Hours of Operation: Mon - Fri 8:00am - 8:00pm

SSK ACCOUNTING SERVICES, LLC




Student Loan Forgiveness-Beware of Scams

You might be contacted by a company saying they will help you get loan discharge, forgiveness, cancellation, or debt relief for a fee. You never have to pay for help with your federal student aid. Make sure you work only with the U.S. Department of Education and your loan servicers, and never reveal your personal information or account password to anyone.

Emails to borrowers come from noreply@studentaid.gov, noreply@debtrelief.studentaid.gov, or ed.gov@public.govdelivery.com. You can report scam attempts to the Federal Trade Commission by calling 1-877-382-4357 or visit reportfraud.ftc.gov.


Scammers posing as IRS

Beware of Scammers posing as the IRS trying to collect from you. The IRS does not call, email, or fax. If someone calls demanding payment of “outstanding tax” immediately it is a scam. Many individuals have fallen victim to fraudsters claiming to be the IRS and demand credit card information to pay outstanding tax or they will send the police to your house, this is a scam. The IRS will contact you by letter or you can call them (not the reverse) if you have an outstanding tax balance. Do not give out any personal information, including but not limited to social security number, birthdate, or bank information.

Check out the monthly newsletter for “Things to consider as  2022 comes to a close”  

SSK Accounting Services, LLC



Image About the company 1



SSK Accounting Services is your number one source for professional service. We surpass the competition, in not only price, but value as well. We provide a full range of services from your traditional bookkeeping and tax needs to forensic analysis.

SSK Accounting Services believes in providing the best possible service. Most meetings will be held at your home or place of business, making it unnecessary to travel with your documents.  All phone calls, texts and emails will be returned within 24 hours.


We have over 30 years of knowledge and experience in the field of accounting.  In addition, we have over 15 years of experience in the specialties of fraud and litigation support.  There is considerable stress involved in litigation and we can help alleviate your fears and confusion. Please take the time to review our services and see the many ways we can help you.  


STACY SEIDEN,  CPA, CFE, FCPA, CCFC

Owner





ACCOUNTING SERVICES

INDIVIDUALS

  • PERSONAL BUDGETS: In these economic times it is vital to create and follow a budget
  • TAXES: Preparation of your Federal, State and Local Income Tax Returns; Preparation of  your quarterly estimates;  Help in resolving delinquent tax situations
  • BILL PAYMENTWe can help you simplify and streamline your bill payment system, i.e. set up recurring payments and online BillPay


SMALL BUSINESS

  • BOOKKEEPING: I can advise and help train your staff in the use of Quickbooks
  • TAXES: Preparation of the annual corporate tax return (S-Corp and LLC)
  • INTERNAL CONTROL: Fraud is a concern of every company, often it is difficult in small companies to provide adequate internal controls. I evaluate your company’s system and discuss ways to improve procedures.
  • BUDGETS, FORECASTS AND PROJECTIONS: Every company needs a business plan, including forecasts and projections. Budgets are a tool to help you evaluate your business’ performance. I can prepare these reports and help you use them.
  • CONSULTING: 

    Meet with you monthly, quarterly, annually or on an as needed basis, including but not limited to forming a new business; financing options; buy/sell agreement; expansion plan; succession plan; etc.

LITIGATION SUPPORT

      DIVORCE

      • Divorces frequently require the services of a forensic accountant. In the dissolution of a marriage a thorough review to determine the income and assets of the parties is necessary to calculate alimony, child support and equitable distribution. We investigate financial information by examining documents, develop questions and consult in depositions, investigative interviews and conduct lifestyle analyses.  


      FRAUD

      • Fraud is on the rise in the current economic climate.  If you or your company is the victim of fraud and would like to pursue the perpetrator SSK Accounting Services can help to quantify your financial loss.  We will review your company’s financial data and discuss with you our findings. A comprehensive report will be provided, which you can submit to the authorities. 

       

      OTHER

      • The area of litigation support is not limited to divorce and fraud. We also provide services including but not limited to damage analysis, shareholder disputes, buy-sell agreements and solvency review  


      TAX TIPS


      Alimony- is it taxable?  

