GEM Accounting Service, LLC

01/03/2026

**URGENT** TAX YEAR 2025

Form 1040 Schedule 1A:

Used to calculate and claim deductions for tip income up to $25,000, overtime compensation up to $12,000, interest paid on car loans, and people who are at least 65 years old, addtl. $6,000 deduction.

The deductions claimed on Schedule 1-A, which were created by the “One Big Beautiful Bill,” are only available for the 2025 to 2028 tax years.

02/05/2024

**URGENT**

To all business owners, whether Corporate, Partnership, Single Member LLC, this is for you. If you are registered as a business with the State of NH you are a business in the U.S., this is a requirement and due by 12/31/24. There are 23 types of businesses that are exempt from this filing. The penalties for non filing, filing late, missing documents, not reporting all business owners is $591.00 ea a day up to $10,000.00 and up to 2 years imprisonment.

Please follow the below link and read up on the requirements, how to sign up, what docs are required, etc. It will be better to try and file yourself as your Accountant will most likely attach a fee as the liability is great and can prove costly; insurance companies are not allowing this to be written in Errors & Omissions insurance policies because of the liability.

To all our clients if you have any questions that the website could not answer or unable to reach a representative, please reach out to me. I only ask you wait until after tax filing season.

A final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA) was issued in September 2022. These regulations go into effect on January 1, 2024. Beneficial ownership information will not be accepted prior to January 1, 2024.

11/14/2023

As of January 1, 2024 "all" Partnership, S-Corp, single member LLCs, registered with the State of NH; anyone doing business in the United States MUST fill out a B.O.I. (Business Ownership Information). All beneficial owners are required to report their information/legal docs to the Financial Crimes Enforcement Network (FinCEN). Failure to comply with the new requirements will result in fines and potentially criminal charges. Check with your Accountant/Tax Preparer for assistance of this form if unable to do on your own. As an entity, this is your responsibility. There is a
$591.00 a day per owner fine if not done within the time period required and could face criminal charges. The responsibility does not lie on your Accountant/Tax Preparer. You as the business owner are the responsible parties. Talk with your Tax Preparer.

Why? The Corporate Transparency Act (CTA) created this new reporting requirement for the above referenced entities. Our Government is targeted to eliminate all money laundering and counterfeiting. These illegal practices have risen exponentially.

Please go to the following below link. You'll have to copy and paste in your search bar.

https://www.eisneramper.com/insights/tax/boi-reporting-begins-1123/

WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2...

02/19/2022

** IMPORTANT **

IRS Notice 1444-C 3rd stimulus payment letter will be needed when filing your 2021 taxes. If your income lowered from 2020 to 2021, you could be a recipient to receive addtl stimulus. Make sure you discuss with your tax preparer.

01/24/2022

**IMPORTANT** This form 6419 will be needed when filing your 2021 taxes. Very important if you share your dependant on an EVERY OTHER year basis!

01/09/2022

To all Clients, 2021 tax season is here, be sure to call the office to get an early appt., February fills fast. Call Kim at the office, 603-668-1384 or email [email protected], she'll be happy to accommodate you and make that appt. for you.

01/08/2021

Looking for a part time office assistant; requirements: outgoing, people person, dress is casual but nice (no suits allowed), and most importantly a very confidential individual, and able to help/assist myself and my other Accountant with our daily duties. We will train the right person. Tax season is busy so hours will be more and non tax season months, hours will be very part time. This would be perfect for a retired person who just wants to get out and away from their home life for a few hours a day. We are very flexible with the work hours. Our office is comfy/cozy. This is an entry level position. Pay will be very competitive. Please call me at 603/668-1384. Gem Accounting Service. Feel free to share. Feel free to PM me if it's after hours. Happiness is wanting to go to work and hating to leave.

07/10/2020

Please.....if you are self-employed, NO employees, own a business like hair salon, massage therapist, pedi/mani salon, spa, home away, vacation rentals, etc. THIS IS FOR YOU.....and if your Accountant didn't inform you of this, it's time to reevaluate whom you're paying.

05/20/2020

**URGENT**

IMPORTANT NOTICE!!!!

THIS IS A NOTICE TO ALL MY CLIENTS/BUSINESS. SUPER EASY TO FILL OUT.

DID "YOUR" ACCOUNTANT FILL YOU IN???

The Governor has authorized the allocation and expenditure of an initial $400 million in emergency funding from the CARES Act Coronavirus Relief Fund (“flex funds”) to provide emergency financial relief to New Hampshire small for-profit businesses due to the economic disruption caused by COVID-1...

04/17/2020

Until further notice, the IRS is not processing paper returns, paper checks, letters, anything paper. Please pay via irs.gov or get a tax preparer who can prepare and e-file your taxes.

Non-Filers: Enter Payment Info Here Get My Payment Get Coronavirus Tax Relief Get Your Refund Status Do Your Taxes for Free Get Your Tax Record View Your Account Make a Payment Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Information About the Other Schedu...

03/26/2020

STAY AT HOME ORDER AS OF FRIDAY, MARCH 27TH AT 11:59 P.M.

To all our "valued" clients; we will be in contact with everyone whom we have taxes for once they are completed, the docs to be signed "e-file authorization" form will be sent via e-doc (private and secure). You can get your taxes to us in multiple ways, please either call myself at 603/493-8502 or Natasha at 603/370-2790. We will finally use the technology we have and use it at it's fullest capacity.

Taxes will be e-filed as usual, payments for my services can be done multiple ways, this will be discussed when I reach out to you when your taxes are done.

Your "completed" tax returns can be returned to you in multiple ways; also, using the technology of today. This will also be discussed further when we are in contact. There are options available to all of us.

So rest assured, your tax preparers' at Gem Accounting Service are still working diligently for you, our "valued" client.

Respectfully always,

Suzanne & Natasha

03/24/2020

To all tax clients, the technology of today has made it more efficient to do tax preparations; docs can be emailed, mailed, faxed, or dropped off in our "LOCKED" and "SECURE" incoming box. E-filing is just as easy and your Form 8879 Authorization Form can be emailed via e-doc through a program we use that is secure/private. We can either mail your completed taxes back to you, you can pick up personally in our "incoming" box or you may wait until this epidemic is over or there is a handle on it. So don't hesitate to move forward with your tax preparation.

Stay safe and healthy. All my/our best!