QuickBooks rewards top Accounting Firms with Elite Status when reviews, work ethics and certifications exceed Intuits ProAdvisors requirements. |
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| business_marketing_101.pdf |
3/25/2020
 Personal Tax Returns Due April 15, 2020 2020 Tax Deadlines for Filing 2019 Business Returns Partnership Tax Deadlines:Due Date: Original tax deadline for partnerships (Form 1065) March 16, 2020 Extension tax deadline for partnerships (Form 1065) September 15, 2020 S Corporation Tax Deadlines:Due Date: Original tax deadline for S Corporations (Form 1120S) March 16, 2020 Extension tax deadline for S Corporations (Form 1120S) September 15, 2020 C Corporation Tax Deadlines:Due Date: Original tax deadline for C Corporations (Form 1120) April 15, 2020 Extension tax deadline for C Corporations (Form 1120) October 15, 2020 Sole Proprietor Tax Deadlines:Due Date: Original tax deadline for sole proprietors and individuals (Form 1040) April 15, 2020 Extension tax deadline for sole proprietors and individuals (Form 1040) October 15, 2020 Nonprofit Tax Deadlines:Due Date: Original tax deadline for exempt organizations (Form 990) May 15, 2020 Extension tax deadline for exempt organizations (Form 990) November 16,202 | What Flow-Through Entities (S Corps or Partnerships) Need to Do By Their Tax DeadlineEntities—like S Corps and Partnerships—get the name “flow-through” or “pass-through” because they do not pay income tax. As a flow-through, your business’s income and losses get passed on to the partners, owners, and shareholders. So when your flow-through entity files a Form 1065 to the IRS, you must also issue Schedule K-1s to each partner or shareholder for them to report on their individual returns. For this reason, if you plan on electing to extend your tax deadline, be sure and let all partners and shareholders know so they can do the same! What Individuals and C Corps Need to Do By Their Tax DeadlineAs an individual (including sole proprietors) or corporation, your taxes are due on the fifteenth day of the fourth month of your fiscal year or the fifteenth day of the tenth month if you file an extension. This means you will file your taxes or an extension on April 15, 2020, and pay any tax liability you owe. If you ask for an extension, you will file taxes by October 15, 2020, but you will still need to pay taxes by April 15. What Exempt Organizations (Nonprofits and Charities) Need to Do By Their Tax DeadlineExempt organization, such as a nonprofit or charity, file taxes on the fifteenth day of the fifth month of your fiscal year or the fifteenth day of the eleventh month if you file an extension. For your 2019 return, you’ll need to file your taxes or an extension by May 15, 2020. If you ask for an extension, you will have until November 16, 2020 to file your return, as the fifteenth falls on a Sunday in 2020. When to Consider the Tax Extension for Your 2019 Business TaxesNeed extra time to get organized? Did something disruptive from your personal life take priority? Did your 2019 business activities have way more tax consequences than you expected? Extending your return deadline doesn’t need to be a stressful decision, in fact, it should help eliminate stress! C Corporations, Partnerships, and S Corporations use Form 7004 to request a 6-month extension; individuals use Form 4868. For nonprofits, you can request a 6-month extension using Form 8868. |
| WHY DO I NEED ACCOUNTING AND BOOKKEEPING? QUALITY ACCOUNTING AND BOOKKEEPING SERVICES IN PENSACOLA FL Where can you get quality accounting, tax, and financial management services in NW Florida? The answer is McVay Business Services in Pensacola FL. Since 1991, McVay Business Services has had our accounting and bookkeeping services designed and set to make jobs go easier. By handling a company’s accounting and payroll, we are giving their head department more time to focus on building their business in Florida. McVay Business Services has several individualized services for small businesses in industries like real estate accounting, legal accounting, hospitality accounting, manufacturing and wholesale trade accounting, and many other business industries WHY DO I NEED ACCOUNTING AND BOOKKEEPING? McVay Business Services is a QuickBooks Certified Pro Advisor. We are also certified by the National Association of Tax Professions, Payroll Administrators. It is important for our customers to know that our team is QuickBooks Certified. QuickBooks is a computer software was developed by Intuit. It is used for accounting purposes for businesses. It is a helpful financial management system. It maintains a record of any company’s accounting in a structured and highly organized way. With QuickBooks, McVay Business Services can look over a business’ budget, profit and loss standards, and customer/client information. Some of the other accounting services of McVay Business Services include the following:
We provide our services to businesses of all sizes – small or large. Mike McVay, Tax Accountant keeps up with the federal tax changes and we know how to handle business taxes. For more details on one of the services provided by McVay Business Services, you can visit our Pensacola office located at 5336 N Blue Angel Pkwy Pensacola, FL 32526. You can call them too at 850-725-5696. Call McVay Business Services today and get your business started on a new financial journey. Mike McVay, Accountant 850-725-5696 Mike@MikeMcVay.com www.QuickBooksPensacola.com |    |
  | If you are in need of a payroll service provider, look no further. McVay Business Services has full service Payroll Solutions at small business prices. This payroll program provides customized comprehensive solutions for all of your payroll needs. This specific type of service provides personalized service and support to fit your business’ unique needs. It is easy and convenient payroll services that can be found only through McVay Business and Payroll Services in Pensacola, FL. 850-725-5696 More Info...... With McVay's Payroll Solutions, you leave all of your payroll in the hands of an experienced payroll company. McVay Business Services in Pensacola, FL will make sure all of your employers get paid for the correct amount of hours they work. They have worked with businesses of all shapes and sizes. McVay Business Services understands the important function payroll plays in the business. HERE IS A LIST OF PAYROLL SERVICES YOU CAN GET FROM McVay Business Services in Pensacola, FL.
If you are interested in McVay Business Services in Pensacola, FL payroll services at 850-725-5696. McVay Business Services in Pensacola, FL also offers businesses with tax preparation services, financial management services, and accounting services. McVay Business Services in Pensacola, FL and accountants are standing by and ready to help your business more forward and get more successful than it is now. You can get a free estimate for their payroll services. Answering just a few easy questions can tell you how much money you can possibly save with McVay Business Services in Pensacola, FL as your payroll company. 850-725-5696. Mike McVay, Payroll Accountant. Send email with pay frequency and number of employees to: Mike@MikeMcVay.com for quote. |
| Remember we also do:
Please review these items for business taxes....
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We are an approved IRS Fresh Start Program center. Mike McVay, Tax Accountant 850-725-5696 Mike@MikeMcVay.com |
| Benefits of Virtual AccountingIn today’s fast-paced world, where everything is available to you from clicks away on your smartphone, where cloud technologies are running businesses, where global commerce is more streamlined than ever, and where there is still not enough hours in the day for owners of small businesses, there’s become an increasing demand for Virtual CFO & other accounting solutions. Whether owners want to streamline their accounts payable department or receive expert advice to help make key strategic decisions, Virtual CFO & accounting services are providing clients with service platforms that are easy-to-use, convenient, and offer modern solutions for today’s modern obstacles challenging owners. Here are some of the benefits realized by adopting the virtual accounting model for your business: Cost-Effective – By hiring Virtual Accountants instead of a full-time employee, businesses incur less costs and profit more. Businesses don’t spend money on employee taxes, health insurance, holiday pay, PTO, and sick pay. The costs associated with providing a physical office space with a desk and computer are eliminated in the virtual accounting model. Virtual accounting firms have minimal overhead themselves, meaning premier service is provided at low costs. Efficient & Flexible – Virtual Accountants work around your schedule, building timelines based on your needs. This remote model makes them accessible at your fingertips while having all the data available at the tips of their fingertips. When dealing with Virtual Accountants, you will never find yourself in a scenario where your CPA tells you, “I’ll get that sent over to you when I get back to my office…” Virtual firms aren’t constrained to office hours and can be reached through various communication channels wherever you may be. Have you ever had to find time on your lunch break to go to your accountants office to drop off your tax documents or sign an e-file authorization form? In the virtual age, those days are over. Sustainability – Virtual Accountants are nearly 100% paperless. With cloud technology and secure infrastructure, all important documents can be shared and even signed without having to print out a single piece of paper. It’s just sad how much paper is wasted through the traditional brick and mortar firm model through in the course of a day just so they can tick red marks on a financial report with a pen just to be redone, reprinted, and marked up all over again in a wasteful cycle of preparation and review. Staffing Concerns – If there’s an industry where employee burnout is truly an epidemic, it’s accounting and finance. Employee turnover is at an all time high. Finding qualified accountants who align with the company culture is time consuming. On the other hand, the costs associated with hiring and training new employees are eliminated when hiring an outsourced team to handle your accounting functions. Employees quitting out of the blue, calling in sick, or taking extended vacations are no longer the concern of the business owner or CEO for outsourced services, allowing your team to focus on what they do best and the function at the core of your business. It’s true that Virtual Accounting might not be for everyone. Unfortunately for those who have, voluntarily or involuntarily, rejected technology, they will not be good candidates. Virtual Accounting and other business solutions is a full on embrace of technology, adaptability, and flexibility. Whatever the old way was, there’s an easier, better, and more affordable way. For the majority of the people and businesses out there, the question really becomes not why partner with a Virtual CFO but when? |  Virtual Accounting is the future of outsourced accounting services. Technology has rapidly evolved everyday tasks as well as how we communicate and go about our day-to-day business functions. Administrative assistants are being replaced by bots, filing cabinets have been replaced by services like Dropbox, and signing a legal document no longer involves a pen and paper. It is no different in the world of accounting. Technologies allow for automatic syncing and categorization of data, video conferencing, screen sharing, easy transmission of files, password management, legal digital signatures, and so much more that renders meeting in person less of a necessity in order to accomplish business essentials. Brick and mortars are emerging little by little as the less dominant business model, as virtual solutions provide a sustainable model that create new opportunities free from the boundaries imposed by the brick and mortar model.   Mike McVay, Certified Virtual Accountant |
| When you owe the IRS a substantial amount of money, you might wonder how you can get it paid in full without incurring costly interest and penalties. Rather than going deeply into debt, you could pay off what you owe affordably by making use of the IRS Fresh Start Program. You can decide if this program is right for your tax debt situation by learning what it is and how to apply for it today. |  |
| Tens of thousands of people with modest incomes are at risk of losing health insurance subsidies in January because they did not file income tax returns, federal officials and consumer advocates say. Under federal rules, anyone who receives an insurance subsidy must file a tax return to verify that the person was eligible and received the proper amount of financial assistance based on household income. When the federal insurance marketplace opens for the third enrollment season next Sunday, users will see a new question: “Did your household file a 2014 tax return and reconcile any premium tax credit you used?” If the answer to that question is no, consumers risk losing the subsidies they receive to help pay premiums. Without such assistance, many would find insurance affordable. Many of the people potentially affected have incomes so low that they would not otherwise have to file tax returns. But if they received insurance subsidies in 2014, they were required to file this year. In July, the Internal Revenue Service said 710,000 people who had received subsidies under the Affordable Care Act had not filed tax returns and had not requested more time to do so. If those people do not return to the marketplace this fall, they may be automatically re-enrolled in the same or similar health plans at full price. And when they receive an invoice from the insurance company next year, they may be shocked to see that their subsidies have been cut to zero. Erin M. Lackey, 41, of Jacksonville, Vt., was one of many people who received letters from the I.R.S. saying they were at risk of losing their tax credits. Her mother, Ruth J. O’Hearn, a nurse who helps her daughter with insurance matters, described her own reaction. “At first, I was angry,” Ms. O’Hearn said. “Then I felt frustration and fear. You can’t be without insurance. Without the subsidy, health insurance would be unaffordable. Without insurance, the cost of medical care would be unaffordable.” The I.R.S. also said 760,000 taxpayers had received subsidies and filed returns but had not attached the required form comparing the subsidies paid with the amount they were entitled to receive. Taxpayers describe that document, I.R.S. Form 8962, as daunting. “The premium tax credit form, the dreaded 8962, is really hard,” said Eileen P. Duggan, a piano teacher and freelance writer in Maplewood, Mo., outside St. Louis, who filed the form with her tax return. “It’s enough to make you cry, that form. It was almost impossible to figure out.” |  The federal government provides subsidies in the form of tax credits, which cover about 70 percent of premiums, on average. The I.R.S. commissioner, John A. Koskinen, said 97 percent of people who received such assistance claimed it in advance, before filing their taxes. The amount of the subsidy is based in part on how much income the recipient expects to have in the coming year. Two-thirds of people using the federal exchange have incomes less than twice the poverty level (less than $23,540 a year for an individual). On their tax returns, consumers must compare the tax credits they received based on their projected income with the amount they were legally eligible to receive based on their actual income. If they received more than they were entitled to, they must pay back the excess, and the government can deduct it from their tax refunds. People who lose their subsidies on Jan. 1 may, in some cases, have them restored if they go to HealthCare.gov, attest to having filed tax returns for 2014, and are found eligible for financial assistance before the open enrollment period ends on Jan. 31. However, if consumers take these steps in the last two weeks of January, their subsidies will not resume until March 1, officials said. If consumers attest, under penalty of perjury, that they filed their tax returns, and if they select health plans by Dec. 15, they can keep subsidies for coverage starting Jan. 1. Don't loose your credit for 2020, Current tax returns are required. Mike McVay, Tax Accountant Past year tax return expert - 850-725-5696 |
10/26/2019
| Not suitable for handling difficult monetary situations – For people who own a business in which a number of transactions take place every day, hiring the services of an accountant will be a better option. Lacks human touch- When you hire the services of a tax professional, you can ask him or her further questions related to future tax planning whereas Turbo Tax software cannot offer such information. McVay is among the leading tax professionals in the Pensacola, FL area offering tax preparation services to business ventures all over the local area. These services are meant for enabling the business organizations to concentrate on their core activities, reduce costs and maximize profits.  |  |
 Bookkeeping takes up more time than you can afford! | If your business is growing, you can only get away with Do-It-Yourself bookkeeping for so long. Maybe you have a really great spreadsheet template you found online. Maybe you even shelled out for some accounting software. But as your business expands and your financials get more complex—you’re going to get up one day, look at yourself in the mirror, and say, “I need to hire a bookkeeper.” While there’s no hard-and-fast rule to when you should bring on hired bookkeeping help, there are some common, telltale signs that entrepreneurs experience just before they reach the tipping point. If you’re suffering from any of the following symptoms, it’s probably time to hire a bookkeeper. |
Mike McVay, Accountant -Experienced IRS Tax Resolution Specialist
With over 20-years experience working with individuals, families & small business owners allows me to share helpful information and long term knowledge to help with their income tax, I.R.S tax issues and businesses.
850-725-5696
BestVirtualBookkeepers@gmail.com
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