a man

Rick Gossett

As COO of Tarkenton Companies for more than 20 years, Rick has been responsible for business software development, unique partnerships, business educational content and consulting, and more. Rick was the originator of Tarkenton Companies’s consulting service and initially handled all of the questions himself. Prior to joining Tarkenton Companies, Rick owned and operated a private practice as a CPA. Prior to that, he was a Senior Manager at Pannell Kerr Forster in tax and audit, as well as Principal in Ernst & Young's small business advisory group.

Latest

How Much Should You Pay Your Accountant?

| Rick Gossett

Finding the right accountant for your business, but so is making sure you pay the right amount. You don’t want to overpay, but your accountant also needs to hit his or her own income targets. Depending on your business situation and accounting needs, there are several arrangements to choose from.

4 Elements of an Effective Performance Review

| Rick Gossett

As you add employees to your small business, it becomes increasingly important for you to have a way to evaluate their work and keep your workers on the right track. Having the framework in place…

What are the pros and cons of using QuickBooks?

| Rick Gossett

With user-friendly software such as QuickBooks available, many business owners feel they should be able to keep their records on their own, even as they wrestle with finding the time and wonder if they’re doing things correctly.

I am doing bookkeeping for a restaurant, are the tips received and reported by the waitress taxable for unemployment purposes?

| Rick Gossett
Tips reported by a restaurant waitress to an employer are taxable for unemployment tax calculation purposes, subject to certain thresholds and guidelines. Also, there are additional tax treatment considerations for different types of food service businesses and tip and gratuity procedures that…

Is an Tax Lien Certificate too good to be true, or one of the best kept secrets in America?

| Rick Gossett

Since it is very rare that a property owner gives up a property with significant equity to a tax lien holder, tax lien investing should be looked at as a modest return, lower risk investment, and not a path to quick riches.

Me and my son have a business in California and want to dissolve our partnership, what steps do we need to take?

| Rick Gossett

Whether you or your son will continue operating the business or the business is also being discontinued is one important consideration; however, partners have several important considerations regarding dissolution, including a predetermined formula…

I am a 75% shareholder of my corporation, what operating agreement do I use?

| Rick Gossett

Typically, any buyout contingency plans for partnerships or corporations are outlined in a buy/sell agreement. For consideration and drafting with your lawyer, you can locate sample buy/sell agreements (some free and some for a fee) that you can copy…

Can employers still reimburse employees for individual health plans under ACA as they could in prior years?

| Rick Gossett
Beginning in 2014, employers can no longer reimburse employees for their substantiated premiums for individual health insurance coverage on a tax-favored basis under a benefit plan meeting the requirements of IRC Section 106 and Revenue Ruling 61-146.

What factors are involved in outsourcing overseas when it comes to tax and accounting?

| Rick Gossett
Amounts paid to IT developers or other business service providers in foreign countries are qualified business expenses. Also, if a foreign worker, or firm, does not physically conduct any business activities in the U.S., then you generally would not have U.S. income tax withholding or payroll cost implications.

Which Point-of-Sale systems should I purchase for my small operation?

| Rick Gossett
Many companies offer retail POS systems or software that read bar code; however, accounting and inventory control applications must be integrated or linked with any POS system or software, which affects your POS system or software solutions. Also, your accounting and inventory needs and budget will impact the type of POS system you select.