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The 2023 Tax Season is in Full Swing!!! Take Note of the Filing Due Dates.
| Posted on February 10, 2023 at 10:20 AM |
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Remember, If you're a Partnership or an S- Corp, Your Tax Filing DUE DATE IS MARCH 15, 2023.
However, If you’re Filing your Personal Tax Returns, Single Member LLC or Calendar Year C-Corp, Your Tax Filing DUE DATE IS APRIL 18, 2023.
Time is Ticking!!!
Need Help with Getting yourself Ready for your Tax Filing? Send us a Message for More Information and Let's Chat.
We're always Available to Help you. Call US on 301-485-8109...
Read Full Post »It's Official!!! Tax Season Starts on Monday, January 23rd 2023.
| Posted on January 21, 2023 at 12:25 AM |
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The Internal Revenue Service (IRS) will start accepting and Processing 2022 Tax Returns on Monday , January 23rd 2023 and End on April 18th 2023.
It's Time to gather All your Financial Statements, Year End Statements, W2s, 1099s, Financial Reports, Mortgage Statements, Form 1095-A, Contribution Statements and All Statements that shows your Income and Expenses for the Year. It's important to claim all your Tax Deductions to reduce your Tax Liability.
Seems...
Read Full Post »IT'S HERE!!! The New Year is HERE. And So are the Important Tax Deadlines and Compliance Dates.
| Posted on January 13, 2023 at 10:10 AM |
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It's that Time of the Year to Mail Out 1099s and W2s to your Employees and Contractors. And Also File the Forms 1099 and W2 with the IRS. Remember the Deadline is January 31st 2023. Save Yourself a Lot of Headache before the Deadline. Ensure that Everyone of your Contractors complete their W9 as this will facilitate the 1099 Processing.
These are Other Important Days to Remember in the Month of January:
* January 17th 2023 - Last Date to Pay your Final Installment P...
Read Full Post »Close Out the Year Powerfully
| Posted on December 28, 2022 at 5:25 PM |
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It's Time to Close Out the Year Powerfully. Here is Wishing all our Fans, Clients and Business Associates a Merry Christmas, Happy Holidays and a Successful Year 2023.
Remember to Gather your Documents and Ensure that all your Expenses are recorded according to the Correct Tax Deduction Categories.
Tax Season is Almost HERE and the Rus...
Read Full Post »Bank Reconciliation and the Benefits of Reconciling your Account.
| Posted on August 18, 2020 at 2:55 PM |
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 YESSSSSS!!!
That Beautiful Moment when you finally reconcile an Account, especially after
battling with the Account for a while - PRICELESS!!! In Case, you are wondering
what Reconciliation is. Reconciliation is the Process of ensuring that your
Accounting Record agrees with your Bank Statement. Performing
Bank Reconciliations helps you spot out Fraud and Reduce the risk of
transactions, that can cause late fees and penalties. The Following are the
Advantages of Bank Reconciliation: 1)
It makes Accounts to be in Good Standing - It makes your Account to be in Good
Standing. When you reconcile your Bank Account, it helps you to be aware about
the Amount that you can spend in your Account, so that you are less likely to
overdraw your Bank Account. You need to keep in mind, that overdrawing will
negatively affect your Credit Score and can prompt the Bank to charge you
fees. 2) It
Prevents Theft - Recording Bank Fees is a Standard Practice as you process your
Reconciliation and it may reveal a transaction, that you have overlooked to
record. By examining further, the available original documents, these
discrepancies will be revealed. Most Importantly, it will reveal the Bank
transactions, that were initiated by unauthorized individuals, who try to steal
money from your Bank Account. 3) It
Helps you detect Accounting Errors - There can be some cases, where your Bank
commits an error in your favor, and this will make you liable to return that
money, even if you've already spent it. By Reconciliation, you will be able to
detect accounting errors that commonly occurs in Business, such as Double
Payments, Addition and Subtraction Errors, Missed Payments and Lost
Checks. 4) It
keeps Mistakes in Check - Banks are usually responsible for implementing
procedures to avoid making mistakes in your Bank Account; unfortunately,
mistakes do happen sometimes, with the most common being a Simple entry error.
