BW Accounting Solutions

12/20/2023

Professional Responsibilities - Circular 230 Webinar Recap

Circular 230 Webinar December 19, 2023 In recent years, there have been significant changes to the traditional landscape of working as a tax professional. Examples include remote work such as full-time or hybrid schedules. Expectation of competency in technology and cybersecurity by non-traditional....

12/19/2023

Businesses can file Form 1099 series information returns for free with IRIS. Starting in 2023, businesses with a combination of 10 or more information returns must file them electronically. BW Accounting Solutions can help individuals and businesses set up their Tax Pro Account and transmit the informational forms on behalf of their clients.

12/19/2023

If you have not signed up for the free webinar hosted by the IRS covering Professional Responsibility in Today's Tax Practice, you can read out blog later tonight for a recap covering the discussion.

2 IRS Continuing Education (CE) credits earned for category - Ethics

12/15/2023

Are You a Notary? Don't Make These 12 Common Mistakes!

Notaries serve as impartial witnesses to the signing of legal documents. Notaries must ensure the notarizations they complete are free of notarial erros. Maintaining the integrity of your notary seal, stamp, and journal is critical to your success as a notary. Here are the top twelve most common err...

12/15/2023

Information for tax professionals. Access online tools for tax professionals, register for or renew your Preparer Tax Identification Number (PTIN), apply for an Electronic Filing Identification Number (EFIN), and more.

12/15/2023

What you need to know about Form 1099-K if your received payments via a payment app or online marketplace.

What is the Form 1099-K and what do I do with it if I receive one? Businesses, sole proprietors, self-employed Gig workers Sellers of goods and services, or personal items Individuals who rent property through third party apps Individuals earning money from a side hustle What if I send money to my f...

12/15/2023

**Free Webinar Hosted by the IRS**
December 19, 2023 @ 2 pm EST

The IRS will hold a free webinar teaching the Circular 230: Professional Responsibility in Today's Tax Practice. If you cannot attend the webinar, then check out our blog for a recap!

Tax Professionals-Earn 2 CE Credits for Ethics
All other participants will earn a Certificate of Completion

To register for the webinar, visit:

12/14/2023

The standard mileage rates for business use in 2024 increases to 67 cents a mile. That's a 1.5 cent increase from 2023!

-21 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces
-14 cents per mile driven in service of charitable organizations, the rate is set by statute and remains unchanged from 2023.

12/13/2023

**Free Webinar Hosted by the IRS**
December 14, 2023 @ 2 pm EST

The IRS will hold a free webinar designed primarily for tax professionals whose clients receive income reported to them on Form 1099-K - reporting income through payment apps and online marketplaces. If you cannot attend the webinar, then check out our blog recap tomorrow night.

To register for the webinar, visit: https://www.webcaster4.com/Webcast/Page/1148/49577

All participants who qualify will receive a Certificate of Completion
Tax Professionals - Earn up to 1 CE Credit - Category: Federal Tax

12/13/2023

Learn the difference between a credit & deduction to take advantage of the tax benefits & save yourself from a hefty tax bill.

As you probably already know, both tax credits and tax deductions help reduce your overall tax liability. You should search for credits and deductions when filing your annual tax return to save you money. While you should take advantage of all the tax breaks you're eligible for, please don't overloo...

12/13/2023

"Entrepreneurs uniquely feel the weight of it all, all the time. The weight of their family, the weight of the people they service, the weight of running their own business. It can be heavy laden work with a lot of responsibility." --Julie Shipp

12/12/2023

The More You Make, The More They Take!
2023 Marginal Tax Rate Provision

The IRS released 60 tax provisions for the 2023 tax year. One of the inflation adjustments were to raise the thresholds for federal tax brackets for income taxes. What does this mean and how does it effect you? We all have heared it before, the more you make the more they take. This is exactly what....