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What is Virtual Tax Preparation and Filing?

Virtual Tax Preparation and Filing

July 15th is this year’s tax day due to the coronavirus outbreak. If you have not already filed, the deadline is approaching. At Ash CPA, we highly recommend filing virtually with a qualified accountant. This way you and your business can benefit from every qualifying deduction and tax credit. Learn more about virtual tax preparation and filing below. Be sure to contact us for a consultation.

What is Virtual Tax Preparation and Filing?

Just like regular tax preparation and filing, this method is simply done online. Many clients submit their tax documents to their accountant via a secure portal or utilize their electronic bookkeeping records. Some people attempt to file virtually on their own but we recommend not to. Many mistakes can occur and deductions and credits can be missed.

Why Should I Hire An Accountant for Virtual Tax Preparation and Filing?

Hiring an experienced accountant is essential for all types of tax preparation and filing. Whether it’s a simple tax return for an individual or for a dynamic well-established business, an accountant is needed. This professional is educated and trained to help you qualify for as many deductions and credits. Also, it’s a great opportunity to plan for your next year’s tax filing. Accountants can guide you with a tax plan that will benefit you the most based on your unique financial goals. For instance, freelancers can manage their finances in such a way to legally reduce their tax obligation. Reducing your tax obligation requires guidance from a qualified accountant. It’s worth the time and investment.

What Are Other Benefits of Going Virtual?

With COVID-19 cases still affecting America, reducing your contact with others is important. Fortunately, filing your taxes can be a touchless errand when done virtually. Another benefit to consider is convenience. Virtual tax preparation and filing allows you to stay home or take care of other responsibilities while your accountant is hard at work. Overall, virtual tax preparation and filing is a peace of mind from all angles.

How Can I Get Started?

Contact Ash CPA to schedule a virtual consultation today. Our firm happily assists individuals, families, and businesses of all sizes. We will let you know what documentation we need and how to submit them securely. Likewise, if you have other questions regarding financial planning, let us know! We offer an array of services which include financial planning, tax planning, bookkeeping, accounting, tax audit representation, and so much more. Furthermore, we have 20 years of experience assisting clients with various financial needs and goals. In fact, we assist clients from all over the United States. Call (617) 462-6651 or book online here. We look forward to speaking with you!

cares act - worker

Protecting Your Business with the CARES Act

It’s no question that America is suffering greatly from the effects of COVID-19. Infection and economical impacts are at large. Until a vaccine is created, America is likely to continue a health and financial impact. Fortunately, the CARES Act was created to offer relief to Americans including businesses. If your business has been impacted, we’ve summarized how the CARES Act can help protect your investment. Read more below and contact Ash CPA for further guidance.

What is the CARES Act?

The CARES Act stands for Coronavirus Aid, Relief, Economic Security. In brief, it is a $2 trillion dollar aid to help individuals and businesses that have been affected by the coronavirus. The aid is designed to stimulate the economy by relieving some of the financial hardship that many Americans are experiencing. More information is found below.

Individuals and Families

In this package, individuals making $75,000 or less are eligible to receive a stimulus payment up to $1200. Those with children can also receive an additional $500 per child. However, those who make more than $75,000 will receive less and those who make $99,000 will not receive the payment. In addition, married couples making $198,000 or more are also not eligible.

Federal student loans are also included in the relief package. From now until the end of September 2020, federal student loans are suspended. This includes garnishments. Borrowers can still make payments. However, interest will not accrue during this period.

CARES act - warehouse worker

Unemployment Benefits

Unemployment is also included in the CARES Act. Individuals who are eligible for regular unemployment benefits can earn an additional $600 per week and extend the payments up to 13 weeks. Also, independent contractors, gig workers, and freelancers are eligible for unemployment benefits. Ultimately, the amounts and total weeks will vary between states.

