ROSYAN BOOKKEEPING SERVICES
Your affordable Bookkeeping & Consultancy Services.
Tel: 202.422.4586 Email: [email protected]
Work Anniversary Celebration.
|Posted on May 15, 2020 at 3:44 AM||comments ()|
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.
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.
ALL YOU NEED TO KNOW ABOUT THE STIMULUS CHECKS.
|Posted on April 3, 2020 at 4:04 PM||comments ()|
We are aware that these are unprecedented Times and there are a lot of challenges during these Period. We are encouraging you to rise above this Situation and remain confident, that you will come out Stronger, Bigger and Better off.
President Trump just signed off a $2 Trillion Relief Bill, which will come in form of Stimulus Checks to offer Assistance to Millions of American Household, affected by the Corona Virus Pandemic. We are aware that most of us have Questions and we want to enlighten you more about, what in this for us.
The Following are the Basic Things to know about the Stimulus Checks:
It is important to note that if the Income Exceeds the threshold, the Amount will be reduced on a Sliding Scale.
We are available to help you with all the Questions, that you may have , regarding the Stimulus Check as well as any other Question on the Stimulus Package. We are also available to assist you virtually. Call us on 202-422-4586 to set up an Appointment.
It is always our Pleasure to Help you.
IT'S TAX SEASON.
|Posted on January 31, 2019 at 3:59 PM||comments ()|
IRS Begins Accepting Tax Returns on Monday, January 28th 2019.
It's Official; Tax Payers should not worry about their Refund Status being affected by any Happenings within the Government.
It is also important to note that Monday, April 15, 2019 still remains the Individual Filing Deadline for the majority of the Country, though the Deadline in Maine and Massachusetts is April 17 due to the Emancipation Day Holiday.
Important Points to Note:
We are Here to Help you with Organizing your Documents and Getting all your Business Expenses correctly and accurately deducted. This will help to reduce your Tax Liability.
Keep Checking for Weekly Updates and Important Information, regarding your Tax Filing.
Let the Tax Season Begin ......................................................
W-2 AND FORM 1099 FILING DEADLINE IS JANUARY 31ST 2019.
|Posted on January 9, 2019 at 5:47 PM||comments ()|
W-2 AND FORM 1099 FILING DEADLINE IS JANUARY 31ST 2019; Employers & Business Owners Take Note.
Happy New Year. This is to remind All Business Owners/ Employers that the Deadline for filing W-2 and Form 1099 Tax Report with the IRS is January 31st, 2019. This means that you need to ensure that your Employees and 1099 Contractors receive and review their W-2 and 1099s before January 31st, 2019.
It is important to remember that this Act is from The Protecting Americans from Tax Hikes (PATH) Act of 2015 that was passed by Congress in 2015 and became effective since 2016. We had published a Detailed Article on this -
By this New Act, Employers and Small Businesses have January 31st Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically). This New Date also applies to certain Forms 1099-MISC reporting Non-Employee Compensation such as Payments to Independent Contractors. As a Result of this, the filing deadline for filing W-2s and 1099 forms (including Form 1099-MISC) is Every January 31st.
Note to Employers: It is important that Employers become adequately prepared to complete the Year-End Tasks. This means:
• Ensuring that All Independent Contractors fill out a Correct and Updated Form W-9.
• Verifying Accuracy of Employee Information.
• Reporting/Submitting Any Year-End Adjustments as soon as possible.
• Reviewing Year-End Totals for any Discrepancies. There are penalties for Failure to file these Returns or Furnish Correct Statements and these Penalties are not palatable.
The Penalty amounts are reflected below:
• $50/Return – If you file after 30 Days of the Due Date.
• $100/Return – If you file more than 30 days after the Due Date.
• $260/Return – If you do not file corrections or Do not file Required Forms.
At Rosyan Bookkeeping Services, We are committed to helping you with your W-2s, W-3s and 1099 Filings, as well as furnishing you with helpful information regarding your Tax Filings.
Feel Free to Call and Let us know how we can help you.
PGCC Career & Internship Fair
|Posted on November 21, 2018 at 11:12 PM||comments ()|
We are Proud to be part of a Part of the PGCC Innovation; Doing what we love to do best. Encouraging, Developing and Mentoring ; Providing Career and Internship Opportunity path. We love what we do and proud to be recognized for this Great Gesture.
