GULFSIDE TAX & ACCOUNTING SERVICES ®️
Making tax time a breeze
Frequently
Asked
Questions
WHAT TYPES OF BUSINESSES DO WE NOT CURRENTLY OFFER OUR SERVICES TO?
Farms
Individuals/Businesses with Foreign Income
Non-profits
Restaurants
WHAT'S INCLUDED WITH THE MONTHLY DONE-FOR-YOU BOOKKEEPING SERVICES?
> Income and expense tracking
> Transaction categorization
> Invoice tracking and review
> Bill tracking and review
> Monthly financial reports
> Payroll review
> 1099 filing
> Cash flow & profit analysis
> Monthly account reconciliations
> Recordkeeping
> Unlimited email & phone support
WHAT IS A BOI REPORT? AM I REQUIRED TO FILE ONE? WHERE DO I SUBMIT MINE?
As of right now, a federal court order has suspended FinCEN's BOI Report filing requirement. Most LLCs and Corporations were required to file by January 13th but that deadline has been suspended for now due to a court ruling. It's currently a voluntary filing.
It's a Beneficial Ownership Information Report informing the federal government about the individuals who directly or indirectly own or control a company.
It's a new report that is part of the U.S. government's efforts to prevent money laundering and fraud.
It's a free filing.
The report needs to be electronically filed on FinCEN's BOI E-Filing website
https://boiefiling.fincen.gov/
Only 1 BOI Report per business should be filed with all beneficial owners listed.
WHAT ACCOUNTING SOFTWARE DO WE USE?
QuickBooks Online
Click the link below to create your QuickBooks Online account and receive a discounted monthly subscription price!
WHAT PAYROLL SOFTWARE DO WE USE?
QuickBooks Online
Click the link below to create your QuickBooks Online account and receive a discounted monthly subscription price!
SHOULD I BE SENDING IN ESTIMATED QUARTERLY TAX PAYMENTS?
According to the IRS, individuals expecting to owe tax of $1,000 or more when their tax return is filed are required to make estimated tax payments throughout the year.
To avoid late penalties and interest, pay the lesser of either 90% of your current year taxes or 100% of your prior year taxes
The easiest way to pay your estimated tax payment is online or from the IRS2Go app, to make a payment online go to www.irs.gov/payments or create an IRS online account at www.irs.gov/account
HOW DO I APPLY FOR A PAYMENT PLAN WITH THE IRS? HOW DO THEY WORK?
According to the IRS, if you are unable to pay the full amount of tax due, you can establish an installment agreement with the them allowing you to pay down the balance over time by establishing a payment plan.
HOW TO APPLY
To apply for a payment plan, doing so online at https://www.irs.gov/payments/online-payment-agreement-application is the easiest option. Select Apply/Revise as Individual (or as Business if that applies to you), then select Sign in with ID me (if you don't already have an online IRS account login, you'll have to create one first). I recommend trying it this way first because the set up fee that they charge you for the payment plan applied for online is less than the fee they charge you when you apply for a payment plan through a mailed form.
If you encounter any issues while trying to apply for the payment plan online, you can also fill out and mail Form 9465 to the IRS or we can include it with your tax return that we electronically file with the IRS.
UPDATE EXISTING PAYMENT PLAN
** If you already have an installment agreement and you expect to owe taxes for the current year, you must act quickly to request a change to your existing installment agreement. Once a new tax balance is assessed by the IRS, you will be considered in default of the current agreement.
You can request an amendment to your current installment agreement by
- using the IRS online payment agreement tool (easiest way)
- you can revise the type of plan, monthly payment due date, and payment amount (you might be asked to revise a proposed payment amount that is too low)
- calling the IRS at 1-800-829-7650
- visiting a local IRS office
- completing Form 9465 with information about both the original agreement balance and the expected new balance
PENALTIES & INTEREST
Payment plans don't stop penalties and interest from being added. You will be charged interest and penalties by the IRS on the full amount of your past-due balance until it is 100% paid.
For additional information regarding IRS payment plans, go to the website below https://www.irs.gov/payments/payment-plans-installment-agreements