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If integrity, professionalism, and making a meaningful impact are important to you, this may be the job you've been looking for.
Dao CPA, PC is seeking a Tax/Accounting Associate who can work 30-40 hours/ week. Split 50-50 between tax and accounting work. Report to and mentored by the firm's principal. Unique opportunity to be on a fast track to take on leadership roles.
Whether you have a few years of experience in public accounting or are just starting out your career, we have a job to offer.
Competitive compensation and benefit package depending on skills and experience. All candidates will be required to take some tests.
Responsibilities and Duties
This position offers a unique opportunity to turn a job into a career at a growing professional firm. If you enjoy learning, progressing and making meaningful impact, this job may be for you.
Dao CPA, PC is seeking a Bookkeeper who can work 30-35 hours/ week. Report to and mentored by the firm's principal.
Competitive compensation and benefit package depending on skills and experience. All candidates will be required to take some tests.
Responsibilities and Duties
Per the IRS, two key elements of the IRS mission are to treat taxpayers with dignity and respect, and to provide them a positive customer experience.
In the event you need to work with the IRS on a personal tax matter including, but not limited to, filing a return, paying taxes, responding to a letter, going through an audit or appealing an IRS decision, you can expect the following rights:
A few weeks ago, Forbes published an article highlighting the fundamental misunderstandings about the Employee Retention Credit (ERC) and the reason why small and mid-sized businesses are missing out on billions of dollars. The latest guidance that the IRS issued last week illustrates how confusing this tax credit is and why many CPAs and business owners are still leaving money on the table.
Generally speaking, the Employee Retention Credit was established to help employers whose operations were suspended, either partially or fully, by a government order due to COVID-19, OR had a significant decline in gross receipts, OR began carrying on business after February 15, 2020. This credit provides up to $5,000 per employee, per year for 2020, and up to $7,000 per employee, per quarter for 2021. ERC is very different from PPP. While PPP was carried out via banks, ERC is a tax credit, which can be claimed via tax forms.
Per a recent survey conducted by AICPA, 12% of respondents planned to take advantage of Employee Retention Credit (ERC) while 24% planned to apply for a PPP loan in 2021. Why has ERC become so popular?
There are many rules associated with the ERC. Because of its complexity and broad coverage, we do not cover all aspects of the relevant provisions in this article, but rather highlight some of the core characteristics of the program.
***UPDATE on 04/22/2021***
The Consolidated Appropriations Act, 2021 (Act) was signed into law on Sunday December 27, 2020. The American Rescue Plan Act was enacted on March 11, 2021. These two bills contain many changes and updates to the previous relief bill for COVID-19, and it would be impossible to cover all of them in one article. In this post, we aim to highlight a few of the provisions of the bills that would be of interest to small businesses:
As soon as the government announced the first COVID-19 relief package back in March, our office was inundated with inquiries for financial statements, payroll reports, tax returns, cash flow projections, clarifications on government assistance programs, new tax laws, and consultation requests. All of which came with a sense of urgency.
Witnessing the widespread panic, we immediately got to work!
Updated: January 07, 2021
The IRS has confirmed deductibility of expenses paid with PPP funds and revoked previous guidance due to the enactment of the COVID-related Tax Relief Act of 2020 (Act) as part of the Consolidated Appropriations Act, 2021 that was signed into law on December 27, 2020.
The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide employees with paid sick leave or expanded family and medical leave related to COVID-19, and reimburse the employers, via refundable tax credits, dollar-for-dollar, for the cost of providing paid sick and family leave wages to the employees.
There are 3 different types of credit:
Millions of Americans have already received their stimulus payments authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The IRS continues to calculate and automatically send the payments to most eligible individuals, however some may have to provide additional information to the IRS to get their payments.
You may be eligible to receive a stimulus payment if you:
– Are a U.S. citizen, permanent resident or qualifying resident alien;
– Cannot be claimed as a dependent on someone else’s return;
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020 as part of a $2.2 trillion aid package.
Some parts of the bill do not require you to take any action such as the ‘stimulus check’ for eligible individuals ($2,400 for joint filers, $500 per qualifying child). However, there are several provisions that apply retroactively, that would require actions such as amending previous tax returns, which could result in significant tax refunds for some taxpayers.
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify. All individual and other non-corporate tax filers can defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest.
In general, the IRS has three years from the due date of the return or the date on which the return was filed, whichever is later, to audit and adjust the return. However, the IRS has six years to audit a return if a person fails to report over 25% of gross income. If a return is not filed, or a fraudulent return has been filed, the IRS can audit records for that tax year at any time.
Years ago when accounting software for small businesses was not as popular, the roles of a bookkeeper and an accountant were distinctively different.
A bookkeeper typically handles and records daily transactions such as paying bills, creating invoices, collecting payments, making deposits, managing timesheets for payroll, reconciling bank accounts etc. Records kept by a bookkeeper reflect all cash-in, cash-out of a business in chronological order. The process of compiling these records to prepare financial statements and other meaningful reports is, however, referred to as accounting.
Although QuickBooks is known as the most popular software among the smaller-sized businesses, many contractors are still searching for alternatives
QuickBooks has known to be the bookkeeping/accounting software of choice for small businesses in the US for the past 15 years. However, with an increasing number of bugs across recent versions of QuickBooks Online and QuickBooks desktop, QuickBooks’ position is being challenged.
