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Here are the main highlights of Synder eCommerce app integrations with QuickBooks Online: Snyder Integrations For QuickBooks Online Multi-Platform Integration:  Connects with various sales channels like Shopify, Stripe, PayPal, Amazon, Square, eBay, and more. Automatic Synchronization:  Automatically syncs sales, fees, payouts, refunds, expenses, and taxes with QuickBooks. Historical Data Import:  Allows importing years of historical transactions into QuickBooks. Smart Categorization:  Auto-categorizes income and expenses with smart rules. Reconciliation:  Simplifies bank reconciliation and ensures accurate monthly P&L and balance sheets. Multi-Currency Support:  Supports transactions in multiple currencies. Duplicate Detection:  Includes a duplicate detector and one-click rollback functionality to ensure accuracy Also see: https://partnerstack.synder.com/bookkeepingbusinessonline Instructions: https://youtu.be/MPswC9UPqjM?si=zAIpIRDk5528KKeZ Snyder for Ecommerce

Definition:  Stablecoins are Cryptocurrencies pegged to the value of another asset, like the U.S. dollar or gold. Purpose:  Provide price stability compared to volatile cryptocurrencies like Bitcoin. Types: Fiat-Backed:  Pegged to government-issued currency. Crypto Backed:  Collateralized by other cryptocurrencies. Algorithmic:  Use algorithms to manage supply and stabilize value. Use Cases:  Useful for transactions, remittances, and as a store of value. Regulation:  Subject to scrutiny by regulators due to their potential impact on the financial system. These points capture the essence of stablecoins and their role in the cryptocurrency market. See Also: https://www.investopedia.com/terms/s/stablecoin.asp Stable Coins

Expanding Your Business to Another State: A Strategic Blueprint for Growth Taking your business across state lines is a bold and exciting move. It signals that your company is ready for new challenges, new markets, and the potential for exponential growth. But with opportunity comes responsibility—and careful planning is essential. Here’s how to make the leap strategically and successfully. 1. Research Your Target Market Just because your product or service thrives in one state doesn’t mean it will automatically succeed in another. Conduct thorough market research to understand your new audience, their preferences, and the competitive landscape. Demographics:  Who are your potential customers, and how do they differ from your current market? Demand:  Is there a genuine need for your offerings in this state? Competitors:  Who’s already in the space, and what’s their market share? 2. Understand the Legal and Regulatory Landscape Each state has its own rules, regulations, and tax requirements that can impact your operations. Some key areas to focus on: Business Registration:  Will you need to form a new entity, such as a foreign LLC? Tax Implications:  Understand state taxes, including sales tax, income tax, and employment tax. Licensing:  Research any additional licenses or permits required to operate. 3. Build a Local Presence Establishing credibility in a new state requires more than just opening a location. Show your new market that you’re invested in their community. Hire local employees who understand the area’s culture and customers. Partner with local suppliers or vendors. Engage in community events or sponsorships to build trust and brand awareness. 4. Evaluate Logistics and Operations Expanding geographically can strain your supply chain, customer service, and overall operations. Make sure you have the infrastructure to scale. Inventory and Shipping:  Can you deliver products quickly and cost-effectively? Customer Support:  Offer localized support to meet customer expectations. Technology:  Use cloud-based tools to unify operations across states. 5. Leverage Marketing for a Strong Launch Entering a new market means introducing yourself all over again. Tailor your marketing strategy to resonate with local audiences. Use region-specific campaigns to address local interests and trends. Partner with influencers or businesses in the new state for co-marketing opportunities. Celebrate your launch with events, promotions, or special offers. 6. Monitor and Adapt Expansion isn’t a set-it-and-forget-it process. Monitor your performance closely and be ready to adapt as needed. Analyze sales and customer feedback to identify areas for improvement. Regularly review expenses and revenue to ensure profitability. Stay engaged with local communities to keep your finger on the market’s pulse. Conclusion How to Expand Your Business to Another State Expanding your business to another state is a thrilling chapter in your growth story. With a strategic approach, diligent research, and a commitment to adapting to your new market, you can position your business for long-term success. Are you ready to take the leap? Let’s talk about your goals, challenges, and next steps to make this expansion your most successful venture yet!

