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 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  (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.

President Trump just signed off a $2 Trillion Relief Bill, which will come in form of Stimulus Checks to offer Assistance to Millions of American Household, affected by the Corona Virus Pandemic. We are aware that most of us have Questions  and we want to enlighten you more about, what in this for us. The Following are the Basic Things to know about the Stimulus Checks: Your Eligibility for the Stimulus Check is based on your 2019 Tax Returns as well as your Adjusted Gross Income. If you are yet to file your 2019 Taxes, the IRS will use the 2018 Taxes to determine your Eligibility. The IRS will only use your 2018 Tax Returns, if you have not filed your 2019 Tax Returns. You must have a Valid Social Security Number to be eligible for this Check. People with  ITIN Numbers and Tax ID Numbers will not be issued Checks. The Check Values are based on 3 Plans Income Qualification: SINGLE TAX FILERS - The Adjusted Gross Income Qualification is $75,000 or Less. This Category will get a $1,200 Stimulus Check. HEAD OF HOUSEHOLD FILERS - The Adjusted Gross Income Qualification is $112,500 or Less. This Category will get a $1,200 Stimulus Check. MARRIED FILING JOINTLY - The Adjusted Gross Income Qualification is $150,000 or Less. This Category will get a $2,400 Stimulus Check. It is important to note that if the Income Exceeds the threshold, the Amount will be reduced on a Sliding Scale. For Each Dependent/Child, that is Under the Age of 17 Years and Below, you will get an Additional $500 Check, for each Child. Please Note, that this is as long, as the Child/Dependent was stated in the Tax Returns, at the time of Filing. If a Parent claims the Dependent/Child as a Dependent and this Child/Dependent files their own Taxes, the Parent will not get the Additional $500 Stimulus Check. The IRS will send the Payment to the Bank Account Information, that you have on File. If you did not indicate a Bank Account  nor used a Direct Deposit Method for your Tax Refunds, the IRS will mail the Check to the Address on File. In the Event, that you have moved from the Address on File, you need to File a Form 8822 with the IRS. This is a Change of Address Form to update your Address with the IRS. The IRS will not withhold your Stimulus Check, if you are owing Taxes, the only clause is, if you are backed up on your Child Support Payment. You may have to call the Agency, in charge to make Payments and settlement, so that you are assured of getting your Full Stimulus Check Payment. The Earlier you file your Taxes, the Earlier you are assured of getting your Stimulus Check. We are available to help you with all the Questions, that you may have , regarding the Stimulus Check as well as any other Question on the Stimulus Package. We are also available to assist you virtually. Call us on 202-422-4586 to set up an Appointment. It is always our Pleasure to Help you.

IRS Begins Accepting Tax Returns on Monday, January 28th 2019. It's Official; Tax Payers should not worry about their Refund Status being affected by any Happenings within the Government. It is also important to note that Monday, April 15, 2019 still remains the Individual Filing Deadline for the majority of the Country, though the Deadline in Maine and Massachusetts is April 17 due to the Emancipation Day Holiday. Important Points to Note: The First Refunds will go out in the First Week of February and Many Refunds will be paid by Mid- to Late February. The IRS expects about 90 Percent of the Tax Refunds to be filed electronically. Choosing E-File and Direct Deposit remains the fastest and safest way to file an accurate Income Tax Return and Receive a Refund. The Form 1040 has been re-designed for the Tax Year 2018. The Revised Form consolidates Forms 1040, 1040A and 1040- EZ into one Form, that All Individual Tax Payers will use to file their 2018 Federal Income Tax Return. We are Here to Help you with Organizing your Documents and Getting all your Business Expenses correctly and accurately deducted. This will help to reduce your Tax Liability. Keep Checking for Weekly Updates and Important Information, regarding your Tax Filing. Let the Tax Season Begin ......................................................