Business Protection with SBA Loans

Businesses can apply for payroll tax relief. This option helps keep businesses operating and pay their employees. Essentially, the relief offers tax credits and defers payroll taxes until the end of the year. It is important to note that businesses that apply for SBA loans will not qualify for the payroll tax relief. Also, business owners will have to repay the payroll taxes over the next two years.

Another option for businesses are Small Business Association (SBA) loans. SBA loans can assist businesses with 500 or less employees. They are meant to prevent layoffs and pay working employees. In summary, the loan will cover up to 6 weeks of payroll. This includes a weekly maximum of $1540 per employee. The total amount of the loan is calculated using last year’s total payroll cost and then multiplying that number by 2.5. Businesses that were not established in 2019, will need to represent 2020’s total payroll cost for January and February.

The SBA will require verification of payroll before and after receiving the loan. Specific details regarding the application and loan terms vary between applicants. Therefore, we highly recommend assuring that your financial documents are up to date to avoid delay. 

Owners can also apply for an SBA loan to cover other business expenses. This includes rent, equipment, utilities, etc. In addition, the loan can be fully or partially forgiven if the owner only uses it for business purposes and at least ¾ is used for payroll. For businesses that have laid off workers, you may still be eligible as long as the employees are rehired by June 30th. More information regarding criteria can be found here.

Learn More

Protect your business by learning more about the CARES Act and SBA loans. At Ash CPA, we can guide you through the SBA application process and make sure your financial records are up to date and accurate. Our team has over 20 years of experience providing accounting and bookkeeping services. Call (617) 462-6651 or book a consultation online. New clients are always welcome.

 

virtual accounting

Virtual Accounting and Bookkeeping Services

We are all living in uncertain times. While many businesses have closed their doors, others are still operating to stay afloat. Fortunately, the CARES Act offers a chance for America to push through this economical hardship. Even if business is slow, be sure your financial records are up to date. At Ash CPA, we offer virtual accounting and bookkeeping services for individuals and businesses. Learn more below and contact our firm today.

What is Virtual Accounting?

Virtual accounting offers financial guidance for individuals and businesses. Communication is done via phone or with video conferencing. In general, your meetings are geared to your success. We’ll discuss your current financial health and create a plan to meet your short and long term goals. In addition, we offer tax planning to assure you take advantage of tax-saving opportunities. Likewise, we can even help resolve state and IRS tax issues virtually with our tax audit representation service.

What is Virtual Bookkeeping?

Maintaining up to date financial records is essential. Especially with applying for SBA loans, you want to be sure your reports are current and accurate. This helps prevent delays and application denials. Ash CPA can help organize your bookkeeping and generate the necessary documents needed to prove cash flow and payroll expenses. Our bookkeeping service is virtual. We’ll communicate with you via phone and video conferencing. Additionally, receipts can be uploaded through our QuickBooks software for added convenience.

virtual accounting

Virtual Tax Preparation and Filing

With the tax deadline extending until July 15th, many have postponed filing their taxes. There is no need to post-pone with our virtual tax preparation and filing service. Our team can accurately prepare and file your business and individual tax returns virtually. Simply contact us to learn what documents to submit. You can easily email or fax them to our office. Similarly to our accounting and bookkeeping services, we’ll communicate with you via phone, email, and video conference to discuss your tax returns. 

Virtual Financial Consultations

Everyone has unique financial goals. At Ash CPA, we offer guidance for individuals and business owners. Our team can set up a plan that meets your goals and identify solutions to overcome financial hurdles. Whether it be early retirement or expanding your business, our team is experienced and available to assist. Our consultations include tax-saving techniques, tax planning, wealth management, business incorporating, business purchasing and more. 

Learn More

Until the pandemic is over, virtual services is the best and safe way to manage many aspects of personal and work life. Learn more about our virtual accounting and bookkeeping services with a consultation. Ash CPA has well over 20 years of experience assisting individuals and businesses. Call Ash Wasilidas, CPA at (617) 462-6651 or book a consultation online. Our office is located at 945 Concord Street Suite 100 Framingham, MA 01701. New clients are always welcome. We look forward to assisting you.

