64 items found for ""
- Did you File a Tax Extension?
Did you File a Tax Extension? ACT NOW Before It's too late!!! Get all your Documents Ready and Save with your Detailed Tax Deductions. NOTE THE FOLLOWING DUE DATES: FRIDAY, SEPTEMBER 15, 2023 - Tax Filing Extension Deadline for: - Partnerships - Multimember LLC Business Tax ( If your Business files a Calendar Form 1065 and filed Business Tax Extension this Year. - S Corporation Business Tax Extension ( If your Business files a Calendar Year Form 1120- S and filed for an Extension this Year) MONDAY, OCTOBER 16, 2023 - Tax Filing Extension Deadline for : - Sole Proprietors, - Single- Member LLCs - S Corporation Owners - Partnerships - Corporations Who requested a Tax Extension on their 2022 Tax Return. Remember, If you're overwhelmed with the tax Preparation and Financial Reports, We are Available to help you. Reach out to us for more Information. Loving What We Do and Always Excited to Help YOU. IMPORTANT ANNOUNCEMENT : Our QuickBooks Training Class Session is Still ON......... Call NOW to Book an Appointment. At Rosyan Bookkeeping Services, We are committed to furnishing you with helpful information regarding your Tax Filings. Feel Free to Call Us on 301-485-8109; 202-422-4586 if you need any Clarification. We would Gladly Assist you.
- Overspending on Back to School Shopping? 6 Ways to Avoid this!!!
IT'S BACK TO SCHOOL SEASON!!! Time to stock up on School Supplies, School Uniforms, Clothing and All School Items. It's also a Season of Overspending and can be overwhelming. YESSS, It can be an Overwhelming Period, but don't worry; @ Rosyan Bookkeeping Services, We are always happy to assist you. Be Sure to Put these 6 Ways into Practice to avoid Overspending. Feel Free to add some tips that have also worked for you. Leave your Credit Cards at Home; It helps to avoid Impulse Shopping. Perhaps you can't resist the urge to go to the Store. However, you have the will power to take your Credit Cards out of your Wallet before you leave the House. Shop Online instead of going to the Store. Haven't you noticed that sometimes you go to the store with good intentions to buy what you need, but while you're there, other things call out to us to stop and have a look? You need to stop this and try shopping online. Take Advantage of Back to School Supplies Giveaways. There are so many Back to School Drive Initiatives happening all around our Community. Take your Children to these events to get Free School Supplies and Books. It helps you to save heavily on School Supplies. Take Advantage of Sales Tax Free Week in your State. This is a good time to shop and stock up on Clothes, School Uniforms, School Supplies, Footwear , Jewelry, watches and Much More. You will also save up some Money , that you would have used on Taxes. Distract Yourself. There are so many things you can do instead of Shopping. Make Sure you have a List of Items you really need before embarking on Back to School Shopping. Be Sure to keep these Items with you, even when you're having a Bad Day. This helps you to be focused. Be Content. Be Content with what you have. Know what you can afford. Explain to your Children about their Spending Limits. Emotional Spending is a Problem and the only way, we can deal with this is to recognize it as one. Never Allow your Emotions to control you. If you need Help in managing your Spending, Feel Free to reach out to us. DM /Call Us on 301-485-8109 ; 202-422-4586 ; We will always be happy to assist you. Loving What We Do and Always Excited to Assist You. #backtoschool, #backtoschoolseason, #backtoschoolshopping, #backtoschoolgiveaway, #schoolsupplies, #save, #budget, #online, #onlineshopping, #shopping, #financetips, #finance, #financialwealth, #business, #entrepreneur, #accounting, #bookkeeping
- The 2023 Tax Season is in Full Swing!!! Take Note of the Filing Due Dates.
