How We Work
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Network • The
GYL Difference • FAQs
Why do I need a CPA?
How much do you charge?
How long should I keep financial records?
Under what circumstances do I have to pay my employees
for meal and rest periods?
What are the requirements for independent contractors
reporting (Form DE 542) to the
Employment Development Department?
Why do I need a CPA?
At GYL Decauwer, our CPAs provide a wide range of services, including financial
planning
and guidance to strategies that ease your tax burden. For example, we can help
with:
1. Complex tax returns that include rental properties, a small business and investment
activities.
2. Accounting and bookkeeping services, as well as training in computer software
(e.g., QuickBooks) and assistance with payroll and/or sales tax
processing.
3. Preparation of financial statements for bank presentations and
subsequent loan processing,
as well as for your company's management to make pivotal short-
and long-term
business decisions.
How much do you charge?
Our initial consultation is free. This meeting allows us to get to know each other
and enables
us to assess your financial needs and opportunities. Because every client is unique
-- with
differing needs -- our initial meeting, similar to our overall service, is designed
specifically to
uncover and understand your goals. At the end of our meeting, we will determine
action
steps, one of which is to develop a proposal that outlines our mutually agreed
upon services
and fee structure. That way, you know exactly what you will receive for your investment.
No
surprises. Our fees range from hourly billing to fixed fee engagements.
How long should I keep
financial records?
That depends:
• Tax returns, documents relating to tax liability and year-end financial
statements should be
retained permanently.
• Bank statements should be stored for three years.
• Payroll records should be saved for seven years.
• Other statements can be destroyed at your discretion; however, it's a
good idea to consult
with your accountant before disposing of any financial records.
Under what circumstances
do I have to pay my employees for meal and rest periods?
Lunch or meal periods do not count as time worked if they meet two requirements:
1. The meal period must normally be at least 30 minutes in duration.
2. The workers must be completely relieved from their duties during that time
For example, if office workers are required to eat at their desks, the time spent
must be treated
as hours worked. On the other hand, breaks of up to 20 minutes for snacks or coffee
must
be treated as compensable rest periods. Such rest periods are generally thought
to benefit the
employer by promoting worker efficiency.
What are the requirements for independent
contractors reporting (Form DE 542) to the Employment Development Department?
• Who must report. Any business or government entity that
is required to file a federal Form
1099-Misc for services performed by an independent contractor.
• When must the information be reported. You must report
information to the Employment
Development Department within 20 days of either making payments totaling $600
or more or
entering into a contract for $600 or more with an independent contractor in any
calendar
year, whichever is earlier.
• What information must be reported. As a business owner,
you must report your business'
Federal employer identification number, California employer account number and
the business
name, address and telephone number. You must also report the independent contractor's
first
and last name, Social Security number, address, start date of contract, amount
of contract
(including cents), contract expiration date and any ongoing contracts. This information
must be included on the Report of Independent Contractors, Form DE 542.
As you see, accounting is a critical component for the success of businesses and
individuals alike. To find out how we can help you, contact
us today to schedule a
free consultation.
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