Court Halts BOI Reporting
Court halts BOI reporting; AICPA urges preparedness We are recommending that if you haven’t yet filed, and were required to before this injunction, you should make sure you have all the data necessary to file on hand, or go ahead and file, in case this injunction gets reversed and the deadline of January 1 still […]
Preparing for Your 2022 Taxes
This year’s tax return deadline is April 18, 2023. With only about two weeks left to complete and send in your 2022 return, it’s best to start thinking about filing an extension in order to give you more time to gather your documents. Just know that any tax liability is payable at the time that […]
An Overview of Single Parents Tax Credit
The federal government put tax credits and deductions to help ease tax liabilities and help taxpayers save on their returns. They, however, work differently. Check out their differences here. The tax credit will reduce your income tax bills. In this article we discuss the Single Person Child Care Credit (SPCC). A single parent tax credit reduces […]
What Is a CPA Firm?
The terms “CPA” and “accounting” are sometimes used interchangeably. However, this is often an unconscious misrepresentation. While it is true that all CPAs are accountants, not all accountants are CPAs. So, what is a CPA? CPA is an acronym that stands for Certified Public Accountant. The keyword there is “certified.” Not only is there a […]
The Difference between Tax Return and Tax Refund
There is a lot of tax jargon you’ve encountered during your tax assessment process. Most of which you don’t really know what they mean. Some are intertwined with each other, so you can confuse one terminology for the other. A good example is a tax return and tax refund. Therefore, it’s important to prime yourself […]
What is the American Institute of Certified Public Accountants?
The American Institute of Certified Public Accountants is an association that was established in 1817 with the responsibility for developing and grading the Uniform Certified Public Accountants examination. To receive certification as a Certified Public Accountant in the United States of America then one must pass the CPA exam. The examination is challenging, so not […]
Do I Qualify for Earned Income Tax Credit?
Before jumping into the concept of earned income tax credit, it may be useful to properly define the concept of earned income. This is simply money that you earn from business ventures you may engage in for yourself or as an employee of someone else. Therefore, it covers the full spectrum of salaries, revenue, tips, […]
Tax Season 2022
Tax Season 2022 is upon us! Note the following filing deadlines: For most people, the deadline to file 2022 income tax returns is Tuesday, April 18, 2023. This is three days later than the traditional April 15 deadline. Also note that for those receiving a tax refund, the process is expedited by filing returns electronically […]
Documentation in Accounting
At Marcus, Fairall, Bristol the sensitivity of financial data is a top consideration. We have put in place multi-factor measures to ensure the privacy of all of our client files. Safeguarding the privacy of client information is a top priority and these record-handling procedures determine the manner in which we handle, save, and use documentation. […]
What Is Estate Planning?
Investments, cars, homes, savings, and personal possessions owned at a person’s death are their estate. Upon an individual’s death, their estate is given to heirs. The assets must be distributed through the instructions on the deceased’s will. That is known as estate planning and is crucial to protect assets. Today we talk about what people […]