Thanks to the Prince Georges Community for featuring us.
RENEW YOUR ITINS.
|Posted on August 17, 2018 at 5:36 PM||comments ()|
More than 2 Million Individual Tax Payer Identification Numbers( ITINs) are set to expire at the end of 2018.
* Tax Payers whose ITIN is expiring and needs to file a Tax Return in 2019 must submit a Renewal Application.
* ITINs that are affected are the ones with the middle digits 73,74,75, 76, 77, 81 or 82. ( For Example: 9NN-73-NNNN) needs to be renewed even if the Tax Payer has used it in the last 3 Years.
*ITINS with middle digits of 70,71,72,78,79 or 80 have previously expired. Tax Payers with these ITINs can still renew at anytime.
* Acting Now to renew ITIN Numbers will help Taxpayers avoid delays, that could affect their Tax Filing and Refunds in 2019.
* As a Reminder, the IRS no longer accepts passports that do not have a Date of Entry into the US as a Stand Alone Identification Document for dependents from a country other than Canada, Mexico or dependents of US Military Personnel Overseas.
* The Dependents passports must have a Date of Entry Stamp, otherwise Additional Documents to prove US Residency will be required.
Read on and Be Enlightened. Feel Free to Share.
TAX DAY IS APRIL 17 2018.
|Posted on April 16, 2018 at 9:27 PM||comments ()|
The deadline for filing your taxes is fast approaching — this year, The deadline is April 17, 2018.
We all know, that Life can be busy!!! Maybe your taxes are particularly complicated this year, or maybe you just don’t have the time to sit down and sift through the paperwork.
So, what happens if you don’t file your tax return on time?
If you’re getting a refund on your taxes this year, you don’t need to panic — you have until April 17, 2021 to claim your refund (or until October 17, 2021 if you filed an extension by the April 17 deadline). It’s best to file as soon as possible, however, because if you don’t file within that 3-year period, you’ll lose the refund.
If you owe taxes, things get complicated.
First, you’ll be charged a failure-to-file penalty. That penalty is 5 percent of your unpaid tax bill for every month after the April deadline that you fail to pay. The amount can grow to a maximum of 25 percent of your total unpaid bill.
In addition, you will be charged interest on whatever amount you did not pay. The interest rate is the federal short-term rate plus 3 percent with interest compounded daily. That can add up very quickly.
How to File for an Extension on your Taxes.
If you think you might be unable to file your tax return by the April 17 deadline, the best way to avoid fees and penalties is to file for an automatic six-month extension with the IRS using Form 4868. It’s free and pretty easy.
But if you owe taxes, you’ll still need to pay them by the April 17 deadline or penalties, fees and interest will start to accrue.
Form 4868 does not grant the taxpayer an extension of time to pay their tax.
If you owe the IRS money and are having trouble coming up with the money, you have a few options. You can file for an extension of time to pay your tax bill using Form 1127: Application for Extension of Time for Payment of Tax Due to Undue Hardship, but be aware that the laws are very strict about granting such extensions.
* The IRS must receive Form 1127 on or before the date that the tax is due.
* The taxpayer must include a complete statement of all their assets and liabilities at the end of the previous month, as well as an itemized list of money they received and spent the previous three months prior to submitting the extension request.
* The taxpayer must show that the payment of tax would result in “undue hardship.” That means more than inconvenience.
*The taxpayer must show that paying by the due date would result in a serious loss of money and that they don’t have the funds, nor can they raise them through borrowing.
When granted, these extensions usually last 6 months. For more information about extensions to pay tax, visit the IRS website at www.irs.gov.
(You can read more about payment plans and other options for what to do if you can’t pay your tax bill here.)
Ultimately, it is the best and safest idea to file your return by the April 17 deadline or file for an extension. That may be a hassle now, but it could save you a significant amount of financial harm in the future. If you need assistance, please call us as soon as possible.
Turning your Passion into Business.
|Posted on September 14, 2017 at 10:07 PM||comments ()|
We grow up in life, structured to believe that, after we go through the school system, we graduate to work for Organizations. We often fail to realize that, we can use our knowledge and experience to start up our own Businesses, especially when most companies rarely allow their employees to become Business Owners. As individuals, we need to harness our passion and recreate the relentless entrepreneurial spirit in us, to launch us to where we are meant to be.