 

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How to Get Your Finances in Order

Getting your finances in order can be a complex subject, everyone is different with unique circumstances. What we’ll teach you here is how to look at the most troublesome snafus that most folks experience. Remember that there’s no judgment on your current or future financial health and kudos to you for seeking guidance.

Learn more below and schedule a complimentary consultation today. Ash CPA offers a variety of financial services to assist individuals and businesses in meeting their short and long term goals.

Know Yourself

Most of what makes people unsuccessful with personal finances is the lack of self-knowledge and their relationship to money.  You can read many lists on the internet about what to do, but most people won’t stick to things like a budget or savings for those reasons. Before you attempt to do anything about your finances, take a reticent look at your outlook. 

Know your Goals

If you have goals, then organizing your financial life gets easier. Make a list of goals. Is it going back to school? Opening a business or expanding the one you have? Money is needed for many goals. Consider the following questions to help you navigate.

 

  • What’s my ideal lifestyle?
  • What is your ideal business model?
  • Am I a more materialistic person or a minimalist?
  • Who else has a say in my finances and how? 
  • How can I compromise with them?
  • Are there goals I have separate from my business partner or family?
  • How can I design a financial plan for myself and collective goals?

Create a Budget

Make sure you include daily living such as food, clothing, shelter, transportation, and entertainment. For business goals, consider minimizing your expenses and expanding sales goals.

  • Take that budget and place it on one column on a sheet of paper. Then write out your goals on the other side. 
  • Find out where you need to sacrifice to meet your goals without it affecting your personal and/or business obligations.

Have an Emergency Fund

Though the ideal amount would be 6 months worth of expenses including rent or mortgage. We recommend saving as much as possible. Be sure to include this in your financial goal planning. 

Set-Up Auto Transfers

Look into automation. Lots of banks have apps or programs that allow you to transfer money into a savings account. Some will round up the amount you spend on a debit card and transfer it in your savings. For instance, if you spent $1.55,  the bank will transfer $0.45 into your savings. 

Pay Off Debt

Make sure you have a plan on your goals list of paying off any outstanding debt. Start with the highest interest card. Make a plan for student loans or any large and long-standing debt. It may take a while, just make sure you schedule it. This is how we falter. Don’t start with a large amount. Consider the smallest amount you can that works in tandem with your monthly expenses. 

Learn More

Achieving your financial goals requires a customized approach. Learn more with a consultation today. Ash CPA offers a variety of accounting and bookkeeping services to help individuals and businesses. Call (617) 462-6651 or book a consultation online. New clients are always welcome.

tax issues being resolved with owner

Resolving IRS and State Tax Issues

It’s not uncommon for a business to do their own bookkeeping, and tax issues are why it’s never recommended. Even a small business can get caught up in many tax issues. Fortunately, resolving IRS and state tax issues is possible with an accountant. Learn more below and contact us today.

Tax Notice

The tax notice is not like a credit card bill that you can ignore. If you don’t acknowledge the tax notice, you’ll be audited. Once it’s gotten that far, you can expect that almost certainly. The next action is worse, and that’s the tax levy. This can leave you with a closing business and frozen bank accounts. 

The IRS and state governments can continue their attempt to resolve a tax notice. This includes seizing property and other assets. Avoid this with an accountant that can assure your taxes are filed and prepared correctly.

Your Tax Bill Is Probably Inaccurate

Double-check your tax bill with an accountant before paying it. If you find proof that you owe less or nothing at all, your accountant can assist with resolving the matter.

Payment

If you know how much you should owe and pay it, you’ll have a better chance of resolving the tax issue. Keep in mind that resolution can only happen when it’s based on probable cause. If there were any illegal movements, then the resolution may not happen.

Payment Plans

Many business owners are unaware that they can pay in installments. This causes a sigh of relief when they are told this is an option. We want to tip you off to something important. Since you know they may offer this, it’s prudent that you secure a tax professional. They can help lower the monthly payments to something that you can afford. They do this by working with the laws that can protect you and your family from financial hardship. 

