True Tax & Accounting

03/04/2022

Happy Tax Season!

If you also learned about Parallelograms and not taxes, give us a call!

01/26/2022

04/26/2021

TRUE Tax & Accounting is a small successful accounting firm with over 30 years of accounting and tax experience.

This position is located in the Sun Prairie, WI area. TRUE has a part-time (25-30hrs) Mon-Fri. Administrative/Receptionist position available.

This team member will assist in multiple accounting and office tasks. Pay is based on experience $15 - $18.00 hour.

This position consists of data entry of multiple reports and transactions into accounting software. Performing general bookkeeping tasks. This candidate will be familiar with functions such as; accounts payable, accounts receivable, entering journal entries, etc.

The ideal candidate will be detail-oriented and organized, can work as a team, but also able to work independently. And, pass a background check.

~ Assisting with invoicing

~ General data-entry

~ Scanning/Shredding

~ Answering phone calls

~ Maintaining and stocking office supplies

etc.

Skills/Qualifications

~ Professional

~ Team player

~ Strong organizational skills

~ attention to detail

Job Type: Part-time

Pay: $15.00 - $18.00 per hour

06/18/2020

Out supporting a local restaurant. We had a delicious meal on their newly paved patio area!

Always a great meal!

05/21/2020

TRUE Tax & Accounting

At TRUE Tax & Accounting, we specialize in small to mid-sized businesses, that are looking for a customized experience. We know not all businesses need the same level of care. With a well-experienced team of experts, we are able to offer personal service, custom to YOUR needs.

Some of our areas of expertise are Restaurant and Retail Accounting, Real Estate, and Service Industry accounting.

We provide many different services including but not limited to:

o Accounts Payable/Receivable
o PPP Loan guidance/tracking
o Monthly Financials
o Bank Reconciliation
o Credit Card Reconciliations
o Full-Service Payroll
o Chart of Account Setup
o Quickbooks Setup
o Inventory
o Point-of-Sale
o Sales Tax, WI, FL & CA
o Streamlining current processes for additional; efficiency
o TAXES – Personal and Business

We offer free estimates with a review of financials and job scope.

Contact us TODAY!

TRUE Tax & Accounting
1262 W. Main St.
Sun Prairie, WI 53590

Phone: 608-478-1131
www.Truesolutions.business
email: [email protected]

03/25/2020

TRUE Tax & Accounting Update:
SBA Economic Injury Disaster Loans


On Friday, March 20th, the SBA announced that Economic Injury Disaster Loans are NOW available to Wisconsin businesses.

On Saturday, March 21st they hosted two webinars to discuss the program. The following summarizes the information presented.

Wisconsin small businesses and non-profits are now eligible to apply for:

· Loans up to $2 million (the first $25,000 can be obtained with no collateral)
· These loans can provide working capital to meet a business’ ongoing expenses including payroll, accounts payable, and fixed debt payments until the situation improves
· Interest rates are 3.75% for small businesses and 2.75% for non-profits
· Loan repayment is deferred for 12 months although interest accrues during this time
· Repayment can be as long as 30 years
· There is no cost to apply, and there is no obligation to take the loan if one is offered
· The process from application to funding is likely to take 3-4 weeks, so apply soon!

How do you apply? Apply online at SBA.gov/disaster

What should you have ready/what forms are required?

· SBA Form 5 (or 5C for sole proprietorships)
· Tax Information Authorization (IRS Form 4506T) for the business, the business owners, and affiliates
· Copies of the most recent tax returns filed (2018 is acceptable)
· Schedule of Liabilities (SBA Form 2202)
· Personal Financial Statement (SBA Form 413)

All of the forms referenced above are available on the SBA website.

We are happy to assist you with this process. If you intend to apply for this loan, let us know!

The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.

03/19/2020

TRUE Tax & Accounting Update:

Families First Coronavirus Response Act
Employment Provisions

Yesterday, President Trump signed into law the H.R. 6201 Families First Coronavirus Response Act.

The act provides for Emergency FMLA leave coverage for employees impacted by the Coronavirus. Employers with fewer than 500 employees are subject to these provisions. The first 14 days of leave may be unpaid. Beyond that, there are requirements to provide paid leave.
Also included in the Act is an Emergency Paid Sick Leave Act. This provision provides an employer tax credit to fund payments to employees who are on leave for the following:

• To self-isolate because the employee has been diagnosed with coronavirus
• To obtain a medical diagnosis upon experiencing symptoms of coronavirus
• To comply with the recommendation or order by a public health official or health care provider because the physical presence of the employee would jeopardize the health of others because of exposure to coronavirus or exhibition of symptoms
• To care for or assist a family member who is self-isolating due to the three previous situations
• To care for the child of an employee if school or place of childcare is closed due to coronavirus

The employer credit can be an amount up to 100% of the qualified sick leave wages paid by the employer. The credit is capped between $200 and $511 per day. The credit cannot exceed the employer social security tax (6.2% of wages paid).

The act is to take effect within 15 days and will expire on December 31, 2020.

What does NOT seem to be covered, based on my reading of the Act is what happens when an employee doesn’t work due to a store closure or other shut-down initiated by the employer. This legislation does not appear to cover those individuals/employers.

Elimination of the waiting period and suspension of the requirement that an individual look for work while claiming unemployment benefits appears to be the means to compensate those workers who are unable to work due to the suspension of business by the employer. If your location(s) are not operating, direct your employees to dwd.wisconsin.gov/ui/ to apply for unemployment insurance benefits.

We are watching developments daily and will continue to push out information as it is available. We are still working and are happy to help you interpret these new, and constantly changing efforts to help all of us get through these unprecedented times. Please do not hesitate to reach out if you have specific questions/concerns. If there are answers to your questions, we will get them for you!

Contact us: TRUE Tax & Accounting
[email protected]
1262 W. Main Street, Sun Prairie WI 53590
(608)478-1131
www.truesolutions.business

02/12/2020