Remote Accounting Service Consulting, LLC

Remote Accounting Service Consulting, LLC We provide exceptional financial and professional bookkeeping and accounting support services while

Melanie Brayden and JoDee E. Joyce
04/27/2024

Melanie Brayden and JoDee E. Joyce

Along with the Clarksville Area Chamber of Commerce Brynnlee and I participated in the Great Tennessee Clean up! Remote ...
04/27/2024

Along with the Clarksville Area Chamber of Commerce Brynnlee and I participated in the Great Tennessee Clean up! Remote Accounting Service represents!!!

10/02/2023

Excited to announce I have been appointed to the Advisory Board for University of Vermont, Grossman Business School, Women in Leadership program. Very honored!

08/13/2021

IRS doubling workers this tax season!
Congress is going to approve a substantial budget increase for the IRS- some of it to double workers examining small firms and self-employed, according to an IRS official at a recent virtual conference. Employment taxes are a major source of revenue and will be the target. The IRS believes many employers owe more than they are paying. Another target is taxes and penalties put on the back burner during the pandemic. The IRS will aggressively begin collections on overdue amounts, levying assets and garnishing salaries and other income. Work with someone you trust to set up a payment plan now that fits your budget!
[Tax Notes Today]

07/23/2021

Are you claiming mileage on your personal vehicle correctly? Does your documentation withstand the IRS test for business owners?

Use of a personal vehicle for business purposes is allowable with proper recordkeeping. Maintaining an accounting in software (such as Quickbooks) and bank statements to substantiate the travel is not enough to prove the claims of business purposes, however. In the absence of a travel log, or other records to show the percentage of business use and percentage of personal use, none of the passenger vehicle expenses will be allowed. Commuting to and from the office, or job sit, from home is not considered an allowable expense. Driving from one job site to another, or from client to client is allowable with the proper documentation of mileage, date and reason for travel. Make sure your bookkeeper is experienced in IRS recordkeeping because having these items reversed is costly and time-consuming!

07/15/2021

Melanie Brayden

07/15/2021

What is GAAP? Why is it important?

Generally Accepted Accounting Principals (GAAP) are the body of concepts, principles and procedures developed by the Financial Accounting Standards Board (FASB), primarily. Security and Exchange Commissions (SEC) contributes with regulations for listed companies, and the remainder is accounting practices developed over time by respected industry professionals, both private and public. GAAP applies to all enties: Not For Profit, Publicly traded, Closely held, Corporations, Partnerships, Sole Proprietorships, etc.

FASB comprises of a team of seven full-time members who give up association with employers/employees, and serve a five-year term with one five-year renewal allowed. Not all members are CPA’s. Other members represent the business world including financial preparers, users and analyzers. GAAP is established for state and local Government Accounting Standards Boards (GASB) and for the for the federal government by FASB.

It is important to have a professional educated and maintaining up-to-date with GAAP concepts. Of the 150 standards, some are amended, or modified, and some become highly specialized for specific industries. Staying current on these standards plays a pivotal role in financial reporting material, consistency in year over year reporting information, tax reporting (conservatism for gains and losses), and discloser information. Every organization is required to maintain GAAP financial recording and reporting. Be sure that the person handling your finances remains current on these regulations on both a federal and state level!

07/07/2021

What is an IRS "Responsible Person"? And, why is that important to business owners?

A "Responsible person" who learns of unpaid employment taxes becomes PERSONALLY responsible for all of them! Example: If Company X hires a CFO, Payroll person or other accountant to handle the filing and payment of the unemployment taxes, but s/he fails to complete them, the owner of X is personally responsible for the tax, fines, penalties as soon as they were made aware of it. To avoid being held personally responsible, they are required to pay the debt in full, before any other creditor including payroll or rent, even if requires terminating employees or going out of business. Willful failure on X's part happens if payment is sent to any other debtor before the tax bill is satisfied in full.
Avoid this by ensuring checks and balances are in place. Review financial statements, bank statements, and cash forecasting every month as a business owner. Split the responsibilities- 1 person completes the tax filing quarterly, and someone else is responsible to pay it. And, always hire someone you trust to handle these very important tasks!

Address

45 Burley Street
Danvers, MA
01923

Telephone

+19787663509

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