Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-16-2011, 02:24 AM
Junior Member
 
Join Date: Apr 2011
Posts: 1
former employee stole records

I had two employees sabotage my business and open up their own business just like mine. Both only worked there for less than two months. One employee was my assistant who was responsible for making sure the bills were paid. She said she got the new business liicense ( she even brought me a check to sign) but she didnt. She purposely didnt pay a crucial vendor and now they will not let me go thru them for product. When I caught on that something was wrong the two employees stole the tower that had all records for the year and took all reciept books and employee records, Now its tax time and I dont even know where to begin. I have only my check register, but I used money out of my daily sales to buy product with cash plus withdrew daily for purchasing product with cash. Sometimes withdrawing money and not using it and redepositing it that night. Plus we later found out they were stealing from the register. Its such a mess. What do i do when i dont have p.o.s or reciepts for anything?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-16-2011, 05:12 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,227
“What do i do when i dont have p.o.s or reciepts for anything?”---->I guess the wisest thing to do is to contact IRS regional office nearest you in your local area to consult with an appropriate agent ( on your taxation issue). Needless to say, you can never file accurate business return without accurate business receipts, records, or documents. I am NOT sure if this is case for you. However, as long as(IF) you maintain your records electronically or properly in a software program, the data can be exported to various tax preparation programs to assist you at tax time. In certain situations, taking deductions without a receipt is actually sanctioned by the IRS. You still need to file a return if there is nothing to report for the tax period; a "zero" return is required to be filed by the due date, even if there is no tax information to report or tax to be remitted. In general, as a business owner, as long your net business earnings is $400 or over $400, you need to file Sch C and as long as the amount on 1040 Sch SE line 4 is also $400 or exceeds $400, you need to pay your self-employment tax, 13.3% of your self employment income, for 2011. If you are filing as a sole proprietor, partner, S corporation shareholder, and/or a self-employed individual, you generally have to make estimated tax payments if you expect to owe tax of $1,000 or more when you file your return.However, you do not have to pay estimated tax for the current year if you had no tax liability for the prior year: you were a U.S. citizen or resident for the whole year: your prior tax year covered a 12 month period. As a small business owner, chances are good that you will have to make estimated tax payments. If you are required to make estimated tax payments, then to avoid underpayment penalty, you must add up to the lower of these two amounts: (1) 90 percent of the tax you owe for the current year, or (2) 100 percent of the tax you owed for last year. If your 2010 adjusted gross income was more than $150,000 (more than $75,000 if married filing separately,) substitute 110 percent for 100 percent in the preceding sentence.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Tips for Managing Your Tax Records Samatg For 2010 1 11-21-2011 01:01 AM
Does an employer have to certify an employee with the Alabama Department of Revenue (ADOR) by proving the unemployment status of the employee? TaxGuru Alabama 0 07-13-2010 08:45 PM
How Long should a Taxpayer keep his Corporate Tax Records? TaxGuru C-Corporation 0 07-02-2009 10:23 AM
How long must I keep my accounting and tax records etc? chrisk C-Corporation 0 05-16-2007 09:06 AM
What are the minimum accounting records required by IRS? Leah Limited Liability Company 2 05-14-2007 04:16 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning