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News & Information from Byrd & Massey, Inc.
We are thrilled and humbled to announce that we have been recognized as the best in our field! Thanks to the unwavering trust and support of our incredible clients, we have been awarded the prestigious Gold for Best Accounting Firm and Silver for Best Tax Services . This achievement would not have been possible without your continued faith in our expertise and dedication. We are truly honored and grateful for your partnership. Here at Byrd and Massey, we are committed to providing exceptional accounting services and top-notch tax solutions. This recognition motivates us to push even harder and strive for excellence in everything we do. Rest assured, we will continue to serve you with the utmost professionalism, integrity, and attention to detail. Your financial success remains our top priority. We extend our heartfelt gratitude to each and every one of our clients for their invaluable support. Together, we have built a strong foundation of trust and collaboration, and we look forward to many more years of working together. Once again, thank you for making us the best. We are truly honored to be your trusted accounting partner.
Franchise Tax in Arkansas The deadline for Arkansas Franchise Tax is May 1 st , 2024. If you haven’t already prepared, filed, and paid your tax, we can help! This service is part of our contract for bookkeeping clients; however, if you're not a bookkeeping client and would still like assistance, we can take care of it for you. Here is a breakdown of fees: Tax: $150 + $5 credit card processing fee Our Fee: $75 Don’t wait! If you would like for us to prepare and send in your Franchise Tax, we MUST have your information no later than Friday, April 26 th to allow for setup and processing. Please Note Your Franchise Tax will continue to accrue until your business has been dissolved. If you need guidance, you can set up an advisory appointment with a CPA by going here , or calling our office. Final Thoughts Remember to file a BOI (Beneficial Ownership Information) report with FinCen by going here . It is now required for both new and existing businesses under the Corporate Transparency Act.
The Battle of "Us" vs. "Them" When it comes to figuring out who best to call when tax issues arise, it can sometimes seem tricky, but we’ve got you covered! We have compiled a list of situations and scenarios to help guide you through tax season and navigate the stress of dealing with the IRS all year long. Tax Return Preparation and Filing - US We will always handle ALL your tax prep and filing. We can file for all 50 states and will work with you to minimize your taxes throughout the year, not just at the end of the year. Notice or Letter from the IRS - US When you receive a letter from the IRS about your tax return, please reach out to us so we can review the notice for possible errors or even incomplete information and assist in resolving the issue as quickly as possible. Tax Disputes or Audits - US We know it can be nerve wracking to receive any notice from the IRS let alone a notice specifying you’re being audited, so that’s where we come in. We handle it all for you. Simply bring in or forward the notification to us and we’ll take care of everything from A to Z. Identity Verification – THEM If the IRS is asking to verify your identity for any reason, contact them directly using their official website or by calling their toll-free number at 1-800-829-1040. Remember, the IRS will never ask to verify personal identifiable information via call, text, message, or email. General Tax Inquiries – US For general tax questions throughout the year, we are here for you, and you can reach out to us at any time. We offer advisory services from $125 per hour where our CPAs can answer all your questions. We will guide you through any adjustments that may need to be made to your finances and contributions, simplify complicated tax laws and rules, and boost your deductions. We make it a priority to proactively stay up to date on current tax law, tax code, and new regulations so we can serve you better. To schedule an advisory, you can book online by clicking here or you can give us a call at 479-867-5599 .
QuickBooks Online is cloud-based and can be accessed through any web browser or mobile app. It functions similarly to its counterpart (QuickBooks Desktop), however, offers much more flexibility making it ideal for small to medium-sized businesses. We’ve compiled a list of tips to help even the most seasoned user. Tip 1: “More” is More! You may or may not have noticed it at the bottom of your transaction screen, but next to the Print button, there’s More! It can come in handy if you need to make edits, delete, void, or even copy a transaction. Tip 2: Did You Document It? QBO is an amazing tool, so you may think it’s okay to toss or shred your documents once you enter them; however, it is always a great idea to scan and attach a copy of the original document (i.e., receipt, check, etc.) to the transaction, especially if you plan on claiming it on your tax return. There is a handy box in the transaction specifically for attachments, and you can simply upload or drag documents from the location you choose into the attachment box. Once it has finished uploading, save the transaction and voila! *Hint* You can view all your attachments by clicking the gear icon in the upper right corner and look under “Lists.” Tip 3: Use Your Tabs Sometimes it’s necessary to move back and forth between two screens simultaneously. You can do so by hovering over one of the navigation links, like Sales, and clicking your mouse wheel; doing this will automatically open a new tab. You can also right-click and select “open link in new tab.” This can be a huge help and time saver. Tip 4: Take Ctrl Ctrl is a modifier key that only works in conjunction with another key on your keyboard. In QBO there are many shortcuts you can take using the ctrl key (i.e. ctrl + another key). The two that we will share are the favorite functions Nita, our staff accountant, finds most useful: 1. [Ctrl + A] opens the Chart of Accounts 2. [Ctrl + F] helps find an entry. Bonus Tip: QuickBooks ProAdvisor Program This program connects customers with Intuit Certified local bookkeepers, accountants, and CPAs - like us - who help establish QBO accounts. This allows our clients the ability to easily track income and expenses, reconcile statements, eliminates the need to manually enter data, create short-cuts, and even better, have convenient remote access from anywhere in the world! Interested in one-on-one QBO training? You’re in luck! Call our office or click here to book a session with a certified trainer. *Please note that we will need to be able to look at your QB file before training can begin.
