New Employer Requirements – NC Wage and Hour Act
Governor Roy Cooper signed into law changes to the North Carolina Wage and Hour Act that change employer hiring and termination processes. Changes are effective immediately. July 8 2021
Tax
Quickbooks & POS Integration
Integrating Quickbooks Online with Your POS Using a point-of-sale (POS) system that integrates with QuickBooks software can simplify financial tracking and reporting. Integration should save time spent entering the same information from the POS system to Quickbooks. At Raleigh Accounting & Tax LLC, we have experience in POS integration and selection. We wanted to provide …
unemployment tax refunds – revised
What are these refunds for? The American Rescue Plan (ARP), excluded the first $10,200 of 2020 unemployment benefits ($20,400 for MFJ) from your taxable income. Millions of taxpayers may be eligible for an adjustment (possible refund) because they overpaid when filing before the ARP was passed. The refunds started going out in June and will …
Tax Preparation Special
Tax Preparation Special!!! Who this this for: Haven’t filed your tax return? Haven’t started your tax extension? Missing previous years returns? Don’t want to self file? Unsure of what you need to do? Need an amended return? Not a problem. Raleigh Accounting & Tax LLC can handle all those situations, and more. …
Bookkeeping Cleanup Special!!!
Bookkeeping Cleanup Special!!! Who is this for:Quickbooks users with outstanding bookkeeping issues. What will Raleigh Accounting & Tax do:Reconcile cash & credit card accounts, Reclassifying transactions, Correcting unapplied payments, Cleaning out undeposited funds account, Correcting payroll liability balances, Write off old invoices, Reorganizing Income Statement, Cleaning up Balance Sheet. When should I consider book cleanup:Once …
Changes to QuickBooks Online (QBO) pricing
Beginning July 15, 2021, QBO is increasing their pricing, and eliminating their discount program. Price Change: Essentials increases from $40 to $50 per month. Plus increases from $70 to $80 per month. Advanced increase from $150 to $180 per month. As QBO ProAdvisors we can lock in lower prices before July 15, 2021. If you …
Unemployment tax refunds
The IRS sent has sent out an initial batch of refunds for single files who paid income tax on jobless benefits collected in 2020. A second batch of refund for single files is expected in Mid to Late June 2021; the exact timeline is unclear. Refunds started going out in May and will go out …
Business Taxes – OnlyFans, Uber, & Lyft
Most of you are familiar with Uber and Lyft, both ride sharing services. OnlyFans may be less familiar, it’s a social medial platform that allows creators to share content behind a paywall. What do these have in common? All three are considered self-employment. Meaning you will receive a 1099 Form (1099-NEC or 1099-MISC) instead of …
stimulus payments
The 2020 economic impact payments, also called stimulus payments were part of the CARES Act. Payments (stimulus payments) were made by direct deposit, paper check, or prepaid debit cards. For many people the payments have created confusion with tax filing. The payments are tax credit advances based on 2018 or 2019 adjusted gross income (AGI). …
IRS Announces Filing Season Open Date
The Internal Revenue Service (IRS) has announced the 2020 tax season will opening. The IRS will begin accepting paper and electronic tax returns on Friday, February 12, 2021. Raleigh Accounting & Tax LLC can work with you prior to that date to ensure timely filing on your 2020 taxes.