Author Archives: barbreeves

Very late yesterday afternoon,, on the 28th of November, an email was forwarded to businesses in reference to waiving the annual filing fee of $300.00 in 2024 if a company provided information on already having or establishing a Maryland Saves, workplace savings plan, for employers to set up savings program to assist employees as theyContinue reading “DEPARTMENT OF ASSESSMENTS WAIVED FEE”

Ladies and Gentlemen: Please cut and paste the following letter onto your letterhead and mail to your congress member as soon as possible. This was discussed during the business seminar and the national speaker drafted a template for us to use (I modified as he might be more opinionated then I am 😊) Dear__________________________: InContinue reading “SMALL BUSINESSES AND FINANCIAL CRIMES”

A 1099 is filed for anyone making over $600.00 ($10.00, if attorney. This requirement includes all types of subcontractor type of work. The 1099K is for reporting gig economy work. The IRS anticipates a huge increase in filings due to the gig economy (i.e. social media influencers and such). Due to that anticipation, delays haveContinue reading “1099K Reporting”

I am going to cover what is new and the information most common to all taxpayers.  To add a little excitement to this topic, I will try to include some “nerdy” tax law.  😊  Standard deduction increases: These are the amounts that you need to exceed with qualified deductions to itemize.  For those of youContinue reading “FEDERAL TAX UPDATE 2023”

I cannot imagine that anyone has not heard of the scams that revolved around filing for the employee retention credit and the IRS ruling on how to withdraw a claim for the credit. This withdraw process is for those that have not received a check or have received the check and not cashed it. ThoseContinue reading “Employee Retention Credit”

First I want to start with an apology. I try not to bombard emails during the year, but this is seminar season. Thank you, Mr. Jennings, for always keeping us up-to-date (for a fee 😊) DO NOT LET THE TITLE OF THIS FORM DISSUADE YOU FROM READING THIS POST. You will be surprised to seeContinue reading “FORM 3520”

Employer Hiring and Form I-9 Reviewing I-9 Forms remotely, commonly referred to as alternative procedure A new I-9 form that should be used for ALL new hires. With workforces having gone remote due to COVID, employers were able to view those documents remotely—temporarily. Now, if you are a qualified employer, you are allowed to conduct FormContinue reading “FORM I-9”

As always,I provide the service of doing projections for current clients at no cost for over the phone discussion. Please call if there has been any significant changes to your income to avoid any adverse tax impact. Make sure you have any year-to-date paystubs available. Thank you, and I look forward to speaking to youContinue reading “PROJECTIONS”

FASB (Financial Accounting Standards Board) unanimously voted to add a new rule on the accounting and disclosure of private companies’ (public as well, but for our benefit, I mention that it also affects private companies’) financial statements beginning in 2025. Fair value accounting must be used, which requires including gains and losses in their netContinue reading “CRYPTOCURRENCY 2025”

The Work Opportunity Tax Credit helps businesses that hire from eligible groups Finding work can be a hard for anybody and certain groups face even bigger challenges. The Work Opportunity Tax Credit is extended through the end of 2025 to help employers that hire workers certified as members of these groups that face barriers toContinue reading “WORK OPPORTUNITY CREDIT”