What's It All Mean? Confusion tends to spring up when it comes to tax time; especially while dealing with three specific tax forms: W-2’s, 1099-MISC, and 1099-NEC. Businesses are required to report payments made to employees throughout the calendar year; and these forms are how they get reported to the IRS. Let’s look at each form below: The Good Ole W-2 The Wage and Tax Statement might not be as old as sliced bread, but it has been around for a long time; since 1944 in fact. Employers must complete and send, either by mail or electronically, their employees W-2’s by January 31 to avoid being penalized. The W-2 shows the breakdown of all wages, taxes withheld, FICA, and more for that calendar year. Who Gets One? W-2’s are issued to employees who are officially employed by a company. This means that they have filled out a W-4, I-9, etc. for formal employment. The Gist About 1099-Misc The 1099-Misc Form began as a way to report earnings for independent contractors, consultants, or freelancers at the end of the calendar year. Box 7 was intended for that, specifically, but in 2020 the IRS switched things up a little. While you still use a 1099-MISC for earnings, it’s more focused on prizes and royalties rather than income. Click here for more information about what ways to use form 1099-MISC. Non-Employee Compensation (1099-NEC) Beginning in 2020, the IRS introduced a new form for businesses and organizations to report compensation. On the 1099-NEC, taxes are generally never withheld due to the nature of the work in question (i.e., contract, non-employees, consultants, etc.). You may also only receive this form if you’ve earned $600 or more during the calendar year. *Please Note: If you made less than $600 and did not receive a 1099-NEC, you are still required to report your earnings on your tax return. What If I Don’t Get All My Tax Documents? If you’re unsure if you should be receiving one, whether it’s a W-2, 1099-MISC, or 1099-NEC, reach out to the business, person, or organization who paid you; that is often the best way to resolve the issue. Be sure to verify your address and Social Security Number since those two things are reported directly to the IRS. Errors and Inaccuracies If you receive a form with errors on it, immediately tell the company and ask them to correct it. With the new program, IRIS (Information Returns Intake System) implemented by the IRS, corrections are much easier to do and can be done electronically. With tax season upon us, it’s crucial to get your documents in as soon as possible! Schedule an appointment today by clicking here or call us at 479-876-5599 . We are here to help and we’re easy to talk to!
Here’s the Scoop: If you had a balance due during 2020 or 2021, the IRS announced in December 2023 that they would be automatically waiving any “failure to pay” penalties on assessed taxes that were less than $100,000. Those who filed the following ways are automatically eligible: Filed a Form 1040, 1041, 1120 series or Form 990-T tax return for years 2020 and/or 2021. Were assessed taxes of less than $100,000, and Received an initial balance due notice, typically the CP14 or CP161, between Feb 5, 2022, and Dec. 7, 2023. If you made payments on your account or your balance is paid in full, you are automatically eligible for this “failure to pay” penalty relief on assessed taxes of less than $100,000 per year. How Do I Get the Credit? According to the IRS, a credit will automatically be applied to any other tax year with a balance due. If no balance is due, a refund (by mail) will be issued. Please note - if your address has changed, you will need to update your account to make sure you receive your refund and/or any notices from the IRS. You may do so by clicking here . The IRS asks that you allow 4-6 weeks for processing. In the meantime, the IRS suggests notifying the post office that services your old address. I’m Not Eligible, What Can I Do? If you have assessed taxes of more than $100,000, you can apply for penalty relief under the reasonable cause criteria or the First-Time Abate program. Go here to view the various types of relief you may qualify for. Remember, all hope is not lost!
