|Posted on May 15, 2020 at 3:44 AM||comments (1)|
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.
|Posted on April 3, 2020 at 4:04 PM||comments (2)|
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.
|Posted on January 31, 2019 at 3:59 PM||comments (0)|
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 ......................................................
|Posted on February 19, 2018 at 11:55 PM||comments (3)|
Do you have all your required Tax Filing Documents?
* Form W2
* Form 1099 - MISC (If you are a Contractor or Independent Employee)
* Form 1099 - G (To show Payment received from Government Agencies, Unemployment Benefits, Alimony, Child Support).
* Form 1095 - To show that you are enrolled in a Qualified Health Plan, which will allow you to get your Premium Tax Credit).
* Form 1098 - To show Payment Received from Interest (Interest Income).
* Profit & Loss Financial Statements (If you are a Business Entity or Corporation)
* Property Taxes paid on Principal Properties.
*Charitable Contribution Statements.( To show Tithes, Offerings and Donations given to Religious Organization)
* All Receipts of Purchases Made during the 2017 Year.
Additional Forms, that you may receive:
a) 1099- INT - To Show Payments received on Interest.
b) 1099- DIV - To Show Payments received on Dividends.
c) 1099- R - To show Pensions and Payouts from Individual Retirements Accounts.
d) 1099-B - To show Broker Transactions and Barter Exchanges.
e) 1099-S - To show Real Estate Transactions.
Businesses may not like sending out Forms 109, but they are required by law to send them out. There are also penalties for failing to issue these Forms. No one wants trouble from the IRS.
Generally, Businesses must issue these forms to any Payee (Other than a Corporation), that receives $600 or more during the financial Year. This is the basic threshold.
Do you need more clarification on any of these Required Documents? Feel Free to reach out to us and we will educate you more, help you reduce your Tax Liabilities and guarantee your Maximum Tax Refund.
|Posted on December 18, 2017 at 7:15 PM||comments (5)|
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
|Posted on December 30, 2016 at 11:22 PM||comments (4)|
|Posted on March 16, 2016 at 10:11 AM||comments (7)|
Every Year, Business Owners across the Nation sit down with their Tax Accountants to come up with as many Legal Tax Deductions as possible. As a Business Owner, knowing which Business Tax Deductions that you qualify for can help:
It is unfortunate that many Business Tax Deductions are misunderstood and underutilized. Some Business Owners make the mistake of claiming the wrong deductions or claiming the wrong amounts. Most Business Owners overlook the most important Deductions that can help reduce their Tax Liability. As you file your Taxes this Year, We have compiled the Top 10 Overlooked Tax Deductions that most Business Owners ignore during Tax Period. Our Aim us to help you remember to claim these deductions as you file your Taxes.
1. Software: A Software Deduction is more than the traditional idea of Software in a Box or Download. If you use any Cloud Based Tools such as Online Accounting Software or Other Productivity Tools, your Subscription Fees are deductible as well as these Software- as- a- service (SaaS) options.
2. Education: Did you spend money to attend a Trade Show, Industry Seminar, Training or Conference relating to your Business or Career in the Past Year? Did you Buy Books, CDs or Online Tutorials related to your Business? These Tools help you get smarter at running your Business and are all Tax Deductible.
3. Licensing & Regulatory Fees: Do you know that the Regulatory and License Fees that you pay each year to keep your Business Operating and in Good Standing are Tax Deductible?
4. Bad Debts: When a Client owes you money and they are not paying their Bills, It is possible to deduct the Uncollectible Bad Debt from your Taxable Income.
5. Student Loan Interest: Student Loan Interest is a Tax Deduction that is commonly missed. If you have Student Loan Debt and you are still paying for it- Either for yourself or for your Children, you have to ensure that the Loan Interest is deducted for Tax Purposes .Note: The Person who gets to deduct the Loan Interest is the person who is legally obligated to pay back the Loan. This means that if the Loan is under your Name, you can take the Tax Deduction; If the Loan is under your Adult Child's Name, then your Child will be the one to claim the deduction on their Tax Return.
6. Medical Costs: These include Health Insurance Premiums, Dental Care, Glasses, Counselling, Therapy and Miles driven to Medical Appointments. Weight- Loss Programs are also deductible if undertaken as treatment for a Disease diagnosed by a Physician.
7. Retirement Plan Expenses: Whether you are a Solo Entrepreneur or Business Owner with many Employees, Any Contribution (up to a certain limit each year) made to a Qualified Tax-advantaged Retirement Plans such as SEP IRA, SIMPLE IRA, 401(K) or Other Retirement Accounts are Deductible. It is important to note that some People with IRAs miss the opportunity to contribute to their Plan and don't realize that it's a deduction that does not need to be funded by December 31st of the Tax Year. Tax Payers have until April 14th of every following Year to fund their IRAs.