W-2 AND FORM 1099 FILING DEADLINE IS JANUARY 31ST 2019; Employers & Business Owners Take Note. Happy New Year. This is to remind All Business Owners/ Employers that the Deadline for filing W-2 and Form 1099 Tax Report with the IRS is January 31st, 2019. This means that you need to ensure that your Employees and 1099 Contractors receive and review their W-2 and 1099s before January 31st, 2019. It is important to remember that this Act is from The Protecting Americans from Tax Hikes (PATH) Act of 2015 that was passed by Congress in 2015 and became effective since 2016. We had published a Detailed Article on this -  https://www.linkedin.com/…/new-w-2-deadline-2017-business-…/ By this New Act, Employers and Small Businesses have January 31st Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically). This New Date also applies to certain Forms 1099-MISC reporting Non-Employee Compensation such as Payments to Independent Contractors. As a Result of this, the filing deadline for filing W-2s and 1099 forms (including Form 1099-MISC) is Every January 31st. Note to Employers: It is important that Employers become adequately prepared to complete the Year-End Tasks. This means:  • Ensuring that All Independent Contractors fill out a Correct and Updated Form W-9. • Verifying Accuracy of Employee Information. • Reporting/Submitting Any Year-End Adjustments as soon as possible. • Reviewing Year-End Totals for any Discrepancies. There are penalties for Failure to file these Returns or Furnish Correct Statements and these Penalties are not palatable. The Penalty amounts are reflected below: • $50/Return –   If you file after 30 Days of the Due Date. • $100/Return – If you file more than 30 days after the Due Date. • $260/Return – If you do not file corrections or Do not file Required Forms. At Rosyan Bookkeeping 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 Call and Let us know how we can help you.

Holiday Season is here and it’s the Season of Giving. What Gift do you give, when you don’t know what to buy? Gift Cards, Of Course!!! The Better Business Bureau (BBB) is warning us of a Gift Card Scam going on at this period. Gift Card Scams are very popular and occur because Gift Cards are left out on the racks unattended. So, What Can you do to protect you from this Scam? Read on for Tips to guard you against Gift Card Scams: •  Buy Gift Cards from Reputable Stores/Companies that offer Guarantees. •  Grab a Gift Card from the Middle or Back of the Display and not the Front Row. Some Thieves remove Gift Cards from a Display, record the Card Number and put it back on the Display, waiting for a Customer to buy the Card, while checking regularly online for a Dollar Balance to appear, for them to use the Card. •  Inspect the Gift Card Packaging before Purchasing. This helps to avoid tampered peeling. Some Manufacturers have been adding special packaging or scratch off Pin Numbers to prevent thieves from being able to look at the cards and stealing the Numbers. •  Check the Activation Receipt for Matching Numbers and Amounts. •  Only Check the Balance on your Gift Card through the Site listed on the Back of the Card itself, and if there is none, Go to the Website of the Company and look for a link to the Gift Card Page. Feel Free to Share and Spread the Message against Gift Card Scams. Enjoy your Holidays.

We are Proud to be part of a Part of the PGCC Innovation; Doing what we love to do best. Encouraging, Developing and Mentoring ; Providing Career and Internship Opportunity path. We love what we do and proud to be recognized for this Great Gesture. Thanks to the Prince Georges Community for featuring us.

More than 2 Million Individual Tax Payer Identification Numbers( ITINs) are set to expire at the end of 2018. * Tax Payers whose ITIN is expiring and needs to file a Tax Return in 2019 must submit a Renewal Application. * ITINs that are affected are the ones with the middle digits 73,74,75, 76, 77, 81 or 82. ( For Example: 9NN-73-NNNN) needs to be renewed even if the Tax Payer has used it in the last 3 Years. *ITINS with middle digits of 70,71,72,78,79 or 80 have previously expired. Tax Payers with these ITINs can still renew at anytime. * Acting Now to renew ITIN Numbers will help Taxpayers avoid delays, that could affect their Tax Filing and Refunds in 2019. * As a Reminder, the IRS no longer accepts passports that do not have a Date of Entry into the US as a Stand Alone Identification Document for dependents from a country other than Canada, Mexico or dependents of US Military Personnel Overseas. * The Dependents passports must have a Date of Entry Stamp, otherwise Additional Documents to prove US Residency will be required. https://www.irs.gov/newsroom/more-than-2-million-itins-to-expire-this-year-renew-soon-to-avoid-refund-delays Read on and Be Enlightened. Feel Free to Share.

