Mark My Bookkeeper, LLC

Mark My Bookkeeper, LLC Business Bookkeeping Services. Bookkeeping Practice for multiple business types.

Where the primary purpose is to keep accurate books and records, tie out accounts and prepare the books to be sent to your CPA at the year end.

01/24/2025

WASHINGTON — With just a few days remaining until the deadline, the Internal Revenue Service reminds employers and other businesses that January 31 is the filing deadline for submitting wage statements and forms for independent contractors with the government.

Employers must file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. The January 31 deadline also applies to certain Forms 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contractors.

This deadline helps the IRS fight tax fraud by making it easier to verify income reported on individual tax returns. The IRS no longer grants an automatic extension of time to file Form W-2. Requests for more time to file must be submitted before the due date. Only certain reasons, such as a death or natural disaster are allowed. Details can be found on the instructions for Form 8809, Application for Extension of Time To File Information Returns.

Failure to file these forms correctly and timely may result in penalties. The IRS recommends employers and other businesses to e-file as the quickest, most accurate and convenient way to file these forms.

Taxpayers: Steps to take if no W-2
Most taxpayers get their Form W-2, Wage and Tax Statement, by the end of January. Taxpayers need their W-2s to file accurate tax returns, as the form shows an employee's income and taxes withheld for the year.

Taxpayers who haven't received their W-2 by the end of February should, as a first step, contact their employer. Taxpayers should ask their current or former employer for a copy of their W-2. Be sure the employer has the correct address. Additional information for taxpayers is available at IRS.gov.

01/20/2025

Payroll service companies offer a guarantee on their work, bearing responsibility for any errors they make in processing payroll, including paying any associated penalties or fines that may arise due to their errors, consequently ensuring accuracy by covering the repercussions if they commit a mistake.

01/19/2025

To ensure transparency and accountability, separate your personal and business finances by establishing a dedicated business bank account and credit card, which facilitates accurate expense tracking and reduces the likelihood of errors and audits.

01/19/2025

In Michigan, the 2025 unemployment wage base has been established at $9,000 per employee, marking a $500 reduction from the 2024 wage base of $9,500. The state's payroll withholding rate remains at 4.25%.

03/06/2021

AICPA REQUEST-
tax deadline postponements until June 15
The AICPA on Thursday sent a letter to IRS Commissioner Charles Rettig and Acting Assistant Secretary Mark Mazur urgently asking for the deadlines for filing all 2020 federal income tax and information returns and for making payments to be extended from April 15 to June 15, 2021, in response to a number of issues that make it impossible for many taxpayers to meet the April 15 deadline. The letter follows up on the AICPA’s earlier request for tax deadline certainty.

Among the many reasons the AICPA stated that a postponement is needed are the delay of the start of the filing season until Feb. 12, a second round of Paycheck Protection Program loans, and changes to the employee retention credit. In addition, continued stay-at-home orders make it difficult to access taxpayer data, particularly among certain populations such as the elderly, and the IRS continues to be short of staff due to the COVID-19 pandemic.

In the letter, the AICPA “urgently request[s] that the 2020 Federal income tax, information returns, and payments (e.g., extension and estimated payments) originally due April 15, 2021 be granted additional time to file and pay until June 15, 2021.”

02/16/2021

Generally, the IRS can include returns filed within the last three years in an audit. If they identify a substantial error, they may add additional years. They usually don't go back more than the last six years. The IRS tries to audit tax returns as soon as possible after they are filed

Is the IRS doing audits right now?
High-Net-Worth Taxpayer Audits Are Coming

Starting on July 15, 2020, the IRS will begin examining the tax returns of high-net-worth individuals and private foundations. ... The IRS has announced that the plan to audit high-net-worth individuals will include those who have not filed income tax returns.

02/06/2021

Starting a new business? Open a new bank account and credit card, don't commingle personal and business expenses.

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West Bloomfield Township, MI
48323

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