Understanding the Basics of Payroll Taxes
Payroll taxes can seem overwhelming because of the complexity of each filing agency. Below is a simple guideline to understanding the basics of payroll taxes. An employer that process payroll for their employees enters into a fiduciary relationship between the taxing...
What to do when you get an IRS notice
Don’t panic! The letter wording is designed to get your attention. The letter is to make you aware of a possible problem. And most letters are triggered by a computer. So it maybe as simple issue of the IRS has not processed documents you have already submitted....
2021 Tax Filings Deadlines to Avoid Penalties
The season is on us again to file our tax returns and it is important to be prepared for the deadlines. Note that the IRS can extend the deadlines in the cause of events that effect ability to file (i.e. natural disaster, a pandemic, etc.). While we experienced a...
Advanced Child Tax Credit – Letter 6419
The Advanced Child Tax Credit will require reconciliation on the 2021 tax return. The 2021 tax return should be filed prior to April 18, 2022. The IRS will be sending out letter 6419 to all recipients of the Advanced Child Tax Credit to provide the total of funds...
What Is General Ledger?
What is it? A general ledger is a master financial document that accounts for all of a company’s debit and credit transactions in opposing sections. The reason for a general ledger is to get a full grasp of a company’s financial wellness. A general ledger can be used...
What Is the Kentucky Small Business Tax Credit?
As a small business owner, you want to take advantage of all of the possible opportunities for saving money. Luckily, there is a way here in Kentucky to save money on your taxes through the Kentucky Small Business Tax Credit (KSBTC). This incentive may give your...