Use the Offer In Compromise

This is the last negotiation tool, but there are strict stipulations.  If the IRS offers you a settlement, and it exceeds your ability to pay, then they will use calculation tool 433-B to resolve the issue. The ability to pay is not by your word but must verify within a set formula. 

Learn More

As a business owner, it’s not only a prudent move to secure a tax accountant but it is cost-efficient. How? Because most people don’t understand what the IRS and state can do.

There’s a two-fold effect that is in your favor when you retain an accountant. First, you can avoid the tax issues in the first place and second: You can negotiate better terms with the agency when something unforeseen comes along. Be honest with your accountant and form a relationship so you won’t have to worry about the unforeseen because they will see it and address it for you. Business owners can call Ash Wasilidas, CPA. He has well over 20 years of experience assisting companies of various sizes. Call  (617) 462-6651 or book a consultation online.

Missed Tax Returns? File Today

Missed Tax Returns Framingham MA

It is not difficult to fall behind on filing your taxes. This may happen due to several reasons, such as; 

  • Inability to afford any tax services.
  • You could forget about the filing tax deadline.
  • You may also have suffered a severe disease that left you incapacitated and hence unable to file your tax return. 

Most people are tempted to stop filing their tax returns and ignore any severe actions. However, this gets completely serious when the IRS starts sending you reminders of your unfilled tax or debt you have not paid. The IRS has a powerful ability to take stern action against you for failure to file. Therefore, it is essential to know the possible repercussions for failure to pay. 

Failure to pay is a crime

When you fail to file your tax returns, there are chances that you will get into serious trouble. The IRS considers this a crime and assumes you are intentionally evading the liability. They usually assess the debt on your behalf. The resulting consequences may mean a jail term for not filing your tax returns or fines or hefty fines amounting to up to $250,000. 

missed tax returns

The IRS can file a substitute return for you

This, however, is not a courtesy return for those who fail to submit their gains. Therefore, it does not include any deductions or exemptions. The IRS files a Substitute return, in place of the missed returns, when they notice the failure to do so. Filled SFRs may reflect a tax liability owed by the taxpayer. After that, the IRS sends out a detailed collection notice showing that an SFR was filed. They will seek to know if there exists a tax balance that is associated with the SFR.

No timeline for IRS action

The IRS has no time limit within which they can enforce their collection action When they asses the balance that is due for collection from you. When IRS analyzes and finds a balance against your account, they can take your wages; charge the bank accounts, where the need arises, they place notices on your physical assets. Do not let time pass by, regardless of time-lapse IRS never loses track of the debt. It gives them more right to ask for the accumulated amount.

Benefits of filing your missing tax return

When the IRS takes collection procedures against you it is not easy; therefore, you should submit your tax return. Although you are not bound by a time limit to file returns for any past tax years, the IRS limits receiving refunds for previous tax returns. The IRS allows you collection on a tax refund for up to three years from your returns the due date.

Filing the tax returns is not one of the exciting things to do. Some people even dread the activity every year. Regardless of your feelings about filing your returns, always remember it is a requirement. You also need to remain compliant and out of the collections list with the IRS. When you have unfiled tax years, consider it beneficial to speak to a tax attorney or any tax resolution organization. These enable you to resolve all outstanding debts, that you may have for all the unfiled years or all the tax debt assessed on you after the IRS filed an SFR. 

Learn More

Contact Ash CPA to learn more about filing missed tax returns. Call (617) 462-6651 or book an appointment online.

tax issues framingham ma

Tax Issues: Avoid Tax Liens Today

Tax Issues Framingham MA

A tax lien is a hold that the IRS places on your assets to ensure that you pay your debt. This, however, should not be confused with a tax levy. The sole purpose, the IRS places a tax lien is to attempt to ensure that it receives the payment due for the unpaid taxes you owe.

There exist five ways by which taxpayers can likely avoid IRS placing a tax lien on them.  