Remember, If you're a Partnership or an S- Corp, Your Tax Filing DUE DATE IS MARCH 15, 2023. However, If you’re Filing your Personal Tax Returns, Single Member LLC or Calendar Year C-Corp, Your Tax Filing DUE DATE IS APRIL 18, 2023. Time is Ticking!!! Need Help with Getting yourself Ready for your Tax Filing? Send us a Message for More Information and Let's Chat. We're always Available to Help you. Call US on 301-485-8109. #taxtips, #taxseason , #taxtipsforentrepreneurs , #taxdeductions , #taxrefund, #taxfiling #bookkeeper , #accountant
- It's Official!!! Tax Season Starts on Monday, January 23rd 2023.
The Internal Revenue Service (IRS) will start accepting and Processing 2022 Tax Returns on Monday , January 23rd 2023 and End on April 18th 2023. It's Time to gather All your Financial Statements, Year End Statements, W2s, 1099s, Financial Reports, Mortgage Statements, Form 1095-A, Contribution Statements and All Statements that shows your Income and Expenses for the Year. It's important to claim all your Tax Deductions to reduce your Tax Liability. Seems Too Overwhelming for you? Reach Out to US. We will gladly assist you. #taxseason , #taxreturns , #taxfiling , #bookkeepingservices , #Bookkeeping , #freelancers , #selfemployed , #businessowner , #businessowners , #entrepreneur , #entrepreneurship , #taxes , #taxdeductions , #taxrefund , #taxclaim , #business, #businessman , #taxresolution , #taxrelief , #taxrefunds , #businesswoman , #businessownership , #bookkeeper , #accounting , #accountingservices , #tax /
- IT'S HERE!!! The New Year is HERE. And So are the Important Tax Deadlines and Compliance Dates.
It's that Time of the Year to Mail Out 1099s and W2s to your Employees and Contractors. And Also File the Forms 1099 and W2 with the IRS. Remember the Deadline is January 31st 2023. Save Yourself a Lot of Headache before the Deadline. Ensure that Everyone of your Contractors complete their W9 as this will facilitate the 1099 Processing. These are Other Important Days to Remember in the Month of January: * January 17th 2023 - Last Date to Pay your Final Installment Payment for your 2022 Individual Estimated Tax Payment. * January 31st 2023 - Last Date for Employers to File Form 941, Employers Quarterly Federal Tax Return for the 4th Quarter of 2022. * January 31st 2023 - Employers Must Also File Form 940 Employer's Annual Federal Unemployment Tax Returns for the Year 2022. * January 31st 2023 - Last Date to Furnish Form 1099-NEC Information Returns to Payees of Non-Employee Compensation and File Returns with the IRS. All Businesses Must Give Annual Information Statements to Recipients of Certain Payments they made in the Year 2022. As Tax Season Approaches, It is important to note that W-9 is your Best Friend. Giving out a W-9 to your Vendors, Contractors and SubContractors is the Smartest Move to make at this Time of the Year. Make Sure, you get these Forms back from them before the End of this Month, so that the Preparation for the 1099-NEC and 1099-MISC can be a Smooth One. At Rosyan Bookkeeping & Accounting 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 Reach Out to us, if you need any Clarification. We Would gladly assist you. #contractor , #w2 , #form1099 , #1099 , #smallbusiness , #smallbusinessowners , #bookkeeper , #bookkeepingservices , #accounting , #entrepreneur , #entrepreneurlife , #bookkeepingandaccounting , #taxfiling , #taxes , #taxpreparer , #financialservices , #payroll , #payrollservices , #subcontractor , #freelance , #selfemployed , #taxseason , #taxtime , #taxpreparationservices
- Close Out the Year Powerfully
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
- Bank Reconciliation and the Benefits of Reconciling your Account.
