L.B. Accounting Services

01/08/2026

Happy New Years All!

2026 Tax Season officially opens January 26:

The Internal Revenue Service will begin accepting and processing 2025 tax year returns starting Jan. 26, 2026.

We're here to help you file! Contact us to get started!

08/23/2024

If you owe the IRS, watch out for this new letter.

They are sending bills that say..."If you don't make your payment now, we'll consider your noncompliance an active choice and you could face a levy."

That means they can levy your:

- wages

- bank account

- and more

But, don't worry, because you can stop the IRS before they take levy action.

You may just need a payment plan or perhaps a hardship resolution.

If you need 1-on-1 help, simply schedule an IRS Strategy Session with us.

Luther
Luther Bacon, MBA, BSA
L.B. Accounting Services

08/19/2024

Protect Your Personal Assets from Liability with a Separate Business Entity.

At L.B. Accounting Services, we specialize in Business Formation for startups, Sole Partnerships, LLCs, and Partnerships.

Our consultation will guide you in selecting the optimal business structure, weighing the advantages and disadvantages of each entity type.

With expertise in taxation, we will also explain the tax implications of each entity, ensuring informed decision-making. Schedule a consultation today. L.B. Accounting Services

01/11/2024

IRS Will Enforce 1099-K Reporting Of Cash App, Venmo, Zelle, And PayPal Transactions

In 2024, the IRS is set to enforce the long-anticipated 1099-K reporting requirement for third-party payment apps. In 2024, the IRS is set to enforce the long-anticipated 1099-K reporting requirement for third-party payment apps, such as PayPal, Venmo, Cash App, or Zelle. Initially slated for 2022,....

01/09/2024

The IRS on Monday announced January 29 as the official start date of the 2024 tax season, and expects more than 128.7 million tax returns to be filed by the April 15 tax deadline.

01/02/2024

Time to file your quarterly report!

This is a reminder to file your Quarterly Report and premiums, if you haven't already. Reports and premiums for the fourth quarter (October 1, 2023 – December 31, 2023) are due no later than January 31, 2024.

Please remember to file this report using 2023 rates, and not the new rates you've received for 2024.

All employers must file a report - even if you don't have any hours to report or premiums due. In this case, you may write "0" for worker hours/units and payroll.

If you don't file your report by the deadline, a late filing penalty, and possible interest charges, will be assessed.

If you are unable to pay your quarterly premiums, still file your report before the January 31, 2024 deadline.

L&I has an Employer Assistance Program to assist you with a payment plan. You must make a new request each quarter.

12/01/2023

The Annual Excise Tax Return is Available

The due date of the Annual 2023 Washington State Department of Revenue Excise Tax Return is April 15, 2024.

If you are ready to file now, why wait? Go to https://dor.wa.gov/LogIn. Did you know that when you file early and your amount due is $50 or more, you can schedule your payment for the due date? Don’t risk missing the due date. File now and be done with it.

If you have additional questions, go to dor.wa.gov/MyDORHelp, email [email protected], or call (360) 705-6705.

10/10/2023

The tax deadline is right around the corner for taxpayers with an extension to file their returns. The deadline is Monday, October 16, 2023.

It’s important for taxpayers to gather all their records and get copies of any missing documents before preparing your return, and please make sure your have all your information ready before your appointment. This helps us file a complete and accurate tax return.

Here’s the information you may need. Not all information applies to all taxpayers.

Social Security numbers of everyone listed on the tax return.

Bank account and routing numbers for direct deposit or information to make a tax payment.

Forms W-2 from employer(s).

Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, distributions from a pension, annuity or retirement plan.

Form 1099-K, 1099-MISC, W-2 or other income statement for workers in the gig economy.

Form 1099-INT for interest received.

Other income documents and records of virtual currency transactions.

Form 1095-A, Health Insurance Marketplace Statement.

Information to support claiming other credits or deductions such as receipts for child or dependent care, college expenses or donations.

If you have Missing documents:

What taxpayers should do

To request a missing W-2 or Form 1099, taxpayers should contact the employer, payer or issuing agency. This also applies for taxpayers who received an incorrect W-2 or Form 1099.

L.B. Accounting Services reminds extension filers to please have all their info together when visiting our office for your appointment.

We are an authorized e-file provider.

We’re qualified to prepare, transmit and process e-filed returns.

Call today to schedule an appointment (253) 254-3010.

09/21/2023

Today’s Tax /Accounting Tips!

IRA'S - Consider Going Roth

If you have your funds in a traditional IRA or 401(k) plan, consider converting your accounts to a Roth. You’ll have to pay taxes on the conversion, but you’ll save money when you withdraw that money in retirement. Plus, the Roth has no required minimum distributions, so you can keep your money there as long as you like.

If you have both traditional and Roth accounts, use up the Roth funds first. You won’t pay money when you withdraw from a Roth account the way you would with a traditional IRA. This can be a huge tax advantage for many people.

09/17/2023

08/31/2023

To those Taxpayers who requested an extension have until Monday, October 16, 2023, to file their 2022 Tax returns.

Are you in need of help filing your 2022 tax return? Do you need to file 1099s, or are you a business that needs to file tax Forms 940 & 941, or do need to amend a prior year's return? We will do all that for you.

Here at L.B. Accounting Services, we will handle all of your needs. From filing your quarterly tax returns to filing your annual federal tax return. Whether personal or Business, we are the firm to do it.

Give us a call at 253-254-3010 to set up a free consultation, and we will be glad to be of service to you and take all your worries away.