Be it accounting, bookkeeping, payroll, and tax services to businesses in Palm Beach County, Florida, RE-MMAP INC., is the name you can trust for the best services. We have the best tax accountants in West Palm Beach with years of experience to help you manage the finances in a better way. Contact today for accounting and tax-related services! Website:
How Online Identity Theft Happens? - Re-mmap Inc. In the past, people used to concern about the increasing rate of financial crime.
But now this situation has totally changed. Benefits of Using Quickbooks Accounting Software. QuickBooks is useful and powerful financial accounting software that is utilized by both big and small businesses today.
It helps in saving money and time and since its inception, it has proved to be ideal software. It offers a range of features for helping users manage their accounting tasks like accounts receivable, accounts payable, payroll, financial reporting and reconciliation. QuickBooks accounting services prove to be the first step towards organizing your business accounts. The services help businesses in identifying the version of QuickBooks that is the best for their business. Services of professional accounting West Palm Beach offer reliable services to manage your business accounts in the best possible manner. Expense billing While conducting their business, professionals pile up a range of expenses that are later billed to clients. Money management. The Ongoing Problem: Abusive Tax Shelters. As long as there have been taxes, shady promoters have tried to sell taxpayers on schemes to get out of paying their fair share.
Learn about abusive tax shelters, and how to recognize and avoid them. Tax avoidance? Accelerating tax deductions, deferring income, changing one’s tax status through incorporation, and setting up a charitable trust or foundation. All of these are legal tax shelters. Tax evasion – that’s a different story. Turns out that in the 1990s, because penalties were too small to have a deterrent effect, tax shelters became quite popular to cushion one-time large capital gains. The bottom line? Why Is Business Valuation Significant? Setting up your business inculcates great risks so it becomes vital to keep checking its economic value regularly.
Business valuation is a set of procedures that is used to gauge the economic value of a business owner’s interest in their business. In the process of valuating a business, business valuation firms make some assumptions and cite the same in the final report. Here’s a look at some reasons that make business valuation crucial: A Basic Guide To QuickBooks Accounting Solutions. QuickBooks is known for its best use as a small business accounting software. 25 years ago, it was launched by Intuit and since then it has dominated the platform of financial accounting marketplace.
As a result of this, the business share of QuickBooks continuously increased for the 11 consecutive years. For the users searching small businesses accounting solutions then QuickBooks accounting services is the Best Choice. Currently, its business share is more than 80% in the market. The reason behind its huge market share is the flexibility of design. Steps for Reconciling IRS Form 941 to Payroll. Form 941 is a crucial tool for ensuring your payroll data is accurately reported to the government and for balancing payroll in general.
Get insight into reconciling Form 941 with your payroll on a quarterly and a year-end basis. Most employers must report employees’ wages paid and taxes withheld plus their own share of certain payroll taxes quarterly to the IRS. Additionally, employers must report each employee’s wages and taxes annually, on Form W-2, to the Social Security Administration. Employers use Form 941, Employer’s Quarterly Federal Tax Return, to report income taxes, Social Security tax or Medicare tax withheld from employees’ paychecks and to pay their portion of Social Security or Medicare tax. Social Security: Note the Key Changes for 2020.
The Social Security Administration has released new numbers for those paying Social Security and those collecting it.
Check out the new maximum taxable earnings amount as well as COLA and other key adjustments. Every year, the Social Security Administration takes a fresh look at its numbers and typically makes adjustments. Here are the basics for 2020 — what has changed, and what hasn’t. First, the basic percentages have not changed: Payroll Taxes: Who's Responsible? Any business with employees must withhold money from its employees’ paychecks for income and employment taxes, including Social Security and Medicare taxes (known as Federal Insurance Contributions Act taxes, or FICA), and forward that money to the government.
A business that knowingly or unknowingly fails to remit these withheld taxes in a timely manner will find itself in trouble with the IRS. The IRS may levy a penalty, known as the trust fund recovery penalty, on individuals classified as “responsible persons.” Worker Classification: Pay Attention. It isn’t easy deciding whether a worker should be treated as an employee or an independent contractor.
But the IRS looks at the distinction closely. Tax Obligations For an employee, a business generally must withhold income and FICA (Social Security and Medicare) taxes from the employee’s pay and remit those taxes to the government. Additionally, the employer must pay FICA taxes for the employee (currently 7.65% of earnings up to $137,700) Understanding Sales Tax in the Post-Wayfair World. If your business operates in two or more taxing jurisdictions, the Supreme Court’s decision in South Dakota v.
Wayfair applies to you. In June 2018, the U.S. Supreme Court decided South Dakota v. Can You Take Advantage of the Research and Development Tax Credit? You don’t have to wear a while lab coat to claim the federal research and development tax credit if you meet the four criteria outlined in Internal Revenue Code Section 41 and its regulations. Learn why failing to explore this credit may be leaving money on the table. Many manufacturing companies fail to take advantage of the generous research and development (R&D) tax credit simply because they don’t have staff working in a lab. The Internal Revenue Service’s (IRS) definition of R&D is codified at Internal Revenue Code Section 41 and its related regulations — and it may not be exactly what you think it is. Protect Sensitive Data – Understand The Basic Definition Of Business Identity Theft. Legal services for small businesses also pan the field of identity theft protection across several verticals.
If you want to protect your business against identity theft, you should look for such services near you. But before that you need to be aware of the top 3 forms of frauds and crimes that are a threat to your enterprise. • Criminal Identity Theft. Will the SECURE Act Affect Your Retirement Planning? The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) was signed into law on December 20, 2019. The Act will likely impact large numbers of working Americans as well as those already retired. In general, the Act is intended to increase access to tax-advantaged retirement plans and to help prevent older Americans from outliving their assets. Here are some of the changes that could affect your planning. Delayed Deadline for Taking Required Minimum Distributions Tax law has generally required individual retirement account (IRA) owners and retirement plan participants to begin taking required minimum distributions (RMDs) from their accounts once they reach age 70½.
No Age Limit for Making Traditional IRA Contributions.