Performing Bank Reconciliations helps you spot out Fraud and Reduce the risk of transactions, that can cause late fees and penalties. The Following are the Advantages of Bank Reconciliation: 1) It makes Accounts to be in Good Standing - It makes your Account to be in Good Standing. When you reconcile your Bank Account, it helps you to be aware about the Amount that you can spend in your Account, so that you are less likely to overdraw your Bank Account. You need to keep in mind, that overdrawing will negatively affect your Credit Score and can prompt the Bank to charge you fees. 2) It Prevents Theft - Recording Bank Fees is a Standard Practice as you process your Reconciliation and it may reveal a transaction, that you have overlooked to record. By examining further, the available original documents, these discrepancies will be revealed. Most Importantly, it will reveal the Bank transactions, that were initiated by unauthorized individuals, who try to steal money from your Bank Account. 3) It Helps you detect Accounting Errors - There can be some cases, where your Bank commits an error in your favor, and this will make you liable to return that money, even if you've already spent it. By Reconciliation, you will be able to detect accounting errors that commonly occurs in Business, such as Double Payments, Addition and Subtraction Errors, Missed Payments and Lost Checks. 4) It keeps Mistakes in Check - Banks are usually responsible for implementing procedures to avoid making mistakes in your Bank Account; unfortunately, mistakes do happen sometimes, with the most common being a Simple entry error. Nevertheless, Banks will be able to correct these mistakes when you point them out, after you complete your Bank Reconciliation. 5) Need to Record Interest Earned - Businesses may think, that they are Small, so recording their Interest maybe minor. It is important to keep precise track of smaller details, since these can add up over time. Also, It may not seem important now, but as you earn more money and your Principal grows, your interest may become significant enough that it affects your bottom line. 6) It reduces Missing Transactions - We have seen several instances, where Banks may refuse to deposit your Check for reasons like you have drawn on a Foreign Bank Account. This may require them to reverse the original entry on a Deposit. Bank Reconciliation is carried to introduce transparency and efficiency into a Business's Accounting System. 7) It helps to identify Duplicate Charges - Reconciling your Bank Account helps to identify duplicate charges, that may be erroneously charged in your Bank Account; It also helps you to recognize unauthorized charges and incorrect posting amounts, thereby reaching out to the Merchant Companies and informing them to refund these charges. 8) It detects and prevents Embezzlement of Funds from your Company - Reconciling your Account helps to detect Fraud and embezzlement of funds from your Company. You are able to track every transaction and determine, where they are coming from, where the funds are being allocated to and if they were wrongly allotted. 9) It Helps Business Owners make Sound Financial Decisions - Reconciling your Bank Account helps Business Owners to make sound financial decisions about the growth of their Company and helps to identify particular product lines, that maybe non-profitable. 10) It helps you track your Accounts Receivables - Cash is King. Reconciling your Account keeps you on top of your Account Receivables; It helps you know the true Amount, that your Debtors are owing you. Reconciling your Account allows you to track your Invoices and reach out to your Debtors to make Payments promptly. It helps to ensure that you always have Cash available in your Bank Account. 11) Reconciling your Account helps you produce Accurate Financial Reports, needed for your Loan Application - Due to the Pandemic, a lot of Businesses have to rely on SBA Loans and Government Stimulus to help their Businesses stay afloat. Having a Reconciled Account helps you produce Accurate Financial Reports, that can help you obtain these Loans easily, without hassles. Are you Reconciling your Account Regularly? Are you overwhelmed with your Reconciliation? We have the latest Accounting Software to help you and Guess What? We can set one up for you as well. Give us a Call on 202-422-4586 and We'll help you out.
- Having Problems with Employees not Returning back to Work?
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 firstname.lastname@example.org. 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.
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.
- Congratulations, You got your PPP Loan, What Next?