Melissa goes "On the Record" with 40/29 Yuna Lee at 40/29 News --Fort Smith & Fayetteville, Arkansas to talk about how to prepare for end-of-year taxes, and what to plan for going into 2024
Here's the Scoop As 2023 draws to a close, our team would like to share vital information that could greatly impact your business. The following updates will help you prepare for important deadlines and keep your business in good standing as we get ready to step into 2024. Franchise Tax Payments Deadline – December 31, 2023 If you haven’t already done so, please remember to file and pay your franchise tax for the 2023 tax year no later than December 31st. Failure to pay by the deadline will enter your business into revoked status . To check your current status, visit the Arkansas Secretary of State (SOS) website here . At Byrd and Massey, we automatically file franchise taxes for all our contract clients and extend our services to non-contract clients should you need our assistance. Please feel free to reach out to us. Due to the deadline falling on a Sunday, we ask that you contact us no later than December 21st if you need help filing. Dissolution and Franchise Tax Deadline – December 31, 2023 If you currently own a business but wish to dissolve it and avoid accruing additional franchise taxes, you must do so by December 31st. We can file Articles of Dissolution on your behalf for a nominal fee. Call us at 479-876-5599 or send an inquiry by clicking here . Accrual Reminder It's crucial to remember that even if a company is no longer in operation, the corporation will continue to accrue franchise taxes until it is formally dissolved with the Arkansas Secretary of State. Finally… Stay informed and act now to ensure compliance with Arkansas business regulations. Your timely attention to these matters will help protect your business and avoid any unnecessary penalties. As always, if you have questions let us know. After all, we are here to help and we’re easy to talk to!
Making Change... When you give to charities and non-profit organizations, it not only impacts those organizations in a positive way by helping them accomplish their goals, but it can also provide a sense of personal satisfaction whether you are donating as an individual or a business. Since it can sometimes be unclear as to what qualifies and how to keep track of your giving for tax purposes, we have made a checklist of 3 important things to keep in mind when you give. · Be sure the recipient is an organization qualified under section 170(c) of the Internal Revenue Code. This includes 501(c)(3) and religious organizations. · Maintain records of your contribution(s) (receipts, bank records, letter from organization(s)) with the name of org, amount donated, and date of the contribution. · Donations to individuals or groups through crowdfunding services, such as GoFundMe, are generally considered to be "personal gifts," and monetary gifts are likely not tax deductible. If you have general questions please reach out to us at 479-876-5599. To schedule an advisory for a more in-depth look at your giving and how it might affect your taxes, click here . We are always here to help!
The IRS and the Identity Protection PIN ID Theft is Not a Victimless Crime If you’ve been a victim of identity theft, or the IRS has identified you as a possible victim of tax-related identity theft, chances are you will receive a 6-digit PIN to authenticate your identity when you file your tax return. Here are 6 tips you need to know about your IP PIN for the upcoming tax season: Your IP PIN is ONLY valid for your federal tax return. You will receive a CP01A notice from the IRS from mid-December through early January. Please DO NOT throw it away! Keep it with all other tax-related documents you receive and bring it in to your tax preparer when you are ready to file your taxes. If you are married and you file a joint return, EACH person who has a PIN must be sure to enter it on the return. If only one of you has a PIN (i.e., only one spouse has been a victim of ID theft and has been issued an IP PIN), then only one PIN will be entered on the tax return. If you are filing for the current year AND a previous or previous years in the current year, you will use the same PIN for all tax returns during the calendar year. Dependents with their own IP PIN must share that PIN with their parent(s) or guardian(s) if they are still being claimed on a tax return. *Note: Your e-file return will be rejected If you do not enter a dependent’s IP PIN. According to the IRS, the IP PIN is only used on tax Forms 1040, 1040-NR, 1040-PR, 1040-SR, and 1040-SS. *Note: If you file an Amended return, you will need to include your IP PIN! Where Do I Sign Up? If you’ve been a victim of identity theft, the IRS has provided ways to get an IP PIN. Remember – having this PIN will prevent someone from filing a tax return using your Social Security number or Individual Taxpayer Identification Number (ITIN). Get one online. The fastest way to get an IP PIN is to use the IRS.gov websites . Get an IP PIN tool; however, if you don’t have an IRS.gov account, you will have to register and validate your identity, which can be a tedious process. Fill out and mail or fax an application for an IP PIN, which can be printed by going here . Get your IP PIN in-person by going to your local IRS Taxpayer Assistance Center. You will have to call to make an appointment, of course, and you can find an office here . Lost and Found If you lost or misplaced your PIN, not to worry, there are a couple of ways to recover your original PIN or even get a replacement! Call the IRS. They have a team that specializes in IP PIN retrieval. Once