Pay the Taxes You Owe in Full

Stop an IRS lien on its tracks by paying the taxes you owe in full. If you can afford to do this, the tax lien will not apply. When you want to make the payment IRS makes it possible for you to pay directly from your bank account, using your credit card, or through a third-party processing service. You can also use the Electronic Federal Tax Payment System (EFTPS) to make a safe electronic payment. You may also choose to go on a low-tech route and mail a check, money order, or personally deliver your amount to the local IRS office.

Enter into a Guaranteed Installment Agreement

If you owe less than $10,000, and cannot pay the entire tax debt in full, you can still avoid a tax lien, by making a plan for the Guaranteed Installment Plan. In this plan, you can set to remit your entire balance to IRS through monthly installment payments. The size of the monthly payout and the length of repayment will vary according to the size of your debt.

tax issues framingham ma

Streamlined Installment Plan

This method is applicable if you owe a sum ranging from $10,000 to $25,000 in unpaid debt of taxes. You can still avoid a tax lien from the IRS, by entering into a Streamlined Instalment agreement plan. The plan works in the same way as a Guaranteed Instalment Plan. The result is the same, and you eventually pay the entire debt that you owed in federal income taxes.

Reduce Your Balance

This method applies when you owe more than $25,000 in back taxes to the IRS. You, therefore, must reduce your debt balance to less than $25,000 to keep away from a federal tax lien. The payment has to be before the lien gets imposed on you. There is a relief when your unpaid tax balance goes below $25,000, and you are safe to enter into a Streamlined Instalment Agreement.

File for an Offer in Compromise

There are times you can only afford to pay back only a portion of the federal taxes you owe. You could still avoid a tax lien by going to file an Offer in Compromise. When accepted, the Compromise enables you to resolve your tax responsibility with the IRS for an amount less than the sum of federal taxes due. However, the IRS is strict about tolerating Offers in Compromise. The procedure to review Offer in Compromise applications is lengthy. There is also no assurance the IRS will not inflict a tax lien while you are waiting for the decision on your Offer in Compromise plea.

Resolve Your Tax Issues

Ash CPA offers assistance with tax issues for individuals and entities. Learn more by scheduling a consultation. Call (617) 462-6651 or book an appointment online.

tax audit framingham ma

How to Handle a Tax Audit

Tax Audit Framingham MA

Individuals and private business entities are required by law to complete their tax returns. Some people and business owners are not aware of their tax obligations, resulting in tax issues and audits. Therefore, it is important to know how to handle a tax audit and why a tax audit representative is essential. Learn more below and contact us today.

What is a tax audit representation?

Tax audit representation, also known as audit defense, refers to any service where tax or legal professionals defend the taxpayer for state or IRS tax audits. The law allows the taxpayer to have legal representation during an income tax verification. The legal representative should be registered and licensed by the IRS to practice within the specified region or state. The representatives are usually CPAs, attorneys, and enrolled agents. The audit representative serves on the interests of the taxpayer during the process. They ensure that all the required paperwork is updated and available, attends meetings, and serves as a link between the taxpayer and the tax authorities.

tax audit framingham ma

What is the tax audit process?

Audits occur at random or when suspicious items appear in tax returns, such as unusual deductions or stated income amounts. The state or IRS will notify the individual or entity via letter. The letter usually states that an audit will be conducted on a specific date. Usually, the letter will also require that certain documents be made available for the audit.  Depending on the audit, the taxpayer may need to simply submit the documents or formally meet with the auditor. Both of these instances should include a tax audit representative to assure the audit is properly handled.

It is prudent to reply to the letter from the tax authorities promptly. Ignoring the letter is not advisable. If you need extra time, you can ask to extend the date. When called upon to present yourself to the tax authorities, assess whether you need legal representation. Sometimes all is needed is clarity on the information provided in the tax forms. When not sure about what they require from you, it is essential to seek professional advice and guidance for a tax audit representative.

