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News from
Cheri Grimm
Bookkeeping
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In This
Issue:
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December,
2007
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Getting
Ready
for
Year-End
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A
Great
Resource
for
Businesses
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Announcements,
Advertisements
&
Acknowledgements
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Now is the
time for you
to ask
yourself,
“Is my
business
bookkeeping
in good
shape? Will
I be ready
to have my
tax return
prepared by
April 15?”
If you’re in
the hands of
a good
bookkeeper –
no worries!
If you’ve
been waiting
all year to
address this
need – I
would
encourage
you to do so
now. For
bookkeepers,
tax season
starts
January 2nd
and lasts to
the end of
April. It’s
a difficult
time for us
to take on
new business
– and
although we
do love to
take on new
business,
we’ll need
our new
clients to
give us
extra time
and patience
to get them
up to speed.
Here are a
couple
reminders:
The
California
Minimum Wage
increases to
$8.00 per
hour
effective
January 1,
2008.
You’ve
probably
been
collecting
W9’s from
your
1099’ble
vendors all
year long
☺-
but if
you’ve been
putting this
off, you’ll
want to make
sure you
have all the
necessary
information
collected so
you can
issue your
1099’s in
January.
For those of
you with
payroll:
• Remind
your
employees to
inform you
if they have
had a change
of address
this year so
that their
W2 will be
mailed to
the correct
address
• Also
remind your
employees to
file a new
W4 for 2008
if they want
to change
their filing
status or
number of
dependents
• Any
employee who
claimed
EXEMPT in
2007, and
wants to
continue to
claim EXEMPT
in 2008,
must file a
new W4 by
February 15.
Otherwise,
you must
withhold at
the
Single/Zero
rate.
• Any
employee
wanting the
Earned
Income Tax
Credit must
file a new
W5 by
January 1st.
Finally –
remember to
report
bonuses paid
(whether by
cash or
check or
other means)
to your
bookkeeper
or payroll
service.
They must
have this
information
before
year-end in
order to
correctly
process all
the
quarter-end
and year-end
forms.
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Are you
familiar
with the
California
Chamber
website?
This is a
wonderful
resource for
business
owners.
Visit
www.calchamber.com
for
information
such as:
• CalChamber
releases a
list of new
laws
affecting
businesses
in 2008
• An archive
of the top
stories
relating to
business
• Products
to purchase
and post to
stay in
compliance
with labor
law
•
Legislative
updates on
bills and
regulations
that will
affect the
way you
conduct
business,
and
suggestions
for who to
contact
should you
decide to
voice your
opinion to
our state
legislators
• Several
research and
support
services
While much
of this
information
is listed –
for free –
on their
website,
they also
offer
different
levels of
membership
in case you
want to use
their more
in-depth
services.
This is a
great
website to
become
familiar
with, and to
check on
frequently
for new
information.
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Here are our
office hours
for the
Christmas/New
Year’s
holidays:
We’ll close
at noon on
Friday,
December 21.
We’ll be
closed
through
Christmas,
and will
reopen on
Wednesday,
December 26.
at 9am.
Then, we’ll
again close
at noon on
Monday,
December 31.
We’ll reopen
at 9am on
Wednesday,
January 2.
We invite
you to
submit your
own
announcements.
This
newsletter
is emailed
to people in
Hawaii to
Washington
DC to Canada
and beyond.
We'll post
these as
space
permits.
Meanwhile,
here are a
few other
announcements
from us:
Congratulations
to the Los
Osos/Baywood
Park Chamber
of Commerce
for putting
on another
great
Christmas
Parade for
our
community!
Kudos to the
Bay-Osos
Kiwanis
Foundation
for awarding
3 - $1000
grants to
local
organizations
supporting
kids from
Los Osos and
Morro Bay.
For more
information,
visit
www.virtualasset.biz/Virtual_Asset_Press_Release.html
From Robin,
Sue, Gigi
and Cheri -
we wish all
of you a
very Merry
Christmas
and a
prosperous
New Year!
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Office Manager, Executive Assistant & Full Charge Bookkeeper
By Phone, Fax or Mail — We're Right Next Door!
Schedule
your free phone appointment. Call Cheri Grimm, (805) 528-1360
Send us an e-mail at
info@virtualasset.biz
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