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Key2 Accounting News Blog

Too Many Transactions in QuickBooks Online? Create Rules

Melissa Clary May 19, 2022 Uncategorized 0 Comments

One of the cardinal rules of accounting is this: Go through your new transactions every day. If you wait until there are too many of them, you’re likely to give them short shrift. You may miss problems, just as you …

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Why Employee Classification is of Paramount Importance

Melissa Clary May 19, 2022 Business, Tax 0 Comments

Not too long ago in Orlando, Florida, a federal investigation uncovered a situation where 22 workers were denied overtime by a Florida-based equipment rental company. The company was paying flat salaries to certain employees, regardless of how many hours they …

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Employee Classification

Owe the IRS Money? How Long Do They Have to Collect?

Melissa Clary May 19, 2022 Business, Tax 0 Comments

Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to …

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OwetheIRS

What Are Estimated Tax Payments?

Melissa Clary April 19, 2022 Business, Tax 0 Comments

Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Employees who will …

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Business TaxEstimated PaymentsIncome taxes

Managing Your Finances During an Inflationary Period

Melissa Clary March 18, 2022 Business, Tax 0 Comments

Managing Your Finances During an Inflationary Period It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking …

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FinancesInflation

IRS Stops Using Facial Authentication Software for Access to Online Accounts

Melissa Clary February 10, 2022 Business, Tax 0 Comments

A prior blog article posting included an article about the IRS’ plans to use  ID.me facial recognition software for taxpayers and others to authenticate access to their online accounts. Under pressure from privacy activists and several members of Congress, the …

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IDME

Important 2021 Tax Forms – Please Secure!

Melissa Clary January 25, 2022 COVID 19, Tax 0 Comments

ChildTaxCredit

Another Rough Tax Season for IRS and Taxpayers?

Melissa Clary January 17, 2022 Uncategorized 0 Comments

This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has …

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#IRS#tax

Crucial Steps You Can Use To Take Control of Your Finances in 2022 and Beyond

Melissa Clary January 13, 2022 Uncategorized 0 Comments

As the old saying goes, “If you fail to plan, you plan to fail.” Whoever coined that phrase was talking about finances, whether they realized it or not. According to one recent study, a general lack of financial education costs …

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FinancesMoneySavings

Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return

Melissa Clary January 13, 2022 Tax 0 Comments

Early in 2021, Congress passed the American Rescue Plan which included a provision that increased the child tax credit amount and upped the age limit of eligible children.  Normally, the credit was $2,000 per eligible child under age 17. For …

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ChildTaxCreditEIP
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Key2 Accounting Fort Collins
375 E. Horsetooth Rd. #2-101
Fort Collins, Colorado 80525
Phone: (970) 682-6600
Key2 Accounting Kapolei
590 Farrington Highway #529
Kapolei, Hawaii 96707
Phone: (808) 200-1141

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