they verify your identity, they will mail your IP PIN to your address on file within 21 days. The number is 800-908-4490 and they are available to help Monday – Friday, 7:00am – 7:00pm local time. The retrieval tool online is the fastest way to receive your IP PIN. This is also the same tool that allows you to register for a PIN initially. Click here to log into the tool. Last But Not Least The IRS has created an Identity Theft Affidavit for victims of identity theft that can be found here . You can fill it out and submit online or print it and either mail or fax the form. All information for each option is at the link above. A Quick Recap Open IRS letters and keep your PIN with your other tax docs Your PIN is REQUIRED to file your tax return If you have a dependent(s), you will need their PIN to file The IP PIN is for Federal ONLY Your tax return will be REJECTED if you do not use your PIN You CAN recover your IP PIN by using one of the methods in the above post If you have any questions regarding the Identity Protection PIN, please do not hesitate to reach out to us via e-mail info@byrdandmassey.com , phone, or our website . We’re here to help any way we can! Don’t forget we are also now accepting appointments for the 2024 Tax Season. You can view our calendar online and schedule an appointment by clicking here , or by calling our office at 479-876-5599 and Jen, our friendly Receptionist, will help you find a date and time that works best for you!
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We are thrilled and humbled to announce that we have been recognized as the best in our field! Thanks to the unwavering trust and support of our incredible clients, we have been awarded the prestigious Gold for Best Accounting Firm and Silver for Best Tax Services . This achievement would not have been possible without your continued faith in our expertise and dedication. We are truly honored and grateful for your partnership. Here at Byrd and Massey, we are committed to providing exceptional accounting services and top-notch tax solutions. This recognition motivates us to push even harder and strive for excellence in everything we do. Rest assured, we will continue to serve you with the utmost professionalism, integrity, and attention to detail. Your financial success remains our top priority. We extend our heartfelt gratitude to each and every one of our clients for their invaluable support. Together, we have built a strong foundation of trust and collaboration, and we look forward to many more years of working together. Once again, thank you for making us the best. We are truly honored to be your trusted accounting partner.
Franchise Tax in Arkansas The deadline for Arkansas Franchise Tax is May 1 st , 2024. If you haven’t already prepared, filed, and paid your tax, we can help! This service is part of our contract for bookkeeping clients; however, if you're not a bookkeeping client and would still like assistance, we can take care of it for you. Here is a breakdown of fees: Tax: $150 + $5 credit card processing fee Our Fee: $75 Don’t wait! If you would like for us to prepare and send in your Franchise Tax, we MUST have your information no later than Friday, April 26 th to allow for setup and processing. Please Note Your Franchise Tax will continue to accrue until your business has been dissolved. If you need guidance, you can set up an advisory appointment with a CPA by going here , or calling our office. Final Thoughts Remember to file a BOI (Beneficial Ownership Information) report with FinCen by going here . It is now required for both new and existing businesses under the Corporate Transparency Act.
The Battle of "Us" vs. "Them" When it comes to figuring out who best to call when tax issues arise, it can sometimes seem tricky, but we’ve got you covered! We have compiled a list of situations and scenarios to help guide you through tax season and navigate the stress of dealing with the IRS all year long. Tax Return Preparation and Filing - US We will always handle ALL your tax prep and filing. We can file for all 50 states and will work with you to minimize your taxes throughout the year, not just at the end of the year. Notice or Letter from the IRS - US When you receive a letter from the IRS about your tax return, please reach out to us so we can review the notice for possible errors or even incomplete information and assist in resolving the issue as quickly as possible. Tax Disputes or Audits - US We know it can be nerve wracking to receive any notice from the IRS let alone a notice specifying you’re being audited, so that’s where we come in. We handle it all for you. Simply bring in or forward the notification to us and we’ll take care of everything from A to Z. Identity Verification – THEM If the IRS is asking to verify your identity for any reason, contact them directly using their official website or by calling their toll-free number at 1-800-829-1040. Remember, the IRS will never ask to verify personal identifiable information via call, text, message, or email. General Tax Inquiries – US For general tax questions throughout the year, we are here for you, and you can reach out to us at any time. We offer advisory services from $125 per hour where our CPAs can answer all your questions. We will guide you through any adjustments that may need to be made to your finances and contributions, simplify complicated tax laws and rules, and boost your deductions. We make it a priority to proactively stay up to date on current tax law, tax code, and new regulations so we can serve you better. To schedule an advisory, you can book online by clicking here or you can give us a call at 479-867-5599 .
