Alloy Academy offers year-end accounting advice
Wednesday, November 27, 2019 • The Hammonton Gazette • Page 3
by Joseph F. Berenato
G azette S taff W riter
HaMMONtON—alloy Sil-
verstein accountants and advi-
sors held their monthly alloy
academy on November 13 at 12
p.m. at Stockton University’s
Kramer Hall.
this month’s topic, “Gearing
Up for Year-end,” featured Julie
Strohlein, CPa, an associate part-
ner at alloy Silverstein. Strohlein
has more than 20 years of experi-
ence in both public and private ac-
counting. She received her B.S. in
accounting from rutgers Univer-
sity and is certified in the state of
New Jersey. Strohlein serves on
the firm’s individual tax, business
tax and marketing committees and
is instrumental to the firm’s train-
ing program for onboarding new
employees. She represents varied
clientele including the medical,
legal and real estate industries and
trusts.
Strohlein’s presentation focused
on addressing common mistakes
that small businesses make when
they close their books for the year,
and how they can begin the new
year with a more streamlined
process.
“if you have more accurate
books, you can make more accu-
rate decisions. You may lower
your accounting fees because your
accountant has to do less at year-
end,” Strohlein said.
Of the many topics Strohlein
discussed, one involved the
threshold for writing off assets,
which is now $2,500 per item.
“Let’s pretend that we bought
all the furniture in this room. i am
certain that all these desks and ta-
bles add up to more than $2,500 ...
but we can expense it all, because
no one thing is $2,500. this is
pretty powerful,” Strohlein said.
When a company makes such
purchases, Strohlein suggests cre-
ating a new expense account la-
beled “de minimis assets,” which
is for one-time purchases that are
certainly allowable as expenses
but are not recurring ones.
“if i normally spend $4,000 a
year in office supplies, i don’t
want to put an extra $6,000 this
year, because that would look re-
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ally funny. So let’s make a sepa-
rate account for de minimis assets,
so this way, when we buy these
one-time things that we don’t buy
frequently—desks,
tables,
chairs—we have a place to put
them without distorting our nor-
mal,
everyday
expenses,”
Strohlein said.
Strohlein also focused on issu-
ing irS form 1099s, which are re-
quired for any non-corporate
service provider that is paid $600
or more for the year via cash or a
check. form 1099 is not issued to
anyone paid with a credit card.
“if you have somebody who
plows snow from your parking lot,
and he’s not incorporated, and he
plows snow seven times and
charges $100 each time, he needs
to get a 1099 ... if you pay them
on a credit card, even if they’re
non-incorporated, it doesn’t mat-
ter because the credit card com-
pany will send them a statement at
the end of the year,” Strohlein
said.
in order to issue a 1099, busi-
nesses must have service
providers fill out a form W-9.
“in an ideal, perfect world, you
would never pay anyone anything
until you already have their W-9,
which means you already know
their legal name, their tax iD num-
ber and whether or not they’re in-
corporated. that’s in a perfect
world, just like my house should
be clean and my kids should put
their laundry away, so it doesn’t
really happen,” Strohlein said.
Unfortunately, some companies
are lax with their paperwork, and
trying to get the proper informa-
tion from service providers may
prove difficult. Strohlein said
there is another way, though.
“if they won’t give you that in-
formation, you’re supposed to
withhold taxes. it’s called ‘backup
withholding,’ just like you would
do with somebody’s paycheck,”
Strohlein said.
alloy academy started as a se-
ries of educational QuickBooks
and accounting software work-
shops and has evolved to cover
more business planning topics to
help today’s business owners.
their next workshop, “Last
Minute tax tactics,” will be held
on Wednesday, December 11 at 12
p.m. at Stockton University’s
Kramer Hall.
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