques in ...
A: I do not believe the A/R should be recorded as paid until you have unrestricted access to the funds. ...
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| Flood loss to inventory | 6/10/2009 | Arthur Naman |
Q: Book keepingI have inventory that cost $20,000. Due to a flood, I lost $16,000 worth. The ...
A: Setup an account called "inventory loss account" or something like that. Then credit your inventory ...
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| Wait staff tip/wage rules- Wisconsin | 6/8/2009 | Arthur Naman |
Q: I know of an employer who "keeps" 3% of the employee credit card tips (I suppose to cover the ...
A: You will need to talk to an employment attorney in that state; I am in Texas. This is not really an ...
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| reimbursement for mileage | 6/8/2009 | Shirley McAllister, CPP, PHR |
Q: In California, what is the typical per-mile reimbursement paid to an employee?
A: Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or ...
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| reimbursement for mileage | 6/8/2009 | Shirley McAllister, CPP, PHR |
Q: In California, what is the typical per-mile reimbursement paid to an employee?
A: Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or ...
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| Single Member LLC tax question | 6/6/2009 | Arthur Naman |
Q: I have set up a single member disregarded LLC for consulting. Can I avoid paying quarterly estimated ...
A: No, quarterly payroll taxes are due regardless of the pay period: weekly, biweekly, semimonthly or ...
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| w2 witholding | 6/6/2009 | Shirley McAllister, CPP, PHR |
Q: Although I am retired from IBM, earlier this year I settled a law suit. The settlement was taxable. ...
A: No w-2 0r w-4 was used to calculate this payment. This payment was calculated on supplementary pay ...
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| pension overpayment | 6/5/2009 | Arthur Naman |
Q: I've just been notified that I have been overpaid in my pension by 72,000.00 and they are demanding ...
A: First, I would strongly recommend your talking to an employment attorney. The question of your not ...
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| Timing of pension payouts? | 6/5/2009 | Allen |
Q: Once a person retires and has submitted their pension election choice to their company, how long is ...
A: The answer under most circumstances is payments should commence "as soon as administratively ...
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| 401k Rollover as Seed Capital into my Start-up | 6/5/2009 | Arthur Naman |
Q: I'm starting a company and want to use my 401k as seed capital. I've heard it is doable but nothing ...
A: I am not a retirement specialist. With that said, I am not aware of an exception the the penalty for ...
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| forming a small business | 6/3/2009 | Arthur Naman |
Q: I am in NYS, wanted to form a small business single person operation from home, I do have a full ...
A: I assume NYS is New Your State. Although your question is experessed simply, it in fact more ...
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| Profit Sharing Plan--Change of Investment Co | 6/1/2009 | Allen |
Q: I am a participant in a Profit Sharing Plan & Trust with a privately held co. The company has ...
A: Unfortunately, everything that was done meets the requirements of the law. However, there are a ...
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| biweekly paydays | 5/29/2009 | Shirley McAllister, CPP, PHR |
Q: We get paid on the 15th and 30th of each month. Our employer states that if the last day of the ...
A: If the payday falls on Sunday and the company is closed than you may be paid on the next business ...
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| Are Pensions Secure | 5/29/2009 | Allen |
Q: I am currently retired and have 3 other pensions on top of my Social Security as my monthly income. ...
A: Under almost all circumstances the pensions are secure. The money in the pension trust account is ...
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| Pension | 5/23/2009 | Allen |
Q: If a company fires you for just cause, and you are fully vested, are they required to pay you your ...
A: I am not familiar about the laws in Missouri. However, federal law does pre-empt stae law and under ...
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| Normalized Income Statement | 5/23/2009 | Arthur Naman |
Q: I am looking to buy a business, I was told the best way to look at how much the business makes is to ...
A: I found -- Normalize means: Removing items from the income statement or balance sheet that do not ...
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