Everyone is born with a gift; each of us has a passion and something that we are all excited about. The idea is to turn this passion into an entrepreneurial opportunity, where you can turn your passion into a money making machine. Everyone has an innate entrepreneurial ability; it's how we harness this ability that determines how we make progress in life.
The basic reason, why most of us fail to harness our entrepreneurial ability is because we feel safe in our jobs. We have become comfortable with our safe salary increases that will never get us where we need to be. Do you know that you can use your free time, imagination and your creative skills to deliver value that nobody has ever delivered in the history of Mankind?
You need to step out of the prison imposed on you from the Organization; you work for and create an abundant life for yourself. Abundance only comes when you are moving along your passion.
Below are some of the Skills needed to develop the entrepreneurial ability in you:
1) The Ability to have ideas.
2) The Ability to execute on the ideas.
3) The Ability to sell the Ideas.
4) The Persistence to keep learning as you fail.
5) The Ability to move onto the next Adventure.
I always advise recent college graduates entering the exciting world of professional services to consider themselves entrepreneurs on day 1. You have to identify your passion and the specific area that you want to develop yourself in life; find other People within this field and learn from their expertise. Networking is also very crucial as well as connecting with others. Although they may not realize it now, the professional service industry is one of the few that allow employees to eventually become business owners. Even if they have no intention of becoming a partner or starting their own firm, it is important for young professionals to distinguish themselves by creating a personal brand and an entrepreneurial spirit within their profession.
Below are some steps to Turning your Passion into Entrepreneurial Opportunities:
Find Your Niche
Like most entrepreneurs, you need to find your niche - a specific area that you are passionate about. This could be anything from Handmade Jewelry, Accounting, wealth management services, or even insurance sales. Finding the right niche is the first step to building any entrepreneurial endeavor.
After realizing what area of your profession interests you, it is important to find others within it and learn from their expertise. Networking is crucial and connecting with others is a sure fire way to broaden your horizons. At the initial year of my Accounting and Bookkeeping Business, I had a mentor that coached me, taught me the nits and grits of the Business and molded my path in this Business line, and I give credit to him for this direction. I must say, that all that I learnt from him, is what has helped to mold me into what I have become today.
Develop Your Skills and Knowledge
For you to turn your passion into an entrepreneurial opportunity, you need to immerse yourself within everything that pertains to it, attend seminars, talk to future competitors and analyze barriers to entry. If you want to develop your skills you will need to train others, as this will eventually help to develop and strengthen your knowledge and perfect your skills.
Build Your Brand
Personal branding is a must for turning your passion to entrepreneurial opportunities, especially in an age when professional service is becoming a much needed commodity. In order to leverage in your industry, you need to set yourself apart by leveraging your personal brand.
The first step to building a personal brand is considering yourself and your "turned passion" as a product. You need to ask yourself many questions before building your personal brand: What is your value proposition? Why should people buy your product? What can you bring to the Table? Who are you trying to target?
Don’t Wait For Opportunity: Create It
Once you determine your personal brand, you have to go out and create your opportunity. The biggest stumbling block to launching your own Enterprise is waiting for opportunities instead of creating them. Allowing others to dictate your success in any specific profession is a sure fire way to guarantee disappointment. If you keep sitting and waiting for someone to hand you a promotion or give you that well deserved pay raise at your job; it is akin to doing the same thing over and over again and expecting different results – its insanity.
In conclusion, to make it ahead in a competitive world of services, we need to distinguish ourselves among our cohorts. Be an entrepreneur at work, Take Control of who you report to, what you do and what you create. Deliver some value - any value - to somebody, anybody and watch your value compound into a career - Your Desires Entrepreneurial Opportunity. Following the simple steps above can make all the difference and create a huge impact your life.
So, what are you waiting for? Go ahead and Turn your Passion into a Business and watch your Business Grow.
Tax Credits & Tax Deductions.
|Posted on April 6, 2017 at 10:42 AM||comments ()|
We have only Few Days left to the end of Tax Season; Many of Our Clients ask if a Tax Credit is better than a Deduction. Just to enlighten us, A Tax Credit is a Dollar -For-Dollar Reduction of the Taxes you owe; For instance, A $100 Credit means you pay $100 less in Taxes.
