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ITIN Renewal:

19 JANUARY, 2019

If you need to file a tax return in 2019 and your ITIN has expired or will expire before you file in 2019, IRS recommends you submit your renewal application now to prevent potential delays in the processing of your return.

If you use an expired ITIN on a U.S. tax return, it will be processed and treated as timely filed, but without any exemptions and/or credits claimed and no refund will be paid at that time. You will receive a notice explaining the delay in any refund and that the individual taxpayer identification number has expired. For more info, visit this IRS website.

 

Statement of Information – form update:

19 JANUARY, 2019

All LLC Statements of Information and the required Statement of Information for most corporations can be submitted electronically using a credit card. PDF copies of imaged business entity documents, including Statements of Information are available for free on the Secretary of State’s Business Search.

The updated form to be used is the SI-550, although the form SI-200 will still be accepted. However, new applications and renewals to be filed by paper instead of electronically should use form SI-550.

Form SI-550 – State of California

Free for commercial use via FTB

 

Corporations and LLC – Statement of Information requirements:

19 JANUARY, 2019

California law requires all corporations, limited liability companies and common interest development associations to update the records of the California Secretary of State either every year or every two years based on year of registration by filing a statement. For more information regarding this law, check out this link.

You should be receiving Reminder Notice White card from Secretary of State yearly. Please contact us so we can explain in more detail.

Let us take care of your business, while you take care of your customers.

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“Honesty is the most single most important factor having a direct bearing on the final success of an individual, corporation, or product.”

– Ed McMahon

 

IMMIGRATION: 

04 JANUARY, 2019 

Civics Test Answer Updates

Are you preparing for the naturalization test? As you study for the U.S. history and government (civics) test, make sure that you know the most current answers to these questions. 

Periodically, answers to the civics test change to reflect the results of federal and state elections and appointments or to clarify content and ensure consistency in terminology. The revised answers to the questions below are effective immediately.

Question

Update

20. Who is one of your state’s U.S. Senators now?

The answer to this question may change as the result of elections, appointments, or retirements.

Give the name of one of your state’s current U.S. senators. For a list of current members of the U.S. Senate, please visit senate.gov.

Answers will vary. [District of Columbia residents and residents of U.S. territories should answer that D.C. (or the territory where the applicant lives) has no U.S. senators.]

23. Name your U.S. Representative.

The answer to this question may change as the result of elections, appointments, or retirements.

Give the name of your current U.S. representative. For a list of current members of the U.S. House of Representatives, please visit house.gov.

Answers will vary. [Residents of territories with nonvoting delegates or resident commissioners may provide the name of that delegate or commissioner. Also acceptable is any statement that the territory has no (voting) representatives in Congress.]

43. Who is the Governor of your state now?

The answer to this question may change as the result of elections, appointments, or retirements, depending on inauguration dates.

Give the name of your state’s current governor. For a list of current governors, please visit usa.gov/states-and-territories

Answers will vary. [District of Columbia residents should answer that D.C. does not have a governor.]

47. What is the name of the Speaker of the House of Representatives now?

The House of Representatives generally elects the speaker of the House on the first day of every new Congress. The answer to this question may change after the election.

Give the name of the current speaker of the House. Visit uscis.gov/citizenship/testupdatesfor the name of the speaker of the House of Representatives.

Source USCIS.GOV

 

 

DACA appeal:

18 JANUARY, 2019

Source NBCnews

By Pete Williams

WASHINGTON — The U.S. Supreme Court took no action on Friday on the future of the Deferred Action for Childhood Arrivals program. It now appears likely that the court will not take up the issue during its current term, which would require the government to keep the program going for at least ten more months.

The Trump administration urged the justices to hear appeals of lower court rulings that prevent the government from shutting DACA down, but Friday was the last day for adding cases to the current term’s docket, barring unusual circumstances. Any cases accepted in subsequent weeks won’t be heard until the next term, which begins October 1, and it would take a few months more for the court to issue a decision.

DACA allows children of illegal immigrants to remain here if they were under 16 when their parents brought them to the US, provided they arrived by 2007. The Obama-era initiative has allowed 700,000 young people, commonly referred to as “Dreamers,” to avoid deportation. The nickname comes from the DREAM Act, which would have offered many of the same protections as DACA but was never approved by Congress.

The Trump administration moved to end the program in late 2017, but federal courts in San Francisco, New York, and Washington, D.C., blocked that attempt. Following a brief hiatus, the government began accepting renewal applications from DACA participants, which must be filed every two years.

