There are many benefits of a business checking account. As you continue to grow your company, keep these business bank account benefits in mind. Benefits of a business checking account. You are not required to have a business bank account, but it is a good idea to use one. Take a look at these five benefits of a business checking account: 1. Your business records are organized. You can keep your small business accounting program records organized with a business checking account. A business checking account separates your personal and business transactions. All your business transactions are tracked on a separate statement. Separating your business transactions from your personal transactions helps monitor your businessâs profitability. For example, you look at your business checking account statement for the past month. From the statement, you see your business earned $10,000 and spent $2,000. You can subtract $10,000 in earnings by $2,000 in business expenses to get a net profit of $8,000.
The effective date of the rule will be 180 days from the date that it is published in the Federal Register, which was January 15, 2016. That makes it effective July 13, 2016.
Effective Date and Changes. Open Enrollment is your annual opportunity to change elections for the benefit plans listed above and to complete a Tobacco-free Affidavit. All Open Enrollment changes are effective January 1, 2016. IRS regulations require that Open Enrollment benefit elections remain in place for the entire year unless you experience an IRS-defined Family Status Change.