The enhanced business meal deduction is a valuable tax benefit for businesses, especially in the wake of the COVID-19 pandemic. This guide will help you understand what the enhanced business meal deduction is, its benefits, and how to take advantage of it. What is the Enhanced Business Meal Deduction? The enhanced business meal deduction allows businesses to deduct 100% of the cost of business meals provided by restaurants. This temporary increase from the usual 50% deduction was introduced as part of the Consolidated Appropriations Act, 2021 to support the restaurant industry and encourage business spending. Key Points of the Enhanced Business Meal Deduction Eligibility : The deduction applies to meals provided by restaurants, including takeout and delivery. It does not apply to meals provided by grocery stores, convenience stores, or other non-restaurant establishments. Time Frame : The enhanced deduction is available for expenses incurred in 2021 and 2022. After 2022, the deduction reverts to the standard 50%. Business Purpose : The meal must be an ordinary and necessary expense for the business, and the taxpayer (or an employee) must be present at the meal. Benefits of the Enhanced Business Meal Deduction Increased Savings : Businesses can save more on their taxes by deducting the full cost of eligible business meals. Support for Restaurants : By taking advantage of this deduction, businesses can help support the restaurant industry, which has been significantly impacted by the pandemic. Encourages Business Activity : The enhanced deduction incentivizes businesses to engage in activities that involve meals, such as client meetings, employee gatherings, and business travel. How to Claim the Enhanced Business Meal Deduction Keep Detailed Records : Maintain accurate records of all business meal expenses, including receipts, the date and location of the meal, the business purpose, and the names of attendees. Ensure Eligibility : Verify that the meal expenses meet the criteria for the enhanced deduction, including being provided by a restaurant and having a valid business purpose. Consult a Tax Professional : If you have questions or need assistance with claiming the deduction, consider consulting a tax professional to ensure compliance with tax regulations. The enhanced business meal deduction is a valuable opportunity for businesses to save on taxes while supporting the restaurant industry. By understanding the eligibility requirements and keeping detailed records, businesses can take full advantage of this temporary benefit. See Also: https://www.congress.gov/bill/116th-congress/house-bill/133/text See Also: https://www.irs.gov/newsroom/heres-what-businesses-need-to-know-about-the-enhanced-business-meal-deduction

These highlights capture the essence of the ITEP tracking of legislative tax policy discussions and their impact on small businesses, low-income and moderate-income families. State lawmakers have a choice: advance equitable tax policy or push policies benefiting the wealthy. Many state policymakers are expected to push for deep tax cuts despite worsening fiscal conditions. Others are expected to create and expand refundable tax credits for low- and moderate-income families. Some will advance new revenue proposals reflecting residents' ability to pay. ITEP is tracking tax discussions and analyzing the impacts of these proposals across the country. https://itep.org/state-tax-watch/

It is almost time to submit your 1099 forms. Contractors marked to track for 1099 and have payments that meet the following requirements: Payments were made by cash, check, direct deposit, or another custom payment method that was not marked in QuickBooks as a credit card.  Payments meet the IRS threshold for the 1099 box that you assigned them in the mapping window (the Select accounts screen). In most cases, this payment threshold is $600 or more. See:  Reporting payments to independent contractors | Internal Revenue Service You must send a 1099-NEC form  to anyone you paid at least $600  during the tax year for services performed as a nonemployee. Here ’s a breakdown of the criteria: You must file a 1099-NEC for payments made to: Independent contractors  or other nonemployees for services (not goods). Sole proprietors, partnerships, or single-member LLCs  that provided services. Attorneys (lawyers) for legal services, even if the payment is less than $600. Nonemployees whom you paid via cash, check, or direct deposit (not through credit cards or third-party networks like PayPal). You don’t need to file a 1099-NEC for: Payments made to C corporations or S corporations , unless for specific services like legal or medical. Payments for materials or products  (only for services rendered). Payments made via a third-party payment processor  (e.g., PayPal, Venmo) if those processors are responsible for filing a 1099-K instead. A 1099-MISC form  is used to report miscellaneous income, other than nonemployee compensation (which is reported on the 1099-NEC ). Here's a guide to who needs to receive a 1099-MISC : You must file a 1099-MISC for payments made to: Rents : Payments of $600 or more for office space, equipment rentals, or other types of rent. Prizes and Awards : $600 or more in cash or the fair market value of noncash items awarded. Medical and Healthcare Payments : Payments of $600 or more to doctors, clinics, or other providers for medical or health services (regardless of entity type, including corporations). Royalties : Payments of $10 or more for royalties. Attorney Payments : Gross payments of $600 or more to attorneys (lawyers) for services not related to legal settlements or fees already reported on a 1099-NEC. Fishing Boat Proceeds : Payments related to fishing boat operations. Other Income : Miscellaneous income payments of $600 or more that don’t fit into another category. You don’t need to file a 1099-MISC for: Payments made to C corporations or S corporations , unless related to medical/healthcare payments or legal fees. Personal expenses or payments (not related to your trade or business). Payments made via credit card or third-party processors  (covered under 1099-K). Deadline for Sending the 1099-MISC and 1099-NEC: Filing 1099-MISC and 1099-NEC and processing forms in QuickBooks Online: You’ll have the option to print and mail the forms or file through QuickBooks Online with the IRS and send digital and paper copies to your contractors and vendors. January 1 – May 6: Online filing is available January 15: Last day for early bird discount January 28 at 5 PM PST: Last day to send taxpayer copies on time January 31 (electronically or via mail) to the IRS IRS Section 6071(c) requires you to: File Form 1099-NEC on or before January 31, using either paper or electronic filing procedures. File Form 1099-MISC by February 28, if you file on paper, or March 31, if you file electronically. Contact any vendors missing email addresses and Tax ID number as soon as possible. An email address will allow you to send a request for W9 information from the payroll > Contractor Menu Instructions and Forms 1099-MISC and 1099-NEC https://www.irs.gov/instructions/i1099mec W9 Instructions: https://www.irs.gov/forms-pubs/about-form-w-9 *Contact BookkeepingBusinessOnline.com for assistance.

