What is bookkeeping? Bookkeeping consists of creating and maintaining an organization’s financial records. It involves consistently recording a company’s financial transactions, as well as the archiving and securing storage of financial documentation. When bookkeeping is handled properly, the information is […]
Our bookkeeping services
Our bookkeeping services are offered through Quckbooks online. The financial documents we can provide include but not limited to: Balance sheet Profit & Loss Expense reports Expenses by Vendor Summary Cash flow A/R & A/P Monthly sales report Monthly reconciliation […]
Why bookkeeping?
Why do you need to do bookkeeping? Why is it important for your business and its success? There are several reasons for this, but some of them that you may think about include the following: Bookkeeping helps you manage your […]
2024 tax revision
2024 tax revision It is expected that there is going to be tax revision in 2024 mainly targeting businesses and high-income individuals. For example, the corporate income tax rate (which is currently 21%) is about to increase to 28%. As […]
EV tax credit in 2023: up to $7500
The IRS has announced a $7,500 tax credit benefit for those who meet the following criteria: Those who purchased a new, qualified plug-in EV or fuel cell electric vehicle (FCV) in 2023 or after sorely for their own use (not […]
IRS delays implementing the 1099-K $600 reporting threshold until 2023
Tax pros, third-party settlement organizations, e-commerce platforms (including eBay, PayPal, Etsy, CashApp, and Venmo), and individuals and small businesses that use those platforms to sell their products and services celebrated this tax season 2023. The Internal Revenue Service (IRS) announced […]
Parents should expect smaller refunds
At the beginning of the tax season, the IRS said many filers should expect smaller refunds. Sure enough, as of the third week in February, the average refund was down 11 percent to $3,140. The 2021 tax year was unique […]
2022 Individual Income Tax Brackets
Tax brackets are the dollar ranges that dictate what percentage of earnings is subject to tax. The higher the tier, the higher the tax rate, which is capped at 37 percent for the biggest earners and 10 percent at the […]
2022 AUDITED REPORT TO BPSS (3/8/23 updated)
Hello, We, John & Edwin Keh CPA, are a NYS licensed CPA firm. We are sure that you have already submitted your 2021 audited report to BPSS, but please consider using our services at this time. The 2022 audited financial […]
COVID-19 relief package: No stimulus checks but it offers a $300 bonus to unemployment benefits
A bipartisan group of lawmakers unveiled a $908 billion coronavirus rescue package Monday, with a potential deal coming down to the wire since Congress has until the end of the week to strike an agreement that can be tied to […]