      The Tax Cuts and Jobs Act changed the treatment of alimony for federal taxes.  In prior years alimony was taxable to the recipient and deductible by the payor.  Now unless your divorce agreement was dated before December 31, 2018 alimony is not taxable to the recipient and not deductible by the payor.  Regarding the taxation of alimony on the state level, it varies depending on which state the recipient resides. It important to consult with your tax accountant. 


      Child Support is not taxable income

      The calculation of taxable income can become confusing if you are receiving child support and alimony. Often child support and alimony are paid in one payment; therefore it is important an accurate allocation be made in order to pay the correct amount of taxes. This can become particularly confusing if the individual responsible for paying the child support and alimony gets behind in their payments because all payments are applied to child support first. Please consult with your tax accountant.


      New deduction on Qualified Business Income

      The Tax Cuts and Jobs Act created a new 20% deduction of qualifying business income.  There are complicated rules for eligibility and a complex calculation of the deduction. Do not assume you are entitled to the 20% deduction, consult your tax professional.


      Income is more than a W-2

      Income available for support is one of the key financial items in a divorce. This number is the basis for child support and alimony. Due to the complexity of this calculation a forensic accountant is often retained. The spouse receiving support will want to make sure all elements of income have been captured.


      Business Owners-what is their income


      Some business owners don’t take their salary in the form of W-2 income. They may make draws periodically throughout the year. They may pay for personal expenses, i.e. cell phones, cars, meals using company funds. It is the job of the forensic accountant to review these expenses and determine if they are business or personal.


      Where’s the money?

      Additional bank accounts may be set up to hide funds. There are various ways these accounts may be titled. The important thing to determine is where the money came from to fund these accounts. Was the money removed from a joint account? Was the money from the sale of a marital asset? Forensic accountants are trained to trace the path these funds take.

      Protect yourself-Retain your team of advisors

      Divorce is an emotional and life changing event. Most individuals going through divorce are not at their best mentally. Do not make decisions about your financial future without the best information. Let those who are trained help you make informed and educated decisions. You think you feel betrayed now, imagine how you’ll feel if after you are divorced you are barely making ends meet and your ex is taking a vacation every couple months because you lacked necessary income information.

      Documents Needed to Prepare Tax Return

      Personal Information

      ·         Copy of driver’s license

      ·         Your social security number or tax ID number

      ·         Your spouse's full name and social security number or tax ID number

      ·         Amount of any alimony paid and ex-spouse's full name and social security number

      ·         Divorce agreement

      ·         Your tax returns for the previous year

      Information About Other People Who May Belong on Your Return

      ·         Dates of birth and social security numbers or tax ID numbers

      ·         Childcare records (including the provider's tax ID number) if applicable

      ·         Income of other adults in your home

      ·         Form 8332 showing that the child’s custodial parent is releasing their right to claim a child to you, the noncustodial parent

      Third Stimulus Payment-Notice 1444-C from the IRS, if you don’t have the letter give me the amount received (it is not taxed but does need to be listed on the tax return)

      Education Payments

      ·         Forms 1098-T from educational institutions

      ·         Receipts that itemize qualified educational expenses

      ·         Records of any scholarships or fellowships you received

      ·         Form1098-E if you paid student loan interest

      Income

      ·         Forms W-2

      Self-Employment Information

      ·         Forms 1099-MISC, Schedules K-1, income records to verify amounts not reported on 1099s

      ·         Records of all expenses — check registers or credit card statements, and receipts, Access to Quickbooks or other accounting software

      ·         Business-use asset information (cost, date placed in service, etc.) for depreciation

      ·         Office in home information please discuss with me

      Business Use of Vehicle Information

      ·         Log showing total miles driven for the year (or beginning/ending odometer readings), total business miles driven for the year (other than commuting), and the business purpose of the mileage

      ·         Amount of parking and tolls paid

      ·         If you want to claim actual expenses, receipts or totals for gas, oil, car washes, licenses, personal property tax, lease or interest expense, etc.

      Rental Property Income

      ·         Records of income and expenses

      ·         Rental asset information (cost, date placed in service, etc.) for depreciation

      Retirement Income

      ·         Pension/IRA/annuity income (1099-R)

      ·         Social security/RRB income (1099-SSA, RRB-1099)

      Savings and Investments

      ·         Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)

      ·         Income from sales of stock or other property (1099-B, 1099-S)

      ·         Dates of acquisition and records of your cost or other basis in property you sold (if basis is not reported on 1099-B)

      Virtual Currency (i.e. Bitcoin)-At any time during the year, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?

