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The Importance of Accounting in Compliance with US Tax Laws and State Laws

United States of America is one of the biggest economies and is a host to myriad of companies operating and generating jobs and revenue for the economy. As the revenues stream in, every company be it small, emerging or giant takes stock of the situation regarding the tax laws. Regardless of, in what state you do the business, there are few federal updates that will affect your US-based business. Doing taxes as a small business owner is often a thankless job as you would be inundated with countless numbered forms, dense legal lexicons, while remembering the handfuls of important dates. Outsourced Bookkeeping enables the firms to handle the accounting in compliance with US Tax Laws and State Laws.

The Importance of Accounting in Compliance with US Tax Laws and State Laws

Let’s take a quick look at the important accounting regulations to be taken care of as the Tax day looms closer.

  1. Employee taxes

If you are a business owner and have employees under the payroll, it makes absolute sense to be aware of the taxes. You will be required to pay half of your employees FICA taxes. to pay half of your employees’ FICA taxes.

  1. Different Regulations in place across states

There are plenty of state regulations emanating and needs to be accounted while undertaking tax related accounting. Many states and cities have passed laws in respect to minimum wage, and that might affect your business in some way or another. This will differ from states to states and one can carefully evaluate the state rules regarding the minimum wage before doing the accounting and tax outsourcing.

  1. Health concerns

Affordable Care Act was an ambitious bill shepherded under the leadership of Barrack Obama. The original bill never saw the light but the house made reforms in the form of the Health Care and Education Reconciliation Act of 2010. It asks the employers to provide health care coverage and they would be fined if they don’t take care of it. Any firms with more than 50 employees under its wing must provide health care coverage.

 

Benefits of outsourcing bookkeeping is immense as few points below illustrate the accounting and tax outsourcing advantages.

  • Reconciliation of your checking accounts, credit cards and PayPal.
  • Clean up your accounts.
  • Provide the income statement.
  • Provide the balance sheet.
  • Provide Consultations.
  • Streamlining the accounting process is Outsourced Bookkeeping way of delivering work for our clients in USA.

There are hundreds of accounting regulations to consider and outsourced accounting services is one way to transform the accounting process. Outsourced Bookkeeping delivers the best accounting experience for the business owners with ease. We handle your worries to enable you to focus on notching up revenues and growth.

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