Nevertheless, Banks will be able to correct these mistakes when you point them out,
after you complete your Bank Reconciliation. 5) Need
to Record Interest Earned - Businesses may think, that they are Small, so
recording their Interest maybe minor. It is important to keep precise track of
smaller details, since these can add up over time. Also, It may not seem
important now, but as you earn more money and your Principal grows, your
interest may become significant enough that it affects your bottom line. 6) It
reduces Missing Transactions - We have seen several instances, where Banks may
refuse to deposit your Check for reasons like you have drawn on a Foreign Bank
Account. This may require them to reverse the original entry on a Deposit. Bank
Reconciliation is carried to introduce transparency and efficiency into a
Business's Accounting System. 7) It
helps to identify Duplicate Charges - Reconciling your Bank Account helps to
identify duplicate charges, that may be erroneously charged in your Bank
Account; It also helps you to recognize unauthorized charges and incorrect
posting amounts, thereby reaching out to the Merchant Companies and informing
them to refund these charges. 8) It
detects and prevents Embezzlement of Funds from your Company - Reconciling your
Account helps to detect Fraud and embezzlement of funds from your Company. You
are able to track every transaction and determine, where they are coming from,
where the funds are being allocated to and if they were wrongly allotted. 9) It
Helps Business Owners make Sound Financial Decisions - Reconciling your Bank
Account helps Business Owners to make sound financial decisions about the
growth of their Company and helps to identify particular product lines, that
maybe non-profitable. 10) It
helps you track your Accounts Receivables - Cash is King. Reconciling your
Account keeps you on top of your Account Receivables; It helps you know the
true Amount, that your Debtors are owing you. Reconciling your Account allows
you to track your Invoices and reach out to your Debtors to make Payments
promptly. It helps to ensure that you always have Cash available in your Bank
Account. 11)
Reconciling your Account helps you produce Accurate Financial Reports, needed
for your Loan Application - Due to the Pandemic, a lot of Businesses have to
rely on SBA Loans and Government Stimulus to help their Businesses stay afloat.
Having a Reconciled Account helps you produce Accurate Financial Reports, that
can help you obtain these Loans easily, without hassles. Are you
Reconciling your Account Regularly? Are you overwhelmed with your
Reconciliation? We have the latest Accounting Software to help you and Guess
What? We can set one up for you as well. Give us a
Call on 202-422-4586 and We'll help you out. |
Having Problems with Employees not Returning back to Work?
| Posted on June 30, 2020 at 7:45 PM |
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 We congratulate you for making it
through the Pandemic and getting back with your Business Operations. We are
excited about the endless Possibilities and Opportunities, that the
future holds for us. We look forward to working with you in making this Possible. Governor Larry Hogan recently announced the next round of safe and phased re openings in conjunction with stage two of the " Maryland Strong: Road map to Recovery" Plan. We are also aware that, the Federal Government will forgive part of your PPP Loan, as long as 60% of the Amount goes towards Paying your Employees. In light of these re openings and Loan Forgiveness Rules,
the Maryland Department of Labor has notified all unemployment
claimants who are on temporary layoff or are furloughed due to COVID-19 that
they are required to return to work if called back by their employer. If a
claimant refuses an offer of work, it may result in the delay or denial of the
claimant’s benefits. Labor’s Division of Unemployment
Insurance requires employers to report the following information within 15 days
of when they offer work and it is refused by the employee:
If your Employees refuse to get back
to work, there is a New Employer Tool for Updating Return to Work Dates and
Reporting Job Refusals Online, which is included below. Employers who have a
valid Maryland account number and FEIN may easily report job refusals
and update return to work dates by utilizing the Division’s new online
application available at https://secure-2.dllr.state.md.us/net207/welcome.aspx.