A Form 1099K is a tax form used to report income received through payment card transactions, such as credit card and debit card sales, as well as through third-party payment processors like PayPal, Square, Stripe, Venmo, Shopify and other similar services, or Marketplace Providers such as Amazon, Ebay and Etsy. The form is typically used by businesses, particularly those engaged in e-commerce, to report their gross payment card and third-party network transaction sales to the Internal Revenue Service (IRS). Year-end reconciliation of your income statement to your 1099K forms is necessary. Contact bookkeepingbusinessonline.com for assistance. Here are some key points for understanding your Form 1099K: Issuer: The form is typically issued by payment settlement entities, including credit card companies, banks, and third-party payment processors, to both the business receiving payments and the IRS. Reporting Threshold: A Form 1099K is typically issued when a business's gross payments exceed a certain threshold. As of my last knowledge update in January 2022, the threshold was $20,000 in gross payments and 200 or more individual transactions in a calendar year. However, these thresholds may change over time, so it's important to check the most current IRS guidelines. Update: Reporting Threshold Information Included: The form includes information about the total gross amount of payment card and third-party network transactions received by the business during the tax year. It does not reflect the net income after expenses, refunds, or other deductions. Tax Reporting: Businesses receiving Form 1099K should use the information provided on the form to report their income on their federal income tax return. The income reported on the form should match the sales or revenue that the business reports on its tax return. Potential for Discrepancies: It's essential for businesses to ensure that the income reported on their tax return matches the information on the Form 1099K. Discrepancies can lead to IRS inquiries or audits, so accurate record-keeping and reconciliation are important, especially for marketplace and payment processor providers. Your bookkeeper-accountant should be provided with a copy to confirm all sales have been booked to your income statement. See Also: Integrating Your Ecommerce App with QuickBooks Online: A How-To Guide for Marketplace Facilitators and Payment Processors "Sellers Data Gold" See Also: QuickBooks Payments: How Intuit generates Form 1099-K See Also: https://www.irs.gov/businesses/understanding-your-form-1099-k See Also: Understanding your Form 1099-K | Internal Revenue Service I can assist you with setup and reconciliations. Contact me  or Schedule a 30 minute free consultation Understanding Your Form 1099K

https://www.finra.org/investors#/ FINRA is your resource at every step, so you can feel confident about investing in financial markets