The Ninth Circuit Court of Appeals in San Francisco ruled that, far from being illegal, deferred action has been a feature of the immigration system for decades. “In a world where the government can remove only a small percentage of the undocumented non-citizens present in this country in any year, deferred action programs like DACA enable DHS to devote much-needed resources to enforcement priorities such as threats to national security, rather than blameless and economically productive young people with clean criminal records.”

The Justice Department asked the Supreme Court to overturn up those lower court judgments. The Department of Homeland Security and the attorney general concluded that it is unlawful, said Solicitor General Noel Francisco, finding that it “sanctions the ongoing violation of federal law by more than half a million people.”

He said that by agreeing to hear the appeals, the court could “provide much-needed clarity to the government and DACA recipients alike.” Francisco also said that as long as the question is pending in the courts, Congress has less incentive to come up with a permanent solution.

But supporters of the DACA program said nothing in the lower court rulings would prevent the government from undertaking deportation proceedings against any individual DACA recipient if the need arose. They also noted that President Trump himself has taken conflicting positions on the program, saying at one point, “I love the ‘Dreamers.'”

ACCOUNTING NEWS:

The 5 Most Important Accounting Reports for Your Small Business:

Here are the key reports to know about, including profit and loss statements, revenue by customer and more.

When it comes to small business accounting, most people know that it is important to keep your records updated for taxes. However, there are many more benefits from small business accounting that you can use to grow, improve and expand your business. Here are some of the most important accounting reports for your small business that you should know about.

Profit and loss statement/income statement

The most important report for any business is the profit and loss statement, also called a P&L or income statement. This report tells you how much money a business makes, as well as a lot more. A well-run bookkeeping operation includes details for where you spend and where your money comes from. For example, I can look at my P&L for a quick summary of how much I make from writing, how much I make from advertising, how much I spend on business travel and how much I pay for computer and internet costs. Each business would have different accounts for its own income and spending categories.

Small business owners should look at this report at least monthly. It is also a good idea to look at trends, comparing current results to the same period in the prior year and comparing the most recent month with the last few months. This should tell you what’s working well and what isn’t, as well as help you focus on the most profitable parts of the business. This is exactly how I analyzed by business to help me reach $10,000+ in monthly income.

Balance sheet

A balance sheet gives you a snapshot of what a business has and owes at any given time. For small businesses, assets typically include things like bank accounts, accounts receivables, and possibly an investment account. A balance sheet may also include assets like property, computers, equipment and other saleable physical and intangible property. Liabilities generally include things like credit cards, business loans and anything else your business owes.

The accounting equation is based on the balance sheet. It tells us that assets plus liabilities equals equity. The difference in what you have and what you owe should ideally be a positive number and one that grows over time.

When examining the balance sheet, also look at the short-term assets versus short-term liabilities. If you have payments owed soon, you won’t want to run out of cash without noticing that your assets are illiquid.

Accounts receivable aging

You don’t work for free, and your business isn’t a charity. Doing the work and sending the invoice is just part of the battle. You also have to make sure those payments get paid and collected. Your accounts receivable (A/R) aging report tells you how well you are doing on the collections side. Look out for customers who are perpetually late, usually pay on time and recently started paying late, and growing late balances from any customer.

I’ve been very lucky when it comes to collections, but part of that is choosing the right clients to work with. Upstanding companies like Due always pay quickly. Some less stable, less trustworthy or financially strained companies are more likely to pay late or stiff you when it comes time to pay the bill.

Revenue by customer

Just as you should be looking at who owes you money, you should be looking at who gives you the most of it. Your revenue by customer report tells you how much you made from each customer over a period of time. Freelancers and professional service businesses rely heavily on repeat business in many industries. Building good relationships with quality clients can turn in to a lucrative, reliable, and healthy income stream.

However, beware of putting too much faith in any one income source. If too much revenue comes from one source, that is called “revenue concentration risk.” If one client leaving would ruin your entire business, you need to get more diverse in who your business serves. Putting too many eggs in one basket might just bankrupt your company.

Accounts payable aging

You probably wouldn’t like it if a company took too long to pay you. Do your vendors a favor and pay them on time as well. Your A/P aging report tells you who you owe and how much. As long as your books are updated, you can easily look and find who you need to pay so you don’t miss the due dates.

Paying late can sour relationships and may lead to late fees and other costs. Just pay on time. You might even get an early payment discount from some vendors. That’s a big win-win!

(Source entrepreneur)