The application will accept an updated return to work date up to 30 days in the
past and up to 12 months in the future. Employers without a
valid Maryland account number, such as federal employers and those
who are out-of-state, may report job refusals and update return to work dates
by emailing [email protected]. However, please note there are
circumstances where a claimant has “good cause” to refuse an offer of work,
including:
Upon receipt of this information
from the employer, Labor will schedule a telephone fact-finding appointment
with the claimant where the claimant will be able to address the failure to
return-to-work/job refusal issue. The employer will also be contacted to
provide the circumstances of the job offer. After the Division has collected
the available facts surrounding the job offer, a determination will be made. We are aware, that this may be a tedious and additional
workload for you; As your Trusted Bookkeeping, Accounting and Payroll Provider,
we are excited to let you know, that we can assist you with this Task, as well
as any other Services, you may require to allow you settle down and work on
your Business. Call Us on any of the Numbers Below
and Let us know, how we can assist you: C - 2020-422-4586 O - 301- 485-8109 To your Business Success. Rosemary Anyanwu, CFE. Certified QuickBooks Pro Advisor Professional Bookkeeper & Accountant. |
Work Anniversary Celebration.
| Posted on May 15, 2020 at 3:44 AM |
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 Congratulations to Rosyan Bookkeeping Services Today marks 8 Years of Our Company. Birthed from a Labor & Delivery Room Became a Reality at the Birth of a Third Child Became liberated from the High Costs of Child Care Expenses. Became a Business Support to many Businesses. Became an Employer of Labor Became a QuickBooks Training Center Became a Bedrock to Many Homes and Families. Became a Leading Example to Youths and College Interns. Became a Support to Non-Profits. Became a Successful Business. Became Hope to our Clients. Breaking through the Pandemic And Coming out Stronger...................... To Many More Years of Business Success. Congratulations. We are grateful to all our Clients, Colleagues and Friends. Thank you for all your Support. Thank you for standing with us through the Years. We know, these are unprecedented times and there are a lot of challenges during these Period, but we want you to know, that we will get through this together and come out stronger. Don't hesitate to call, if you need a Supportive Ear. We are a Call and a Click away. Together, we will celebrate and get through this. We love and appreciate you. |
Congratulations, You got your PPP Loan, What Next?
| Posted on May 6, 2020 at 1:00 PM |
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 Congratulations, you filed all the Paperwork for your PPP Loan
and you have received your Grant and Loan. Now is the time to start planning on
how you are going to ensure you use the Funds correctly. During this Pandemic,
the SBA has made efforts to make funding accessible to Small Businesses and it
is important to use the Funds appropriately. The PPP Loan is designed to provide a direct
incentive for Small Businesses to keep their workers on Payroll. SBA will
forgive Loans, if all employees are kept on the Payroll for eight weeks,
starting from when the Loan is received and the Money is used for Payroll,
Rent, Mortgage Interest Payments or Utilities. It is important to note that not
more than 25% of the forgiven Amount maybe for Non-Payroll Costs. Now, that you have your Loan and have identified the time
period, it's time to calculate the monthly payroll cost, to ensure your Loan
Forgiveness. The Items below are the Payroll Costs to include, as well as the
Non- Payroll Costs. Payroll Costs: 1) Salary, Wages, Commissions, Tips and
Bonuses. 2) Owner's Draw Payments for Sole Proprietors. 3) Severance Pay 4) Paid Leave Payments (No FFCRA Paid Leave) 5) Employee Payments for State and Local Taxes. 6) Employee Payments for Federal Income Tax and
FICA. 7) Employee Contributions to Retirement and Group
Health Plans ( Health Insurance & Dental Coverage). 8) Payments of Interest on Mortgage
Obligations. Non-Payroll Costs: 1) Contractor Pay 2) Payroll Reimbursement. 3) Owner's Draw Payments (Except for Sole Proprietors). 4) Workers' Compensation Fees. 5) Fringe Benefits. (Commuter Benefits, HSAs). 6) Ancillary Benefits (Short-Term Disability, Group Life
Insurance). Important Notes:
Actions to take immediately:
The PPP and EIDL Loan Program
is one of the Greatest Investments, you have ever made as a Small Business. The
Secret is knowing how to play by the Rules and is essential in using it to your
Best Advantage. You may be proud of the fact, that you do
your own Tax Filings, Payroll and Bookkeeping, but the PPP Loan and EIDL Loan
is not an area, where you want to risk making a wrong decision. The Guidance
for the PPP seems to be changing daily. Be Aware that Little Mistakes can cost
you Big. Whatever you do, be sure to do it under the Guidance of a
Financial Advisor/Bookkeeper to help you maximize your Benefit from the
adherence to the PPP Loan Terms. Feel Free to Reach Out to us and Let Us
know, how we can assist you. We are available to help you with your
Bookkeeping, Accounting and Payroll Needs. Call 202-422-4586 for More
Information. |
Where is My Stimulus Check?
