SEP And SIMPLE Plans-The Basics
Article: SEP and SIMPLE Plans-The Basics Jessica I. Marschall, CPA President Marschall Accounting Services LLC SEP and SIMPLE plans enable small business owners to invest in plans similar to a larger company’s 401(k) plan. SEP PLANS SEP or Simplified Employee Pension Plan allows employers to create retirement accounts for themselves and their employees. Pros of a SEP: […]
Read MoreAudited? What Comes Next
Article: Audited? What Comes Next Category: 1040 income tax Jessica I. Marschall, CPA President Marschall Accounting Services LLC The day’s mail arrives and, with it, a dreaded letter from the IRS. A taxpayer’s return has been selected for examination or the dreaded A-word AUDIT. The IRS does not provide reasons as to why a return is […]
Read MoreWork-Life Balance Of A Mama CPA
Work-life Balance of a Mama CPA Work-life Balance of a Mama CPA Jessica I. Marschall July 13th, 2022 As a caveat to this article…I am old. Forty-six years old to be exact. This means that I entered the CPA and Accounting profession in 1999 well before remote working opportunities were available and when it was […]
Read MoreOpening A Business? Follow This Important Checklist!
Article: Opening a Business? Follow this Important Checklist! Category: 1040 income tax 1. Determine your business entity classification will be a Corporation, S-Corporation, LLC, or Sole Proprietor. 2. Only Corporations, S-Corps, and LLC protect personal assets. You can open an LLC on your state’s corporation website and it is highly recommended that businesses have the […]
Read MoreSmall Business Tax And Accounting Updates: Ending 2022
Article: Small Business Tax and Accounting Updates: Ending 2022 Category: 1040 income tax, IRS, Small Business Small Business Tax and Accounting Updates: Ending 2022 Jessica I. Marschall, CPA Tax Season 2022 is just around the corner. Our firm put together the most important and prevalent tax and accounting issues pertaining to small businesses. We have […]
Read MoreS Corps-The Quick Facts
Article: S Corps-The Quick Facts Category:1040 income tax, S Corps, Small Business Jessica I. Marschall, CPA January 7th, 2023 Businesses may choose S-Corp taxation on the date they start or may elect the tax treatment at a later date moving from a single member LLC or “Disregarded Entity”, or a partnership or multi-member LLC. An […]
Read MoreTax Notes From 2022 Tax Season
Article:Tax Notes from 2022 Tax Season Category: 1040 income tax, IRS, Small Business Jessica I. Marschall, CPA April 21st, 2023 The bulk of tax season 2022 is over. As a group, CPAs are exhaling and questioning our career choices. As a group, we are fading fast. The AICPA estimates that 75% of CPAs will retire […]
Read MoreOpening A Small Business-The Basic Steps
Article: Opening a Small Business-The Basic Steps Category: 1040 Income Tax, Small Business Opening a small business involves several steps to ensure you comply with tax regulations and reporting requirements. Here are the general steps to open a small business and handle tax-related matters: Here are the general steps to open a small business and […]
Read MoreSECURE Act 2.0 Of 2022—What To Know
Article: SECURE Act 2.0 of 2022—What to Know Category: 401K, Retirement Jessica I. Marschall, CPA May 17th, 2023 The SECURE Act 2.0 was signed into law by Congress December 2022 to enhance the SECURE Act of 2019, or the Setting Every Community Up for Retirement Enhancement. The new act includes 92 provisions to help taxpayers save for […]
Read MoreThe IRS Revises 1099(K) guidelines
Article: The IRS Revises 1099(K) Guidelines Category: 1040 Income Tax, 1099K The IRS has lowered the threshold for 1099K Payment Card and Third-Party Network Transactions These include Payment Settlement Entities like: Venmo, Paypal, CashApp, eBay, Etsy, Uber, Lyft, and Task Rabbit What does this mean? The threshold was lowered from $20,000 to $600 for reporting […]
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