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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. |
Tax Season is Still On.
| Posted on February 19, 2018 at 11:55 PM |
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 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 |
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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 |
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. |
NEW W-2 DEADLINE IN 2017; Business Owners & Employers Take Note.
| Posted on December 5, 2016 at 12:10 AM |
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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 |
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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. |