In the world of sales tax, businesses often encounter terms like "Sales Tax Exemption Certificate" and "Resale Certificate." These certificates play crucial roles in certain transactions by providing exemptions from sales tax or facilitating resale of goods. Let's explore each term to understand their meanings and purposes. Sales Tax Exemption Certificate: A Sales Tax Exemption Certificate  is a document issued by a purchaser (usually a business or entity) to a seller, indicating that the purchaser is eligible for a sales tax exemption on a specific transaction. This exemption is granted based on the nature of the goods or services being purchased and the purchaser's status as a tax-exempt entity. Key points about Sales Tax Exemption Certificates: Purpose:  The primary purpose of an exemption certificate is to inform the seller that the transaction qualifies for a sales tax exemption, and the seller should not charge sales tax on the specified items. Eligibility:  Entities eligible for sales tax exemptions may include nonprofit organizations, government agencies, or businesses purchasing items for specific exempt purposes, such as manufacturing or resale. Verification:  Sellers are typically required to verify the validity of the exemption certificate. This may involve confirming the purchaser's eligibility for the exemption and ensuring that the transaction aligns with the allowed exemptions under state tax laws. Types of Exemptions:  Exemptions can vary by jurisdiction but commonly include items like food, prescription medications, manufacturing equipment, and certain nonprofit transactions. Resale Certificate: A Resale Certificate  is a document that allows a buyer, who intends to resell goods, to make purchases without paying sales tax on those items. The buyer, often a retailer, provides the resale certificate to the seller as a way of certifying that the items are intended for resale rather than personal use. Key points about Resale Certificates: Purpose:  The primary purpose of a resale certificate is to establish that the buyer is in the business of reselling goods and, therefore, should not be subject to sales tax on the initial purchase. Verification:  Sellers typically require a valid resale certificate before granting an exemption from sales tax. This helps ensure that the buyer is genuinely engaged in the business of resale. Documentation:  Resale certificates include information such as the buyer's name and address, the buyer's state-issued seller's permit number, a description of the items being purchased for resale, and a statement declaring the intention to resell the items. Responsibility of the Buyer:  Buyers using resale certificates are responsible for ensuring that the items are indeed resold. If the items are used for personal use or consumed, the buyer may be required to remit the appropriate sales tax. In summary, both Sales Tax Exemption Certificates and Resale Certificates play crucial roles in the sales tax process. The former allows certain entities to make tax-exempt purchases, while the latter enables businesses engaged in resale to avoid paying sales tax on items intended for resale. Understanding and properly utilizing these certificates are essential for businesses to comply with sales tax regulations and optimize their tax obligations. Sales Tax Exemption Certificate and Resale Certificate Defined

Navigating the world of taxes can be daunting but understanding your W-4 form is a crucial step in managing your finances effectively. The W-4 form, also known as the Employee's Withholding Certificate , is used by employers to determine the amount of federal income tax to withhold from your paycheck. Here's a quick guide to help you understand the essentials of W-4 withholding. What is the W-4 Form? The W-4 form is a document that you fill out when you start a new job or when your financial situation changes. It provides your employer with the information needed to calculate how much federal income tax to withhold from your wages. The goal is to withhold the correct amount so that you neither owe a large sum at tax time nor receive an excessively large refund. During the year, changes may occur to your marital status, adjustments, deductions, or credits you expect to claim on your tax return. When this happens, you may need to give your employer a new Form W-4 to change your withholding, and it should be renewed annually. Federal Tax Withholding (W4) Key Sections of the W-4 Form Personal Information : This section includes your name, address, Social Security number, and filing status (single, married, or head of household). Multiple Jobs or Spouse Works : If you have more than one job or your spouse works, this section helps ensure that the correct amount of tax is withheld. Claim Dependents : Here, you can claim credits for dependents, which can reduce the amount of tax withheld. Other Adjustments : This section allows you to account for other income (not from jobs), deductions, and extra withholding. How to Fill Out the W-4 Form Step 1 : Provide your personal information. Step 2 : Indicate if you have multiple jobs or a working spouse. Step 3 : Claim dependents if applicable. Step 4 : Make any other adjustments for additional income, deductions, or extra withholding. Step 5 : Sign and date the form. Tips for Accurate Withholding Review Annually : It's a good idea to review your W-4 form annually or when you experience major life changes (e.g., marriage, birth of a child, new job). Use the IRS Withholding Estimator : The IRS provides an online tool to help you determine the correct amount of withholding. Consult a Tax Professional : If you're unsure about how to fill out the form. W4 forms include: W-4P Withholding Certificate for Periodic Pension or Annuity Payments W-4R Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions W-4S Request for Federal Income Tax Withholding from Sick Pay W-4V Voluntary Withholding Request Conclusion Understanding your W-4 form and ensuring accurate withholding can help you avoid surprises at tax time and manage your finances more effectively. Take the time to review and update your W-4 as needed to reflect your current financial situation. See also: https://www.irs.gov/payments/tax-withholding See also: Publication 505 (2024), Tax Withholding and Estimated Tax Understanding Federal Tax Withholding (W4)

https://www.irs.gov/individuals/international-taxpayers/foreign-persons Navigating Taxation: Understanding IRS Regulations for Foreign Persons

Start the tax season off by gathering information for your CPA or Tax Advisor Tax Preparation Checklist