Wise Tax and Accounting

01/31/2025

Just a reminder! Tax season has started and so have the scam texts and emails. Never click on a link that has been texted or emailed to you. Always check the direct source either irs.gov or state department of revenue for refund updates. IRS will never contact you by phone or text or email, you will always receive multiple letters regarding the issue. Stay vigilant!

10/03/2024

Just a reminder that the deadline to file your BOI report is 12/31/2024. Penalties for not filing if you are required to report.

This is separate from your annual (information report) and your tax return. There is no money due with this report.

Your company may need to report information about its beneficial
owners if it is:

1. a corporation, a limited liability company (LLC), or was
otherwise created in the United States by filing a document
with a secretary of state or any similar office under the law of a
state or Indian tribe; or

2. a foreign company and was registered to do business in any U.S.
state or Indian tribe by such a filing.

Reporting companies report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi. The system provides a confirmation of receipt once a completed report is filed with FinCEN.

Contact me if you have any questions.

01/19/2024

If you own a business, this might apply to you. Big penalties for not reporting.

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

FinCEN has prepared the following Frequently Asked Questions (FAQs) in response to inquiries received relating to the Beneficial Ownership Information Reporting Rule.

04/18/2023

It is TAX DAY! My favorite day of the year!!

Just a reminder!

Taxpayers who need more time can request an extension
Taxpayers can request an extension of time to file to avoid a failure to file penalty, but they STILL NEED TO PAY their taxes or risk a penalty for failing to pay. An extension gives taxpayers until Oct. 16, 2023, to file their 2022 tax return.

Now for some rest!

10/21/2022

Employers warned to beware of third parties promoting improper Employee Retention Credit claims

WASHINGTON -- The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit.

These third parties often charge large upfront fees or a fee that is contingent on the amount of the refund and may not inform taxpayers that wage deductions claimed on the business’ federal income tax return must be reduced by the amount of the credit.

If the business filed an income tax return deducting qualified wages before it filed an employment tax return claiming the credit, the business should file an amended income tax return to correct any overstated wage deduction.

Businesses are encouraged to be cautious of advertised schemes and direct solicitations promising tax savings that are too good to be true. Taxpayers are always responsible for the information reported on their tax returns. Improperly claiming the ERC could result in taxpayers being required to repay the credit along with penalties and interest.

What is the ERC?
The ERC is a refundable tax credit designed for businesses who continued paying employees while shutdown due to the COVID-19 pandemic or had significant declines in gross receipts from March 13, 2020, to Dec. 31, 2021. Eligible taxpayers can claim the ERC on an original or amended employment tax return for a period within those dates.

To be eligible for the ERC, employers must have:

sustained a full or partial suspension of operations due to orders from an appropriate governmental authority limiting commerce, travel, or group meetings due to COVID-19 during 2020 or the first three quarters of 2021,

experienced a significant decline in gross receipts during 2020 or a decline in gross receipts during the first three quarters of 2021, or
qualified as a recovery startup business for the third or fourth quarters of 2021.

10/05/2022

Wise Tax and Accounting is seeking an Office Assistant/Bookkeeper.

Flexible hours and vacation offered. Pay dependent on experience.
Quickbooks experience a must.

High attention to detail and ability to multi-task.
Dependable and responsible with a positive attitude and strong communication skills.
Tax background a plus!

Send your resume to [email protected]