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Having Problems with Employees not Returning back to Work?

Posted on June 30, 2020 at 7:45 PM Comments comments (0)











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: 
  • Employee’s full name and social security number
  • The date the employee was offered work 
  • The date the employee refused the offer of work.

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:
  • Being sick or still isolated as the result of COVID-19
  • An unreasonable risk of exposure at place of employment
  • Caring for a family member who is sick or isolated as the result of COVID-19
  • Caring for a child who is unable to attend school or a childcare facility
  • The work is not “suitable.” In the context of an individual returning to work with the same employer in which the individual had been laid off or furloughed as a direct result of COVID-19, suitable employment means employment that the claimant is qualified for based on their customary occupation, experience, education level, and/or training. 

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 Comments 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.
  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. 
                           

Tax Season is Still On.

Posted on February 19, 2018 at 11:55 PM Comments 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.

 

IRS Begins Accepting Tax Returns.

Posted on January 29, 2018 at 7:54 PM Comments comments (7)

  

IRS Begins Accepting Tax Returns Today - Monday, January 29th 2018.

IRS begins accepting Tax Returns Today, Monday, January 29th 2018.
 
Highlights to Note:

  • Even Though the New US Tax Law is in effect, Changes do not apply to 2017 Tax Returns.
  • Tax Payers can start submitting their Returns to the IRS as From Today.
  • You may be able to file for Free; The Sooner, you start Filing, the Better, as this is a precaution to Tax Fraud.
  • The Deadline for this Year's Tax Filing Returns is Tuesday, April 17th 2018.
  • The Fastest Way to get your Tax Refund is by filing electronically and selecting Direct Deposit as the Method for receiving your Refund.


NEW TAX LAWS:

  •  The New US Tax Code, which includes the New Tax Brackets and modified Tax Deductions went into effect on January 1st 2018.
  • This means that even though, it doesn't affect the 2017 Tax Returns, Employees will start seeing a difference in their Paychecks by February.
  • Let the Tax Season Begin. 


   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 Comments comments (5)


W-2 Form; 1099 Form Filing.

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:

  • 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.

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:

  •  $50/Return – If you file within 30 Days of the Due Date.
  •  $100/Return – If you file more than 30 days after the Due Date but by  August 1.
  •  $260/Return – If you file after August 1, do not file corrections or do not file Required Forms.

 
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

Lowering Your Tax Bill For 2017 ( Day 4)

Posted on December 30, 2016 at 11:22 PM Comments comments (4)
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 Comments comments (1)



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 Comments comments (2)

                                                

Are you taking up the Challenge towards reducing your Tax Bill for Next Year Taxes? We're now on Day 2 Challenge towards helping you achieve this Goal .Be Sure to implement and Keep Checking back for more information.

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.

NEW W-2 DEADLINE IN 2017; Business Owners & Employers Take Note.

Posted on December 5, 2016 at 12:10 AM Comments comments (3)
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.
 
PENALTIES 
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. 

Top 10 Overlooked Tax Deductions.

Posted on March 16, 2016 at 10:11 AM Comments 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:
  • Reduce Your Income Tax Liability.
  • Enhance the efficiency of your Business Operation.
  • Improve your Overall Financial Well Being
  • Prevent Overstating your Income/Profit.
  • Eliminate you from being a Target of an IRS Audit.                                                                                                                                    
 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.