      Other Income

      ·         Unemployment, state tax refund (1099-G)

      ·         Gambling income (W-2G or records showing income, as well as expense records)

      ·         Amount of any alimony received

      ·         Health Savings Account and long-term care reimbursements (1099-SA or 1099-LTC)

      ·         Jury duty records

      ·         Hobby income and expenses

      ·         Prizes and awards

      ·         Other 1099

      Other Deductions and Credits

      ·         Form 1095-A Health Insurance Marketplace Statement

      ·         Receipts for classroom expenses (for educators in grades K-12)

      ·         Form 5498-SA showing HSA contributions

      ·         Forms 1098 or other mortgage interest statements

      ·         Amount of state/local income tax paid (other than wage withholding), or amount of state and local sales tax paid

      ·         Real estate and personal property tax records

      ·         Invoice showing amount of vehicle sales tax paid

      ·         Cash amounts donated to houses of worship, schools, other charitable organizations

      ·         Records of non-cash charitable donations

      ·         Amounts paid for healthcare insurance and to doctors, dentists, hospitals

      ·         Amounts of miles driven for charitable or medical purposes

      ·         Employment-related expenses (dues, publications, tools, uniform cost and cleaning, travel)

      ·         Receipts for energy-saving home improvements

      ·         Record of estimated tax payments made

      ·         Record of IRA or SEP contributions

      MONTHLY NEWSLETTER

      November 

      THINGS TO CONSIDER AS 2022 COMES TO A CLOSE...


      RETIREMENT CONTRIBUTIONS and RMDs
       1) Contributions to a retirement plan: Contributions to a traditional IRA and pre-tax contributions to an employer-sponsored retirement plan such as a 401 (k) or 403 (b) or
      SEP can reduce your taxable income. You have until year-end for employer-sponsored plans. Some employers even match a portion of your contributions. Contributions for a traditional IRA can be made until April 15, 2023. The contribution limits vary based on the type of plan, income, and age.

      2) Contributions to a Roth IRA: This plan will not save you in taxes for 2022 since contributions are not deductible, however, qualified distributions in the future are not
      taxable. If you qualify, the maximum contribution is $6,000 or $7,000 if you are age 50 or older.

      3) If you do not qualify for contributions to a Roth IRA, there may a “backdoor” option for you. There may also be a “backdoor” option with 401 (k) if you are looking to put additional funds into a Roth retirement vehicle.

      4) RMDs or Required Minimum Distributions must be taken after age 72 on retirement accounts (Roth IRAs are excluded).

      CHARITABLE DONATIONS
      Charities are struggling, between the coronavirus pandemic and more people using the standard deduction instead of itemizing deductions, donations have dropped. Consider the following to help both charities and you:

      1) Bunch the donations that you would make over several years into 2022. The goal is to have your donations along with your other itemized deductions to exceed the
      standard deduction for your filing status. Please call me with any questions.

      2) Make sure you are donating to an IRS-recognized section 501 (c) (3) charitable organization, donations to individuals and personal fund-raising websites are not tax-
      deductible. Use the IRS's online "Tax Exempt Organization Search" tool to verify 

      INVESTMENTS
        The roller coaster of the stock market has our heads spinning. Now is a good time to evaluate your investments. Tax considerations should not drive your investment
      decisions, but it is worth reviewing the implications. If you have sold securities at a gain, you may avoid some of the tax by selling losing positions. Losses more than gains can be used to offset up to $3,000 of ordinary income (only $1,500 if married filing separately). Additional losses can be carried forward to reduce taxes in the future.

      SCHEDULE A CALL OR MEETING WITH ME
      Everyone’s circumstances are different. These are just a few ideas for tax planning. Do you have your own business? Are you looking to purchase a home? Getting married or
      in the middle of a divorce? New baby or planning for college? There are ways to structure things for maximum benefit. Take care of your financial health. Please
      schedule a time with me to discuss your unique situation.








      CONTACT US

      For more information on our services and what we can do for you, feel free to contact:

       Stacy Seiden, CPA, CFE, FCPA, CCFC

      SSK Accounting Services, LLC

      Stacy@SSKAccounting.com

      215-622-8955

      Fax 877-580-2093

      PO Box 122

      Spring House, PA  19477

      or submit a request for information on services below.