QuickBooks Online is cloud-based and can be accessed through any web browser or mobile app. It functions similarly to its counterpart (QuickBooks Desktop), however, offers much more flexibility making it ideal for small to medium-sized businesses. We’ve compiled a list of tips to help even the most seasoned user. Tip 1: “More” is More! You may or may not have noticed it at the bottom of your transaction screen, but next to the Print button, there’s More! It can come in handy if you need to make edits, delete, void, or even copy a transaction. Tip 2: Did You Document It? QBO is an amazing tool, so you may think it’s okay to toss or shred your documents once you enter them; however, it is always a great idea to scan and attach a copy of the original document (i.e., receipt, check, etc.) to the transaction, especially if you plan on claiming it on your tax return. There is a handy box in the transaction specifically for attachments, and you can simply upload or drag documents from the location you choose into the attachment box. Once it has finished uploading, save the transaction and voila! *Hint* You can view all your attachments by clicking the gear icon in the upper right corner and look under “Lists.” Tip 3: Use Your Tabs Sometimes it’s necessary to move back and forth between two screens simultaneously. You can do so by hovering over one of the navigation links, like Sales, and clicking your mouse wheel; doing this will automatically open a new tab. You can also right-click and select “open link in new tab.” This can be a huge help and time saver. Tip 4: Take Ctrl Ctrl is a modifier key that only works in conjunction with another key on your keyboard. In QBO there are many shortcuts you can take using the ctrl key (i.e. ctrl + another key). The two that we will share are the favorite functions Nita, our staff accountant, finds most useful: 1. [Ctrl + A] opens the Chart of Accounts 2. [Ctrl + F] helps find an entry. Bonus Tip: QuickBooks ProAdvisor Program This program connects customers with Intuit Certified local bookkeepers, accountants, and CPAs - like us - who help establish QBO accounts. This allows our clients the ability to easily track income and expenses, reconcile statements, eliminates the need to manually enter data, create short-cuts, and even better, have convenient remote access from anywhere in the world! Interested in one-on-one QBO training? You’re in luck! Call our office or click here to book a session with a certified trainer. *Please note that we will need to be able to look at your QB file before training can begin.
What's It All Mean? Confusion tends to spring up when it comes to tax time; especially while dealing with three specific tax forms: W-2’s, 1099-MISC, and 1099-NEC. Businesses are required to report payments made to employees throughout the calendar year; and these forms are how they get reported to the IRS. Let’s look at each form below: The Good Ole W-2 The Wage and Tax Statement might not be as old as sliced bread, but it has been around for a long time; since 1944 in fact. Employers must complete and send, either by mail or electronically, their employees W-2’s by January 31 to avoid being penalized. The W-2 shows the breakdown of all wages, taxes withheld, FICA, and more for that calendar year. Who Gets One? W-2’s are issued to employees who are officially employed by a company. This means that they have filled out a W-4, I-9, etc. for formal employment. The Gist About 1099-Misc The 1099-Misc Form began as a way to report earnings for independent contractors, consultants, or freelancers at the end of the calendar year. Box 7 was intended for that, specifically, but in 2020 the IRS switched things up a little. While you still use a 1099-MISC for earnings, it’s more focused on prizes and royalties rather than income. Click here for more information about what ways to use form 1099-MISC. Non-Employee Compensation (1099-NEC) Beginning in 2020, the IRS introduced a new form for businesses and organizations to report compensation. On the 1099-NEC, taxes are generally never withheld due to the nature of the work in question (i.e., contract, non-employees, consultants, etc.). You may also only receive this form if you’ve earned $600 or more during the calendar year. *Please Note: If you made less than $600 and did not receive a 1099-NEC, you are still required to report your earnings on your tax return. What If I Don’t Get All My Tax Documents? If you’re unsure if you should be receiving one, whether it’s a W-2, 1099-MISC, or 1099-NEC, reach out to the business, person, or organization who paid you; that is often the best way to resolve the issue. Be sure to verify your address and Social Security Number since those two things are reported directly to the IRS. Errors and Inaccuracies If you receive a form with errors on it, immediately tell the company and ask them to correct it. With the new program, IRIS (Information Returns Intake System) implemented by the IRS, corrections are much easier to do and can be done electronically. With tax season upon us, it’s crucial to get your documents in as soon as possible! Schedule an appointment today by clicking here or call us at 479-876-5599 . We are here to help and we’re easy to talk to!
