Bookkeeper’s Quiz—are you up to date?

The quiz below is based on just one recent issue of our member newsletter, The General Ledger.

Our goal as your national association is to raise bookkeepers’ professional status. One way we do this is by keeping you current and offering practical, on-the-job help in our monthly member newsletter.

See if you are up to date. Scroll down for answers.

Questions 1-3: Can cash incentives given to employees to get the COVID vaccine be:

  1. tax-free? (Yes/No)
  2. a de minimus (i.e., tax-free) benefit if no more than $5? (Yes/No)
  3. tax-free if given as a gift certificate, extra day of paid vacation or similar noncash item? (Yes/No)

Questions 4-7: Whether you do bookkeeping for a law firm or a shoe store, you must meet the recordkeeping requirements of the Occupational Safety and Health ACT (OSHA). The Occupational Safety and Health Administration, which like the law uses the same acronym, OSHA, wants COVID-19 records for the following:

  1. Workers with _____ cases of COVID-19 and those not infected but _____.
  2. Workers who claim they got COVID-19 at work and those not infected but _____ to the individuals making the claim—even if you _____ the individuals making the claim.
  3. Missed workdays and medical treatment for _____ cases.
  4. Once you are notified that a complaint was filed, you must retain all records _____ ____—it is too late to document anything because, to hold up in a court or agency hearing, records must be _____.

Questions 8-10: For a business meal to be deductible, there must be a written record stating:

  1.  _____ was at each meal;
  2. the _____ _____ to your employee of each person attending; and
  3. the specific _____ _____ of the meal, such as the business matter or topic discussed.

How did you do? Remember this quiz is based on just one recent issue of our monthly member newsletter, The General Ledger.

Answer Key

8 correct You are up to date—join AIPB now to stay that way.
6-7 correct You may be missing news affecting your job—join AIPB to keep current.
5 or fewer correct You may be too busy to stay up to date—join AIPB, bring yourself up to date and stay up to date1. No (no cash gift is nontaxable)1
2. No (no cash gift is nontaxable)
3. No (cash equivalents are always taxable)
4. confirmed, exposed
5. exposed, quarantined
6. confirmed
7. as is, contemporaneous
8. who
9. business relationship
10. business purpose

Why risk falling behind?

Try a no-risk membership and see what it can do for you. If not completely satisfied, cancel for a refund. Join now and get:

  • The General Ledger digital newsletter every month—free.
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Join now and you also get 3 special reports, free:

  1. 21 Key Bookkeeping Changes in Current Tax Lawsfree!
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Enjoy member benefits, such as:

  • Free telephone Member AnswerLine, where experienced accountants answer your everyday bookkeeping and payroll questions
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  • Discounts on continuing professional education.
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Get the recognition you deserve, and stay up to date. Join bookkeepers nationwide as a member of The American Institute of Professional Bookkeepers. Join now.