Blessing Associates, LLC

Practical business consulting, accounting services, and tax preparation guiding expats, small firms, sole practitioners, and freelancers towards success.

[Blessing Associates, LLC @BlessingBLC]

This is the 5th time the IRS has "lost" documents on the same case. A case where they made a mistake and owe my client thousands. They are Johnny on the spot to file a lien against you but "lose documents" when it's their issue.

[Blessing Associates, LLC @BlessingBLC]

When signing contracts, please use your firm's legal name and be consistent. The opposing party has a minimum of 8 various business names on legal documents, including major variations 🧐 Totally different buyer's names in different places.

[Blessing Associates, LLC @BlessingBLC]

This will be interesting to monitor.

[Shehan @TheCryptoCPA]

I don't think crypto will be pseudo-anonymous or privacy-preserving anymore, at least in the US.

Yesterday, the IRS issued the long-awaited draft Form 1099-DA, the first tax form specifically designed to collect your ID and detailed transaction data at scale from "brokers".

Brokers (CeFi exchanges, certain DeFi exchanges, and wallets) will be required to generate this form for each sale transaction and submit that info to the IRS and you (similar to stock brokers) starting 1/1/2025.

[Blessing Associates, LLC @BlessingBLC]

The increase in tax return filings has led to a rise in tax preparer fraud, affecting vulnerable individuals. To that end, here are five signs that you may want to check on your return (or find a new preparer).

#TaxPreparation

https://t.co/qTT1ptVvIC

[Blessing Associates, LLC @BlessingBLC]

When a small business is subject to an IRS audit, one important focus may be the company's reported income. We advise our clients to meticulously document each deposit entering their bank accounts.
It is crucial not to delay, as the details can easily be forgotten!

[Blessing Associates, LLC @BlessingBLC]

Hey guys, we're back with information on the February 2024 Bar Exam Results. We've updated all of our statistics, infographics, links, and list of dates for the release of bar exam scores. Good Luck!

#BarExam #BarExam2024

https://t.co/8DStQ7Jxim

[Blessing Associates, LLC @BlessingBLC]

Which Tax Form Meets your Needs? Are you a small business owner? Do you know if you should file a special tax form for your business? Here is an introduction to the different types of tax forms that the IRS requires from individuals or businesses.

https://t.co/Vtft7X4jOU

[IRStaxsecurity @IRStaxsecurity]

Many honest small businesses were misled by promoters to claim the Employee Retention Credit. If you filed an incorrect #ERC or #ERTC claim, take a look at the #IRS withdrawal guidelines: https://t.co/Mh7gmY8M49

[Blessing Associates, LLC @BlessingBLC]

@Paychex Our staff called in today, being perfectly nice. In return, your people forgot to turn off their mic and proceeded to trash talk us to their trainers while keeping us on hold. It was rude and highly insulting. I expect professionalism, not whatever this was. Do better.

[Blessing Associates, LLC @BlessingBLC]

Explanation and Examples of the five types of events that alter the ownership, quantity, or value of assets on the Balance Sheet.

https://t.co/kJQhakyFH6

#Accounting #DoubleEntry #Bookkeeping

[Blessing Associates, LLC @BlessingBLC]

PSA: The IRS has begun reviewing and auditing claims for the ERC (Employment Retention Credit) to identify false claims. If you filed for the ERC and now want to confirm your eligibility or file to withdraw your claim before penalties apply, contact us for more information.

[IRS Tax Pros @IRStaxpros]

Hey #TaxTwitter, #IRS urges everyone, taxpayers and #TaxPros alike, to protect online accounts with up-to-date password guidance. This #CyberMonth, check out the IRS’ and the Security Summit’s tips on how to protect🔐 online accounts: https://t.co/lbfvcB2wtU

[Blessing Associates, LLC @BlessingBLC]

@uspto Is the website not working for anyone else?

#USPTO

[Blessing Associates, LLC @BlessingBLC]

@QuickBooks We need a way to be able to add tags from the bank register or on a journal entry. We often add transactions manually for local banks and need to be able to add tags directly upfront.

[Blessing Associates, LLC @BlessingBLC]

I keep typing S-Crop 💀

The problem with being in the corn & bean belt 😅

#taxtwitter

[Blessing Associates, LLC @BlessingBLC]

Hail in Ottumwa. Mostly two pea sized, but some a little larger. Now rain.

[Blessing Associates, LLC @BlessingBLC]

Tornado warning / watch in effect for Wapello. Stay safe folks!

[Accounting Today @AccountingToday]

KPMG could find itself on the receiving end of lawsuits and investigations after giving a clean audit opinion to the financial statements of Silicon Valley Bank's parent company and Signature Bank only weeks before they failed. https://t.co/ssKoIsIuAY

[Blessing Associates, LLC @BlessingBLC]

@cordes_tax Yeah, you can have a small business income, but if the company is an LLC owned by another company that also owes the taxpayer's home and some of their rental properties . . . . that's a whole different ball game.

[Blessing Associates, LLC @BlessingBLC]

Accounting confession:
I truly enjoy working with my customers. . . . But the secret other reason for launching my own firm was that I wanted to choose my own office supplies 🤣🤣🤣 @Staples is like Christmas in a box all year long!