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Close Out the Year Powerfully
| Posted on December 28, 2022 at 5:25 PM |
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It's Time to Close Out the Year Powerfully. Here is Wishing all our Fans, Clients and Business Associates a Merry Christmas, Happy Holidays and a Successful Year 2023.
Remember to Gather your Documents and Ensure that all your Expenses are recorded according to the Correct Tax Deduction Categories.
Tax Season is Almost HERE and the Rush Season will soon Commence. It's important to start keep your Records now and avoid an Overwhelming Tax Season.
It may seem like a Daunting Task. However, Rosyan Bookkeeping Services , We can help you organize your Accounts and manage your Books Effectively.
Call, DM or Visit our Website for more Information.
#christmasgreetings , #happyholidays , #bookkeepingservices , #yearend , #financialservices , #taxseason , #savingmoney , #explorepage , #entrepreneur , #investing , #money , #investingtips , #taxtips , #christmastime, #bookkeeper , #accountant
Congratulations, You got your PPP Loan, What Next?
| Posted on May 6, 2020 at 1:00 PM |
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 Congratulations, you filed all the Paperwork for your PPP Loan
and you have received your Grant and Loan. Now is the time to start planning on
how you are going to ensure you use the Funds correctly. During this Pandemic,
the SBA has made efforts to make funding accessible to Small Businesses and it
is important to use the Funds appropriately. The PPP Loan is designed to provide a direct
incentive for Small Businesses to keep their workers on Payroll. SBA will
forgive Loans, if all employees are kept on the Payroll for eight weeks,
starting from when the Loan is received and the Money is used for Payroll,
Rent, Mortgage Interest Payments or Utilities. It is important to note that not
more than 25% of the forgiven Amount maybe for Non-Payroll Costs. Now, that you have your Loan and have identified the time
period, it's time to calculate the monthly payroll cost, to ensure your Loan
Forgiveness. The Items below are the Payroll Costs to include, as well as the
Non- Payroll Costs. Payroll Costs: 1) Salary, Wages, Commissions, Tips and
Bonuses. 2) Owner's Draw Payments for Sole Proprietors. 3) Severance Pay 4) Paid Leave Payments (No FFCRA Paid Leave) 5) Employee Payments for State and Local Taxes. 6) Employee Payments for Federal Income Tax and
FICA. 7) Employee Contributions to Retirement and Group
Health Plans ( Health Insurance & Dental Coverage). 8) Payments of Interest on Mortgage
Obligations. Non-Payroll Costs: 1) Contractor Pay 2) Payroll Reimbursement. 3) Owner's Draw Payments (Except for Sole Proprietors). 4) Workers' Compensation Fees. 5) Fringe Benefits. (Commuter Benefits, HSAs). 6) Ancillary Benefits (Short-Term Disability, Group Life
Insurance). Important Notes:
Actions to take immediately:
The PPP and EIDL Loan Program
is one of the Greatest Investments, you have ever made as a Small Business. The
Secret is knowing how to play by the Rules and is essential in using it to your
Best Advantage. You may be proud of the fact, that you do
your own Tax Filings, Payroll and Bookkeeping, but the PPP Loan and EIDL Loan
is not an area, where you want to risk making a wrong decision. The Guidance
for the PPP seems to be changing daily. Be Aware that Little Mistakes can cost
you Big. Whatever you do, be sure to do it under the Guidance of a
Financial Advisor/Bookkeeper to help you maximize your Benefit from the
adherence to the PPP Loan Terms. Feel Free to Reach Out to us and Let Us
know, how we can assist you. We are available to help you with your
Bookkeeping, Accounting and Payroll Needs. Call 202-422-4586 for More
Information. |
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 STIMULUS CHECKS.
| Posted on April 3, 2020 at 4:04 PM |
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 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. |
W-2 AND FORM 1099 FILING DEADLINE IS JANUARY 31ST 2019.
| Posted on January 9, 2019 at 5:47 PM |
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 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 - https://www.linkedin.com/…/new-w-2-deadline-2017-business-…/
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. |
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. |
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 1)
| Posted on December 21, 2016 at 12:47 AM |
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 The Year 2016 is fast coming to an end; As we Close out the Year, We would like to thank all our Clients, Customers and Fans for your Business and Referrals. We look forward to your continued patronage in 2017; As the Year comes to a Close, So does the period for Tax Planning. For Each Remaining Day of the Year, We would share some Tax-Saving Strategies to consider before the Year 2016 closes Out. CLUE 1: Make Charitable Contributions - Charitable Donations are an easy way to get a Tax Deduction; The Most Obvious way to make a Donation is to write a Check to your local Church or Non- Profit Organizations. At the End of the Year, the Organization would give you a record of all the Donations, you have been making for the year and you can use this to make your Claims. Both Ways, you are giving to God ( A worthy cause) as well as lowering your Tax Bill. According to the IRS, A Donor claiming a deduction of $250 or more is required to obtain and keep a written acknowledgement for a charitable contribution, so be sure to get a donation receipt. It's also a good idea to take a picture of your Contribution, just as a Back-up. Also , making a Donation with your credit card this month means you don't have to pay it off until January- and you still get the deduction. BeSure to check out our website each day till the End of 2016 for more updates on how to lower your Tax Bill. #loweryourTaxBill |
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. |