At the Just Concluded Intuit QuickBooks ProAdvisor Training. It was a Pleasure reconnecting with other QuickBooks ProAdvisors & Trainers - Heather Satterley & Michelle Long. At Rosyan Bookkeeping Services, We are always striving to do better and go higher; Learning New Skills to continually provide Excellent Services to our Clients and Fans. QuickBooks ProAdvisor Rosemary Anyanwu Training in Session. Snapshot with Satterley Heather QuickBooks ProAdvisor & Trainer. Snapshot with Michelle Long QuickBooks ProAdvisor & Trainer Cross Section of QuickBooks Pro Advisors. We are Great at what we do. Training in Session. Great Refreshing Experience.

The deadline for filing your taxes is fast approaching — this year, The deadline is April 17, 2018. We all know, that Life can be busy!!! Maybe your taxes are particularly complicated this year, or maybe you just don’t have the time to sit down and sift through the paperwork. So, what happens if you don’t file your tax return on time? If you’re getting a refund on your taxes this year, you don’t need to panic — you have until April 17, 2021 to claim your refund (or until October 17, 2021 if you filed an extension by the April 17 deadline). It’s best to file as soon as possible, however, because if you don’t file within that 3-year period, you’ll lose the refund. If you owe taxes, things get complicated. First, you’ll be charged a failure-to-file penalty. That penalty is 5 percent of your unpaid tax bill for every month after the April deadline that you fail to pay. The amount can grow to a maximum of 25 percent of your total unpaid bill. In addition, you will be charged interest on whatever amount you did not pay. The interest rate is the federal short-term rate plus 3 percent with interest compounded daily. That can add up very quickly. How to File for an Extension on your Taxes. If you think you might be unable to file your tax return by the April 17 deadline, the best way to avoid fees and penalties is to file for an automatic six-month extension with the IRS using Form 4868. It’s free and pretty easy. But if you owe taxes, you’ll still need to pay them by the April 17 deadline or penalties, fees and interest will start to accrue. Form 4868 does not grant the taxpayer an extension of time to pay their tax. If you owe the IRS money and are having trouble coming up with the money, you have a few options. You can file for an extension of time to pay your tax bill using Form 1127: Application for Extension of Time for Payment of Tax Due to Undue Hardship, but be aware that the laws are very strict about granting such extensions. * The IRS must receive Form 1127 on or before the date that the tax is due. * The taxpayer must include a complete statement of all their assets and liabilities at the end of the previous month, as well as an itemized list of money they received and spent the previous three months prior to submitting the extension request. * The taxpayer must show that the payment of tax would result in “undue hardship.” That means more than inconvenience. *The taxpayer must show that paying by the due date would result in a serious loss of money and that they don’t have the funds, nor can they raise them through borrowing. When granted, these extensions usually last 6 months. For more information about extensions to pay tax, visit the IRS website at www.irs.gov. (You can read more about payment plans and other options for what to do if you can’t pay your tax bill here.) Ultimately, it is the best and safest idea to file your return by the April 17 deadline or file for an extension. That may be a hassle now, but it could save you a significant amount of financial harm in the future. If you need assistance, please call us as soon as possible.

It was a pleasure offering Quickbooks Training Services to the finance Team of RCCG Mercy Court, Towson, MD.  Great Pastor, Great Receptivity, Great People. When you have a great team, Training is a Breeze. #quickbooks, #quickbookstraining, #quickbookstrainer, #quickbooksproadvisor, #quickbooksspecialist, #bookkeepingservices.