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: The SBA recently clarified that the 8 Weeks Period begins on the date, the borrower receives the disbursement of the Loan, and regardless of whether your Business has resumed operations. No More than 25% of the Forgivable Amount of a PPP Loan can be attributable to Non-Payroll Costs. Actions to take immediately: Open up a Separate Bank Account and Deposit the Loan Amount in the Bank Account. It would make it easier to track the use of the funds precisely. Order Check Books for this Account and Ensure the Check Payment is made from this Account. Hire Back Employees and Restore Headcount and Wages to Prior Levels. Maintain a Paper Folder or Electronic Folder for all PPP Expenses and Cancelled Checks. Remember you have 8 Weeks of Funding to track these costs. Not 2 Months but 8 Weeks, from when you got the Funding. Ensure to pay your Rent on time. Get your Lease Agreement and Have it ready to produce, when it is requested. Ensure to pay your Utility Bills on time and save all Bill Payments. Make Sure to Pay ALL Interest on your Loans when Due. Although, Principal Payments are required, you are required to keep track of the Interest Payments, either with Statements or an Amortization Schedule. Keep a Record of the Exact Amount of Health Benefits and Pension Contributions due for the 8 Weeks. Ensure to find them, before the end of the 8 Weeks. Get a Bookkeeper, CPA and Accountant NOW. 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?
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 Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (
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: CARES Paycheck Protection Program (PPP) And Economic Injury Disaster Loan Program (EIDL) 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: To Apply for this Loan, Businesses can request 2.5 times their Average Monthly Payroll Costs. The Average Costs is based on the Total Payroll Costs for the Year 2019. Organizations can apply for the Paycheck Protection Program (PPP) by calling their Banks and Other Lenders directly after completing the Form/Link below on the SBA Website: The Paycheck Protection Program (PPP) Loan is forgivable, depending on whether Businesses lay off workers and how they use the Money. Repayment of Loans are deferred for 6 Months, with an Interest Rate of 0.50 % Fixed Rate and the Maximum Repayment Term is 2 Years. Economic Injury Disaster Loan Program ( EIDL) : The Loan Request Amount will be based on the Amount of " economic injury" that you have sustained, because of the COVID-19 Pandemic. The EIDL Loan can be used for a Broader Array of Costs, including Rent and Mortgage Payments, Salaries, Workers' Paid Leave and the Business' Operational Needs. Organizations can apply for the Economic Injury Disaster Loan Program and Advance(EIDL) directly through the SBA Website Link below: Once you submit your Application for the Loan, you can indicate that you are interested in the emergency Grant at the same time. Businesses who request for this Grant Advance, when approved will not need to pay it back, but the rest of the Disaster Assistance Loan will need to have to be repaid. Repayment of Loans are deferred for 6 Months, with an Interest Rate of 3.75% Rate for Small Businesses and 2.75% Rate for Non-Profits. The Maximum Repayment Term is 30 Years. Additional Information: No Collaterals or Personal Guarantees is Needed for the Application for each of these Loans. However, if the Proceeds are used for fraudulent purposes, the United States Government will pursue criminal charges against the Business/Organization Owner. One can apply for Both Loans, if you need to, but you cannot use both Sources of Funds for the Same Purposes. The $10,000 grant is a Loan Advance and does not need to be paid back, BUT If you also apply for the Paycheck Protection Loan Program, the $10,000 will be subtracted from the Loan Forgiven Amount, under the Program. If you apply for both Loans, it is advisable to let your PPP Lender/Banker, know that you have applied for the EIDL Loan. To get the Average Monthly Payroll Costs for the PPP Loan, it is advisable to use the Average of the last 12 Months' Payroll Costs. For New Businesses/Organizations, use the January - February 2020 Payroll Costs. You need to provide the Lenders, documentation that verifies the Number of Full Time Equivalent Employees on your Payroll Costs, Covered Mortgage Interest Payments, Rent Payments and Covered Utilities for the 8 Weeks Period, once the loan is Granted. The Loan Forgiveness will be based on the Sum of the Documented Payroll Costs, Covered Mortgage Interest Payments, Covered Rent Payments and Covered Utilities Documentation Provided. Due to the Likely High Subscription, it is anticipated that not more than 25% of the Forgiven Amount may be used for Non-Payroll Costs. The Loan Eligibility Amount will be calculated, using the Financial Documents, submitted during the Loan Eligibility Determination Process. You will need to affirm that the Financial and Payroll Documents submitted are True, Accurate and Correct. 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.