A Deduction reduces the Taxes, you owe by a Percent of every Dollar, you're allowed to deduct. You Calculate the worth of your Deduction by multiplying your marginal (Or Top) Tax Rate by the amount of the deduction. If you're in the 25% Tax Bracket, a $100 Deduction means you will pay $25 less in Taxes (0.25 times $100).
Need More Clarification on Getting the Best of your Tax Deduction and Credits? Contact Us Today and We will be Glad to help you out.
NEW W-2 DEADLINE IN 2017; Business Owners & Employers Take Note.
|Posted on December 5, 2016 at 12:10 AM||comments ()|
If you're a Business Owner, Be sure to Draw a Big Red Circle around the date January 31, 2017, on your Calendar; This is the new Due Date for filing Forms W-2 with the Tax Authorities.
In an effort to combat Fraud, The Protecting Americans from Tax Hikes (PATH) Act of 2015 was passed by Congress and signed last December. With this New Act, Employers and Small Businesses have January 31st Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically). This New Date also applies to certain Forms 1099-MISC reporting Non-Employee Compensation such as Payments to Independent Contractors.
Note: The January 31st Deadline for Employers to furnish Copies of Tax Forms to Employees remains Unchanged.
The New Law changes the Rules for extending time to file Forms W-2. Moving Forward, Only One 30 -Day Extension to file a W-2 is available and this extension is NOT AUTOMATIC.
If you, as an Employer need an extension, you must file Form 8809, Application for Extension of Time to File Information Returns (Downloads as a PDF). This Form should be completed as soon as you know that an Extension is necessary, BUT NO Later than January 31.
Due to the PATH Act Change, the New Law requires the IRS to delay Refunds for any return claiming either the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) until February 15. By Law, the IRS must hold the entire Refund, Not just the Portion related to the EITC or ACTC. The New Deadline, which has long been on the wish list for the IRS will make it easier to verify the legitimacy of Tax Returns and properly issue Refunds to Tax Payers.
Many States have adopted this Federal Change for the New Deadline of January 31. The Only States NOT affected are Arizona, Arkansas, Kansas, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, New Jersey, New Mexico, Oklahoma and West Virginia.
WHAT ABOUT 1099-MISC?
The New January 31st Deadline also applies to Forms 1099-MISC Reporting Non- Employee Compensation such as Payments to Independent Contractors.
If you are filing Form 1099-MISC and Reporting Amounts in Box 7: Nonemployee Compensation, then you will need to meet the New Filing Deadline of January 31st.
Note: You must also furnish Copy B and Any Other Applicable Copies of Information Returns to your Contractors by January 31st.
IMPACT ON EMPLOYERS:
It is important that Employers become adequately prepared to complete the Year End Tasks. This Means:
* Verifying Accuracy of Employee Information.
* Reporting/Submitting Any Year- End Adjustments as soon as possible.
* Reviewing Year- End Totals for any Discrepancies.
There are Penalties for Failure to File these Returns or Furnish Correct Statements and these Penalties are not Palatable.
The Penalties range from:
$50/Return - If Not More than 30 Days from New Date.
$100/Return - If After 31 Days Late - 6 Months.
$260/Return - If After 6 Months - Not Filing At All.
However, If you need to make Corrections after sending your File to the Social Security Administration, you can do so by filing Form W-2C, Corrected Wage and Tax Statement.
Finally, The IRS urges Tax Payers to still plan to file their returns as they normally would do, but prepare to exercise some patience. With these changes, you're bound to see some delays. The Refund Delay is an added way to help the IRS combat Tax Fraud by beefing up it's effort to authenticate Tax Payer Filings.
To keep disruptions to a minimum, the IRS wants us to get the word out about these Changes NOW. As Tax Season approaches, the IRS wants to be sure Employers, especially Smaller Businesses, are aware of these New Deadlines.
At Rosyan Bookkeeping Services, We are committed to helping you with your W-2s,
W-3s and 1099 Filings, as well as furnishing you with helpful information regarding your Tax Filings.
Call Us on 202.422.4586 and We would Gladly Assist You.
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