8. Depreciation: Depreciation can mean large Tax Savings for most Business Owners and is usually complex enough to intimidate or confuse many Business Owners. Certain Fixed Assets Purchases that you buy for your Business cannot have the entire cost deducted in the same year that you purchase it, instead you need to spread the cost across a few Tax Years and deduct part of it each year.
9. Business Transportation (Vehicle Mileage & Maintenance) : Using your Personal Vehicle or Business Owned Vehicle for Business Related Travel allows you to deduct the Value of Depreciation on the Vehicle's Value by deducting your mileage with the IRS standard mileage rate per mile of Business Travel, or ( If the Number is Greater) by deducting the Total Value of Gas and Maintenance on the Vehicle.
10. Charitable Contributions & Non-Cash Charitable Donations: The IRS likes to encourage and reward People who donate and volunteer for charitable causes. Any Money that you give to a Tax- Exempt Charitable Organization can be deducted from your Taxable Income. You can also deduct certain out - of - pocket expenses incurred while volunteering for a charitable organization. Deducting a Cash Contribution to a Charity is easy, but too often People don't accurately value Non- Cash Contributions such as Clothes. You will have to determine the fair market value.
It is important to take note of these overlooked Tax Deductions and remember to list them during your Tax Filing. It has been reported that Most Business Owners give lots of extra money to the IRS due to lack of record keeping of these overlooked Deductions. This is why it is compulsory to keep accurate record of all your Expenses during the Year and have them categorized properly, so that you can reduce your Tax Liability to the minimum.
We know that the Tax Filing Season is not fun and will like to take the stress off you, so that you can concentrate on building your Business, If you have not been keeping accurate records of your Income and Expenses, We are available to help you. Please Free to give us a Call on 202.422.4586. You will be glad you did.
To your Business Success,
Rosemary Anyanwu, CFE.
Certified QuickBooks ProAdvisor, Professional Bookkeeper & Accountant.
Rosyan Bookkeeping Services.
|Posted on December 22, 2015 at 10:49 AM||comments (5)|
Merry Christmas and A Prosperous New Year 2016 to all our Current and Prospective Clients. We want our Clients and Fans to know that we appreciate them and continually look forward to a great working relationship. The Year is almost coming to an end and It's a Busy Season for everyone. As you make your Holiday Plans, Remember to close your Books and Accounting Records for the Year 2015.
We have listed some Tips to help you close the year properly, so that you can make great plans for the upcoming year:
1) Ensure that the Bank and Credit Card Accounts have been reconciled.
2) Ensure that the Loan Interest has been separated from the Principal Amount and is accurately entered into your Books.
3) Check for the Accuracy of Accounts Receivable and Accounts Payable.
4) Write Off Bad Debts for Customers who are Noncollectable.
Another Tax Season is about to start; Filing your Taxes will probably never be fun, but being proactive when you are not under a Deadline can help ease some of the burden and save you time and frustration when April Comes around. If you need help with getting your Books ready for Taxes, We are available to help you. Please Free to give us a Call on 202.422.4586. You will be glad you did.
|Posted on May 18, 2015 at 11:32 AM||comments (7)|
The Warmer Weather has finally arrived; soon it will be summer. Most Business Owners let down their guard, let go on Vacations and have Fun. Coincidentally, it's also a time that Online Scammers and Hackers get active and keep their eyes looking for Accounts to hack and tamper the unfortunate company Account Holders.
Our Discussion today focuses on an area that is passionate to my heart. As a matter of fact, I look forward to a day, that every company will be devoid of fraud. Technology has given fraudsters an edge in recent years, and we see a lot of fraudulent activities and online attacks on most Business Account. There are majority of fraudsters out there that are using the basic scams to de-fraud merchants, because there are too many Businesses that are not doing anything to stop them.
The Purpose of this Write-up is to provide information on the various types of Account Frauds that exist and how to prevent these online fraudulent attacks on your Business. The Online Frauds are as follows:
1) Morphing Fraud (Repeat Offenders): This is common in online customer sales businesses. The Fraudster hits a Single Merchant, multiple times using slightly different data points each time; A Multiple Purchase is made from your Business site within a short time frame with a number of different credit cards. In this Case, All of the Goods will be going to the same location, but all of the other data may change between purchases.
2) Skimming:This is where the Debit/Credit Card Numbers are being accessed in common places like Restaurants, Bars, Hotels, ATMs and Airports. The Fraudsters place fake devices in these locations or sites, where an accomplice or entire staff unknowingly swipes each credit card that is entered. Afterwards, these Numbers are collected and sold.
3) Debit Card Fraud: This occurs when a criminal gains access to your debit card number, to make unauthorized purchases and/or withdraws from your Account. When your Debit Card is used fraudulently, the money is missing from your account instantly. Recently, We had a case of client, whose Company Account was continuously charged an unauthorized amount for 6 months, and the Client innocently thought the charges were for services, he had signed up for, until his account was reviewed and he found out that they were fraudulent online transactions.