| Posted on April 20, 2020 at 7:42 PM |
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Where is My Stimulus Check?  Where is My Stimulus Check seems to be the Latest Question on our Minds. Tens of Millions of Americans started receiving their Payment by Direct Deposit on April 15th. If you're having trouble getting your Payment. Log on to the IRS Online Portal " Get My Payments" to track your Payments and input your Direct Deposit Information. The IRS also opened a short window up to 12:00 p.m., Wednesday, April 22nd 2020 for Individuals receiving Social Security, Survivor or Disability and Railway Retirement Benefits, to use an Online Tool to receive the $500 Stimulus Payment Per Dependent Child. Those who miss this Deadline to register their Children will still get their Payment of $1,200 per Individual, but will have to wait till Next Year to get the additional $500 per Independent Child Under 17. Visit https://www.irs.gov/coronavirus/economic-impact-payments for More Information. |
All you Need to Know about the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).
| Posted on April 6, 2020 at 11:58 PM |
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All you Need to Know about the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).  The Trump administration announced a $349 Billion Relief Package for small businesses that are being impacted by the effects of the coronavirus. Many are having to close their doors to prevent the spread of the virus. This situation, in turn, has led to companies having to reduce the hours of workers or even let them go altogether. The Relief Package Program is a Part of the Coronavirus Aid Relief and Economic Security (CARES) offered in Government - backed Forgivable Loans to help Small Businesses continue paying payroll costs and certain operating expenses. If you're a Business Owner, these are Two (2) Main Options, that are available for Small Businesses and Non- Profits to obtain financial support during the coronavirus outbreak. They are:
And
Paycheck Protection Program (PPP) Loan: The Paycheck Protection Program (PPP) Loan is dedicated to guarantee Businesses, the loans they need to cover 8 Weeks of Payroll Expenses, along with some Utility and Rent Costs, as well as Payments of Interest on any Mortgage Obligation. Businesses will have to maintain Payroll fully for the Next 3 Months. It is important to note that the Loans can be fully forgiven, if the Businesses keep employees on Payroll or re-hire them by June 30th. Important Facts about PPP:
Economic Injury Disaster Loan Program ( EIDL): This Loan is to provide Economic Relief for Businesses experiencing a Temporary Revenue Loss due to COVID-19. This Loan will guarantee a Bushiness/Non-Profit Organization, a Grant of $10,000 which is considered as " Advance", that you don't have to pay back. It funds low- interest Loans, that your Business can use to cover operating expenses, which you will need to repay back. Important Facts about EIDL:
Additional Information:
We are aware that these Applications require submitting your Financial Statements and Payroll Documentation to speed up your Loan Determination Process. We are excited to announce that, we are available to help you with furnishing these Documents and making them available to make this Possible. Feel Free to Reach out to us and let us know, how we can assist you. |