On the completion of the audit, the agent will assess the documents you provided. Next, the results of the case will be discussed. In other words, you may or may not be charged a penalty. If so, you can appeal. Having a competent, qualified, and experienced attorney, agent, or CPAs representative will help during this process. 

Learn More

Learn more about proper tax audit representation with Ash Wasilidas, CPA. He has over 20 years of experience assisting individual and business tax audits. Schedule a complimentary consultation today. Call  (617) 462-6651 or book an appointment online. New clients are always welcome!

local business consultant framingham ma

How to Benefit from a Local Business Consultant

Local Business Consultant

Local Business Consultant | They say if you want something, act like it’s already yours. At least that’s what I’ve heard, and attempt to do every day. How can this apply to you? Well, if you are a business owner and want to grow, mirror larger companies. There is a reason why large corporations are successful. Of course, not every business tactic is advisable. But much like professional influencers, small businesses should be motivated to operate similarly to successful, well-known companies. With that said, have you considered a local business consultant? Most, if not all, large corporations use them to their advantage, and so should you. Read below to learn how to benefit from one today.

local business consultant framingham ma

Objective Reasoning

Many businesses have partners, management teams, and the like. Have you ever tried making an executive decision? It probably caused a stir of different opinions and objections. For this reason, a local business consultant is ideal. He or she is essentially a third-party whose primary focus is your success. Therefore, they will guide your decision-making with your best interest in mind. Also, a local business consultant is a great problem solver. They even search for potential and current issues that you may not have been aware of.

Project Assistance

Innovative projects or campaign ideas benefit from a business consultant. You may have unique ideas or business moves that require specialized attention. Business consultants are experts and great at identifying issues. In fact, it’s best to speak with one regarding your idea before investing in it. You will save time and money. For example, your idea may have opportunities to reduce expenses, which saves you money. Or, perhaps you realize that more team members are needed to successfully operate a campaign. In any case, investment ideas need a business consultant.

Learn How a Local Business Consultant Benefits Your Business

If you do not have a business consultant, speak to Ash CPA today. We offer a variety of accounting solutions including business consulting. In addition, our team has over 20 years of experience assisting entrepreneurs and their unique business goals. Call (617) 462-6651 or request an appointment online. You may also visit us at 945 Concord Street, Suite 100 Framingham, MA 01701.

business consultant framingham ma

3 Reasons to Hire a Business Consultant

Business Consultant

Business Consultant | Businesses will vary, even those within the same industry. Obviously, success is the main objective. How you determine and obtain success is what sets you apart from the competition. That’s why you need to hire a business consultant. Here are 3 reasons why. Read more below and contact us today.

Expertise

Business consultants are experts and motivated to make you successful. They have market insight and knowledge on current trends that will increase your revenue. Trust them. Also, those with several years of experience have worked with a variety of businesses with unique challenges and dynamics. There’s no denying that an expert will help you overcome any current or potential business obstacle.

business consultant framingham ma

Solutions Driven

There are always opportunities for improvement within a business. Whether it be with operations or sales, you need a motivated professional that seeks effective solutions. In addition, your business consultant searches for areas in need of improvement. Oftentimes, owners overlook issues until an objective personnel explains the reason for concern. No business is stagnantly perfect. There is a continuous need for solutions, especially with today’s competitive and ever-changing market.

Innovative Thinker

Objective minds are needed for every business. It is easy to have tunnel vision as a business owner. Creating ideas or new business strategies may seem challenging when you are accustomed to functioning in a certain way. That’s when a business consultant is needed. They are innovative thinkers with your success in mind. Likewise, consultants use their previous experience and current business knowledge to help you reach your short and long term goals.

Contact Us for Business Consultant Information

Every entrepreneur benefits from a business consultant. Learn how your business will grow with one today! In fact, Ash CPA has over 20 years of business consulting experience for various businesses and industries. Schedule a complimentary consultation with Ash Wasilidas, CPA. Call (617) 462-6651 or request an appointment online. Moreover, you may also visit us at 945 Concord Street, Suite 100 Framingham, MA 01701