4) Identity Fraud: A Case of Identity Theft is being reported every 19 Seconds since the Year 2001; It occurs when someone's personal information is stolen and a credit card account is opened in the victim's name, without their permission , and charges are made to these account. It is worthy to note that identity fraud does not necessarily occur, when a credit card is simply stolen.
Having looked at the most common types of Online Fraud, We have listed below the steps to prevent your account from being attacked.
Avoiding Online Fraud:
Finally, it is worthy to note that the most effective way to prevent fraud is to be proactive in the design of your strategy. It is really scary to consider the damages.
What Strategy have you put in Place to prevent your Personal and Business Account from being attacked? Think about this and Act Immediately. If you need help with setting up a Fraud Resistance Accounting and Bookkeeping Strategy, we are just a Call away. We would love to hear from you.
|Posted on January 26, 2015 at 12:03 PM||comments (37)|
We welcome you to the Year 2015.
We are all aware that the IRS has opened up its system to start accepting our 2014 Tax Returns; we should have also started receiving our W-2s and other earned Income Statements. Even if you don't intend to file right away, you can start gathering your receipts, Bank Statements and other important documents.
It is important to know that Tax Preparation Could be a little more complicated this Year, Thanks to the New Standard Deduction Amounts and the Affordable Care Act. We have compiled the following information, for you to take note, while filing your 2014 Tax Return:
1) You need to decide which type of Deduction, you want to take: You have to compare and decide, whether you want to itemize your Deductions or take the Standard Deduction. Your itemized Deductions are the items, you paid for during the year 2014, and you may be able to deduct. Expenses could include Home Mortgage Interest, State Income Taxes or Sales Taxes (But not both), Real Estate and Personal Property Taxes and Gifts to Charities. They may also include Large Casualty or theft losses or Large Medical and Dental expenses, that insurance did not cover. Unreimbursed Employee Business Expense may also be deductible.
In most Cases, Your Federal Income Tax will be less, if you take the larger of your itemized Deduction or Standard Deduction.
2) If you choose not to itemize, your Basic Standard Deduction amount depends on your Filing Status. For the 2014 Tax Returns, the Basic Amounts are:
3) As a Business Owner, if you choose to itemize your Deductions, your Expenses must be Ordinary and Necessary. An Expense is 'ordinary', if it is customary and conventional for the tax Payer's line of Business. A Necessary Expense is helpful in the Tax Payer's Business, but it need not be indispensable.
4) The Standard Mileage Rate for each Business Mile driven is 56cents for the Year 2014, and rises to 57.5 cents for the Year 2015. To Claim Deduction for the Business Use of your Car, it is better to use the Standard Mileage Rate, rather than the Actual Costs.
5) As a Business Owner, you need to take note of the following Expense Treatment during the Year, so that you can reduce your Tax Liability:
6) This will be the first Filing Season with Two Major Provisions from the Affordable Care Act on Form 1040.They are the Premium Tax Credit and the Individual Shared Responsibility Payment on Form 1040.
7) The Premium Tax Credit is a refundable Tax Credit, which is also advanceable, designed to help Eligible Individuals and Families with low or Moderate Income, so that they can afford and purchase Health Insurance through the Health Insurance Marketplace. You can claim the Credit, when you file your Taxes, and this will lower your Tax Liability or you can choose to increase your Returns.
8) The Individual Shared Responsibility Payment on Form 1040 is the Fine payment that you make with your 2014 Tax Returns, for not having Health Insurance Coverage. It is the greater of :
9) Tax Payers will need a Form from the Market Place, called Form 1095- A, to complete their Tax Return. The Forms should arrive by Mail by the End of January or First Week in February and can also be downloaded from the MarketPlace Account. You are advised to wait for the Form 1095-A to arrive, before you file your Taxes.
10) Small Employer Health Insurance Credits: An Eligible Small Business Employer may claim Tax Credit, if it makes nonelective contributions that pay at least one-half of the cost of Health Insurance Premiums for the coverage of its participating Employees. An Employer Contribution is considered a nonelective contribution, as long as it is not made through a Salary reduction arrangement, and is done on behalf of each employee, who enrolls in a Qualified Health Plan, offered by the Employer.This Credit is computed on Form 8941 and is claimed as a component of the General Business Credit.
We have complied these Basic Information, to enlighten you about the latest Tax Changes, and prepare you to get ready for the 2015 Tax Filing Season. Remember, if you are fully prepared, it will save you time and help ensure that you receive all the Tax Benefits, Credits and Deductions Allowed.
We know that Every Business is unique and the Basis of ensuring a correct Tax Liability is having a Good Record Keeping System. If you will need assistance in setting up your Record Keeping System to reflect your correct Tax Deduction. Please feel free to call us to help you out.
You will be glad you did.