Professional Accounting Solutions

As most taxpayers are required to file a tax return every year and technically the Internal Revenue Service (IRS) does not impose a statute of limitations on how long you have to file past-due tax returns, filing your tax returns is the quickest and easiest way out of any back tax issues. Why it is important to file back taxes and most importantly, how to file returns for back taxes? Are you wondering whether you should file back taxes or whether is it too late for this? Let’s make it clear, it’s never too late to file your back taxes.  In fact, you should start taking steps right away to file an accurate tax return for any years missed. Here we will explain why it is essential to file returns for the previous years as soon as you can and what is the complete procedure to do so. Also Read: How Much Does A Bookkeeper Cost? Reasons why you should file back taxes When you file tax returns for previous years, you get one of the following benefits: You can claim a refund One of the ...

Wondering how much does a bookkeeper cost? Let’s find out. It is not an easy task to manage your business- it requires a lot of hard work where you have to closely manage your inventory, employees, and the ever-growing client base at once. In this ever-ending struggle, the most important task that should not be sidelined is the handling of the company’s financial accounts. To make sure you do not miss any transactions or make an error, it is essential to hire a bookkeeper or an accountant to handle your business. This will make sure that all your financial transactions are correct, which will go a long way to save up on taxes and lots of stress. Bookkeeping will help you make your business more efficient and in turn, it will improve the revenue and growth of your company. If you decide to hire a bookkeeper for your business, you have two options- hire an in-house bookkeeper, or outsource the bookkeeping. Choosing either of the two is an important decision to make and requires a lot of ...

Bookkeepers and Accountants work in the same field and deal with the same set of information. They have the same goals while working for a company and support it at different levels. In simple terms, bookkeeping is more of administrative work, while accounting is more of an analysis and subjective work. Nowadays, almost every business needs a bookkeeper and accountant. The need for an accountant is not much in small companies, but it is a must when it comes to the bigger ones. On the other hand, bookkeepers are mandatory in every business, whether they are big or small. Sometimes people use the terms bookkeeping and accounting interchangeably, but as a business owner, you must know better. While bookkeeping is an essential part of accounting, accounting is broader. In this blog post, let's find out how you can differentiate between the two. Also Read: What Is Virtual Bookkeeping What Is Bookkeeping? Bookkeeping is the act of recording daily transactions and keeping them togethe...

Property taxes that are paid by December 31 received a 3% discount of the total taxes due. Other discounts for early payments are as follows: - 2 percent discount if paid in January - 1 percent discount if paid in February - Any equipment, fixtures or furniture used in a business or for a commercial purpose - Leased equipment - Furnishings and appliances in a rental property, owned by the real property owner - Any attachments made to a mobile home or manufactured housing in a rental park Business Tax Preparation of Tangible Property Taxes All businesses are required to file a Tangible Personal Property Tax Return if you own personal property. Hire a tax preparer for peace of mind. Our firm can assist you identifying all assets,  estimate the fair market value, prepare the depreciation schedule and complete your business tax return.  Additionally, we will keep timely, accurate records if you sell your business, go out of business, or move to a new location. https://pasfirm.com/2021/1...

If you electronically file and/or pay sales tax with the Florida Department of Revenue, you must complete the initiation of your November, 2021 reporting period payment on or before 5:00PM, Eastern Time, on Friday, December 17, 2021 , to ensure you pay on time. Late returns and payments may be subject to a late penalty of 10 percent of the amount of tax owed, but not less than $50.00, maybe charge. The $50.00 minimum penalty applies to all returns filing late, even if no tax was due. In addition, interest may also be charged on late payments. https://pasfirm.com/2021/12/01/sales-use-taxes-deadline-december-17th-2021/

If you are required to deposit payroll taxes monthly, deposit payroll tax liabilities for November 2021 on or before December 15, 2021 . The payroll process includes: - Calculating and preparing paychecks - Accounting for amounts withheld from these paychecks - Making deposits of taxes withheld from paychecks - Reporting on taxes withheld and deposits made. Deposit Requirements: Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use. There are two deposits schedules as listed below: - Semi-weekly schedules are for the largest employers. - Monthly schedules are used by the majority of employers. Payroll taxes must be deposited with the government in a timely manner. If you fail to make a timely deposit, you may be subject to a failure-to-deposit penalty of up to 15 percent. https://pasfirm.com/2021/12/01/employer-monthly-schedule-depositor-payroll-tax-deposit-due-december-15-2021/

The American Rescue Plan Act of 2021 significantly changes the reporting threshold associated with Form 1099-K. This change will substantially increase the number of Forms 1099-K required to be filed with the IRS and furnished to recipients by third-party settlement organizations (TPSOs) and their electronic payment facilitators (EPFs). Modified Reporting Threshold Prior to the update, the IRS required the payment settlement entity (PSE) to report all payment transactions if the total of such transactions exceeded $20,000 and the aggregate number of such transactions exceeds 200 per customer. Now, this new update means that all payment settlement entities are required to file a 1099-K and send a copy of the form to the IRS and to the customer for processing transactions amounting to $600 or more in a calendar year with no minimum transaction requirement. Who is Required to File a 1099-K form? Every PSE or other party which submits instructions to transfer funds to the account o...