Quality Tax & Bookkeeping Service

01/24/2025

I wanted to share this photo I took of an email I got today. Looks legit right? But it's not -- it's a SCAMMER. Fortunately for me, Microsoft tends to block things for me and let me know it doesn't look safe. But to the average email user, you may not have that privilege. So I want to share and caution you to never click on links in emails until you've confirmed that the email address in the "from" is what you think it is -- which in this case, the email is a dead giveaway. Protect yourself, my friends! Be a cynic!!

01/15/2025

You can make an appointment to meet with us virtually using this link

12/13/2024

Important information for those who have not yet filed their Beneficial Ownership Information (BOI) with FinCen. The deadline for this is 12/31/24, but there is a temporary injunction nationwide from a judge hearing a case that challenges the law as unconstitutional. Now keep in mind that a temporary injunction does not mean the law has gone away, it's just suspended until the case is resolved. But it does mean that filing as of now is voluntary, and there will be no penalty if you miss the deadline. Absolutely no guarantee that the injunction won't be lifted and filing requirement reinstated. You should use your best judgement as to whether to go ahead with filing and get it done now, or wait and see if the courts throw it out completely. Let me know if you have questions.

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11/11/2024

For the month of November, Teresa Quay was chosen member of the month by the National Society of Accountants! While it lists her location as Indianapolis, our office is 100% virtual, and we work with clients all over the USA. What an honor to be chosen by this national organization to recognize her achievements!
https://nsacct.org/about/nsa-member-of-the-month-program/

10/17/2024

The scammers are still out there offering Beneficial Ownership Information reporting for a hefty fee. Not only that, these are mostly fly by night companies that may actually be stealing your identity information you provide to them to file the form. Don't believe their scare tactics that your report is already late (it isn't - the deadline is 12/31/24). FINCEN DOES NOT CHARGE A FEE TO FILE THIS REPORT AND IT IS A ONE-TIME ONLY REPORTING REQUIREMENT (unless pertinent information about the company or owner(s) changes). You still have time to get it done yourself, and all you need if your LLC, or corporation was in existence as of 1/1/23 is your EIN, address, the owner's names, addresses, date of birth and the number from a government issued ID (such as Driver's License). You will also have to scan in and upload the Driver's License to their portal while doing the online reporting. Here is the link to commonly asked questions: https://www.fincen.gov/boi-faqs and here is the link to go online and file the report yourself: https://boiefiling.fincen.gov/boir/html or choose a local business you know and trust to do the filing for you (they will likely charge a reasonable fee to do so).

10/17/2024

Have you ever wondered why honest taxpayers pay more than they should? Here's the most recent report from IRS that shows the "tax gap" -- the amount that should have been collected in taxes, vs the amount people have actually paid. So many times I've heard people justify the tax evaders (which includes not only people who fail to file returns, but should, but also those who operate "cash under the table") and even praise them for getting away with not paying their fair share. This is why I will not deal with any business, nor will I hire someone to do work for me, who will only take cash, and doesn't want a 1099 issued to them. Every dollar that they are not paying in taxes is a dollar that you and I (the honest taxpayers) are having to pay on their behalf. Maybe that's ok with you and you don't mind paying their share of tax as well as your own, but it's not ok with me. We could do so much more for our fellow Americans, and reduce the debt our country is racking up, if everyone just paid their fair share. Have a read of this report.

IR-2024-262, Oct. 10, 2024 — The Internal Revenue Service today released the tax gap projections for tax year 2022, a detailed analysis showing the nation’s projected gross tax gap at $696 billion. This reflects the difference between projected ‘true’ tax liability and the amount of tax that...

08/22/2024

Hello dear friends! I'm alive and well and still operating virtually. I'm here today with important information for every business owner. In 2021 Congress enacted the Corporate Transparency Act, which created a reporting requirement for many businesses in the US. This reporting requirement began 1/1/24 and requires most businesses that are NOT sole proprietorships or partnerships to report their ownership information to the Financial Crimes Enforcement Network (FinCEN). This information may be shared with law enforcement and national security agencies to help prevent criminals, terrorists and corrupt oligarchs from hiding illicit money or other property in the US. If your business has registered with the Secretary of State you are likely required to file (there is a list of exceptions to filing). If your entity was formed prior to 1/1/24 and you do NOT file a Beneficial Ownership Information (BOI) through the FinCEN website https://www.fincen.gov/boi by 12/31/24, the penalties are harsh -- $500 per DAY and potential jail time for late filing. You can do this filing yourself, at no cost, and the process is not difficult or time consuming. It is a ONE time only filing unless something changes (your business address or ownership information, etc). Please don't fall for the scammers out there who are already sending out emails and snail mail offering to file for you (for a hefty fee). It is not necessary to pay someone else to do this for you! I am posting this as a PSA to keep small business owners from being taken in by scammers. Over the next week or so, I am going to post updates with information such as what you will need to have available when you do the filing, and who might be exempt from filing. I'd be happy to answer questions if you want to shoot me an email [email protected]

Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Learn more about reporting deadlines.

01/30/2024

Here's an option (we've thoroughly vetted it or we wouldn't share!) for those of you who do your own returns. Cheaper than the popular TurboTax or others on the market. Try it out!

Prepare and file your federal and state income taxes online. Maximum refunds, 100% accuracy guaranteed. One flat-rate price for everyone – just $25.

01/12/2024

The new electric vehicle credit is great, but the requirements are many to qualify. Check out this Q&A from IRS to see if you would qualify.

07/20/2023

https://www.technologyreview.com/2023/07/17/1076365/how-tech-companies-access-tax-data/

Here is what you need to know.

02/07/2023

Want to know if that electric vehicle qualifies for the federal credit, and for how much? Here's some information!

01/08/2023

Please don’t fall for these scams! These fly by night companies will tell you you’re eligible for ERC funds, even iif you’ve already gotten all you’re entitled to, even if you’re not eligible at all!! They take a huge cut of what they file for you, and never tell you that YOU are responsible for saying you’re eligible, and YOU will have to pay back 100% (not the 66% you got to keep after their fee) when IRS audits these fraudulent returns they file for you. And guess what? They will be long gone by the time IRS catches up with you! When it seems too good to be true, it IS my friend.