ROSYAN BOOKKEEPING SERVICES
Your affordable Bookkeeping & Consultancy Services.
Tel: 202.422.4586 Email: [email protected]
Having Problems with Employees not Returning back to Work?
|Posted on June 30, 2020 at 7:45 PM||comments ()|
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||comments ()|
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.
Congratulations, You got your PPP Loan, What Next?
|Posted on May 6, 2020 at 1:00 PM||comments ()|
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.
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.
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).
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.
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||comments ()|
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:
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:
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.
- bookkeeping,Tax Returns,QuickBooks,Bank Reconciliations,bookkeeping services,small business (21)
- Budgeting,Accounting,Business Planning (11)
- QuickBooks,Small Business Bookkeeping,Bookkeepers rates,business decisions (15)
- New Year Resolutions (4)
- New Yer Planning (5)
- Balance Sheet (7)
- Balance Sheet Reporting (10)
- Account Setup (6)
- bookkeeping (29)
- Tax Filing (16)
- tax refunds (18)
- Tax Returns (17)
- Accounts Payables (3)
- Accounts Receivables (6)
- Business Budgeting (8)
- Business forecasting (8)
- Inventory (1)
- Online Banking (4)
- Payroll (10)
- QuickBooks Review (6)
- QuickBooks Setup (13)
- QuickBooks Software (11)
- QuickBooks Support (8)
- QuickBooks Training (9)
- Finance Management (4)
- Law of Money (3)
- Money Perspective (3)
- Personal Finances (4)
- Spending Wisely (9)
- Tracking your expenses (13)
- Financial Position (4)
- Tax Preparation (12)
- Cash flow (6)
- Cash flows (4)
- Small Business Setup (5)
- Business profit (9)
- profit (6)
- profit forecast (3)
- profit making (6)
- 2014 standard mileage rates (1)
- 2014 Tax Returns (2)
- 2015 Tax Filing Season (3)
- Business Expenses (10)
- Health Insurance credits (1)
- Fraud (2)
- Online Fraud (2)
- quickbooks (11)
- Wealth Management (2)
- Chipcards (2)
- Credit Card Rules (4)
- EMV (2)
- New Credit Card Rules (3)
- 2015 Tax Returns (3)
- 2016 tax filing season (7)
- Year End (7)
- tax season (9)
- Tax Deductions (10)
- 1099 Tax Filing (2)
- 2016 tax (4)
- 2017 Tax Filing Season (5)
- w-2 (9)
- lower your taxbill (4)
- Tax Bill (10)
- 2016 Tax Filing (2)
- 2016 tax returns (4)
- 2017 tax filing (4)
- credit card expense (2)
- 2017taxes (4)
- 2017TaxSeason (5)
- taxes2017duedate (3)
- Personal development (1)
- Intuit Road Show (1)
- passion (1)
- 401K Contribution Limits (1)
- 401K Retirement (2)
- IRA (2)
- IRS (7)
- 1099 filing (4)
- 2017 Tax Returns (4)
- 2018 Tax Season (5)
- 2018taxes (4)
- 2018taxreturns (4)
- Intuit (1)
- proadvisors (5)
- quickbooksproadvisors (1)
- quickbookstraining (4)
- ITIN Number (3)
- ITINs (3)
- Tax ID (3)
- accounting (5)
- careerdevelopment (1)
- entrepreneur (3)
- youthempowerment (1)
- giftcard fraud (1)
- giftcards (1)
- 1099filing (3)
- 2019taxseason (3)
- w-2s (2)
- 2019taxreturns (2)
- taxes (4)
- taxreturns (4)
- taxseason (3)
- corona (1)
- Coronavirus (2)
- covid19 (2)
- stimuluscheck (4)
- stimuluschecks (6)
- stimuluspackage (5)
- COVID-19 (2)
- Economic Injury Disaster Loan Program and Advance Loan (1)
- EIDL (2)
- loan documentation (1)
- loan documents (1)
- non-profits (1)
- paycheck protection program (2)
- PPP (2)
- SBA Loan (4)
- small business owners (4)
- EIDLGrant (2)
- EIDLloan (1)
- loandocument (1)
- PPPloan (1)
- PPP loan (1)
- bank loan (1)
- bank reconciliation (1)
- reconciliation (0)