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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. |
RENEW YOUR ITINS.
| Posted on August 17, 2018 at 5:36 PM |
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 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 |
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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. |
IRS Begins Accepting Tax Returns.
| Posted on January 29, 2018 at 7:54 PM |
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 IRS Begins Accepting Tax Returns Today - Monday, January 29th 2018. IRS begins accepting Tax Returns Today, Monday, January 29th 2018. Highlights to Note:
NEW TAX LAWS:
Need a Hand with your Tax Returns? Need Help with Organizing your Financial Reports? Need Help with your Accounting Software?We are here to help you. Contact us for more Information. |
W-2 and Form 1099 Form Tax Report Deadline for 2018.
| Posted on December 18, 2017 at 7:15 PM |
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 As the Year is coming to an end and Tax Season is drawing closer, it is important to remember The Protecting Americans from Tax Hikes (PATH) Act of 2015 that was passed by Congress in 2015, which became effective last year. We had published a Detailed Article - https://www.linkedin.com/pulse/new-w-2-deadline-2017-business-owners-employers-take-note/ With this New Act, Employers and Small Businesses have January 31 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 2017 W-2s and 1099 forms (including Form 1099-MISC) is January 31, 2018. The deadline for providing W-2 forms to employees and 1099-MISC forms to Independent Contractors for 2017 has not changed. This deadline is still January 31, 2018. Note to Employers: It is important that Employers become adequately prepared to complete the Year-End Tasks. This means:
Please remember, that Extension of Time to file these Forms is no longer automatic. You can only request for One 30- Day Extension and this extension is NOT AUTOMATIC. You will have to submit a complete application on Form 8809, Application for Extension of Time to File Information Returns. This Form should be completed as soon as you notice that as Extension is necessary, but no later than JANUARY 31. This Extension does not affect extensions of Time to furnish Forms W-2 and Forms 1099 to your Employees and Independent Contractors. There are penalties for Failure to file these Returns or Furnish Correct Statements and these Penalties are not palatable. The Penalty amounts shown below apply for filings due after December 31, 2017:
The IRS urges Tax Payers to still plan to file their Returns as they normally would do, but prepare to exercise some patience, as we have noticed that these changes have brought some delays in getting Tax Refunds. The Refund Delay is an added way to help the IRS combat Tax Fraud by beefing up its effort to authenticate Tax Payer Filings. 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. Let us know how we can help you. The IRS issued technical guidance detailing this information in https://www.irs.gov/pub/irs-pdf/iw2w3.pdf |
Tax Credits & Tax Deductions.
| Posted on April 6, 2017 at 10:42 AM |
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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. |
Lowering Your Tax Bill For 2017 ( Day 4)
| Posted on December 30, 2016 at 11:22 PM |
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 YES, 2017 is just Few Hours away......The Clock is Ticking. We can still chip in One more Challenge to lower Our Tax Bill before the Year Ends. And this is...... Further Your Education Do you know that if you take a Course to advance your Career or build your Business, It can be used as a Tax Deduction? If you are enrolled or taking classes at an eligible educational institution, you might qualify for the Lifetime Learning Credit(LLC). More so, If you or your Child is already in college or a Trade School, You can get up to $2,500 per student for the Year. So make sure you have paid college expenses before the end of the year to qualify for 2016. You should be able to claim the credit again next year, if the individual is still a student. In fact, you can claim the credit on up to three students a year, for a total of $7,500 in credits. Also, If you are done with College and paying Student Loan interest, you can deduct some or all of it, so make sure you are up to date paying off your loans. Either Parents or Students can claim this deduction, depending on the Payments.With this Advice, This is a Great time to enroll in a College or Trade School, so that you can still claim this in subsequent Tax Returns. Here is wishing you a Happy, Healthy, Prosperous and Tax- Savvy New Year. |
Lowering Your Tax Bill For 2017 ( Day 3)
| Posted on December 29, 2016 at 12:27 PM |
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 Wow, The Countdown is on; 2 More Days to the New Year
2017, Have you been working on your Challenge? If you're hoping on reducing
your Tax Bill for the Tax Season, You still have the opportunity to do so,
before it is too late. Here We Go: Pay Your Mortgage and Local/State Taxes Now When you prepay your Mortgage, State, Local and Property Taxes that are due in January at this time, You are reducing your 2016 Federal Income Tax Bill. These Payments can be deducted as part of your itemized deductions on your 2016 Tax Return and would reduce your Bottom Line Tax Bill. Try this and you will forever be grateful to us for giving you this Tip. |
Lowering Your Tax Bill For 2017 ( Day 2)
| Posted on December 22, 2016 at 12:23 PM |
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CLUE 2: Accelerate
your Deductions: If you plan to itemize
your deductions, you are better off accelerating your deductible expenditures
into this Year to produce a higher write-off. You will pay less in Taxes, if
you have more deductions. Ways of accelerating
your Deductions are: * Donations to
Charitable Organizations (We mentioned this in our earlier post). * Replacing Old
Business Equipment. * Prepaying State
Income Taxes. * Pay Next Year's Fees
and Subscriptions in the Current Year. * Pay Outstanding
Medical Bills. * Pay your Real Estate
Property Taxes. * If you own your
Home, Make an Extra Mortgage Payment at the end of the Year, so that you can
get an additional Tax Deduction for the Interest Paid. This is the Right Time
to do all these, If you want a Reduced Tax Bill in 2017. |