Figueroa & Co

Downloading transactions into QBO is the easy part. You still have work to do once they're on board. https://www.figco.com/content_library.htm

Refund Amounts - Did You Know? If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income tax or other past-due debts. You'll receive a notice from the IRS if such an offset occurs that will show the original tax refund amount, the offset amount, as well as the name, address and telephone number of the agency receiving the payment.... If you haven't received your refund yet, you may be able to check the status using the IRS' "Where's my Refund?" tool: https://www.irs.gov/refunds.

Unclaimed 2017 IRS Refunds Deadline Did You Know? The IRS has issued a reminder that time is running out to claim your 2017 tax refund if you did not file a 2017 federal return. The deadline to file a 2017 IRS return and claim your refund is May 17, 2021 After that date, unclaimed 2017 federal tax refunds will become the property of the U.S. Treasury. If you have not yet filed your 2017 return, file today to claim your refund before it's too late.

Payroll is one of the most important aspects of any business, but it's one that, when running smoothly, business owners don't tend to think about; however, when there's a payroll glitch, it jumps to the forefront of an owner's mind. Here are several payroll mistakes that can cost you a bundle and how to avoid them in your business. https://www.figco.com/content_library.htm

COVID-Related Emergency Student Aid Not Taxable Did You Know? During 2020, many higher education institutions and other agencies provided emergency financial aid grants to students affected by the coronavirus pandemic. The grants helped students with costs resulting from disruptions of school operations, including expenses for housing, food, remote learning course supplies, and health and child care. These emergency grants are NOT taxable income. Students who received them ...should not include the funds in their gross income on their 2020 federal tax returns. This tax exemption applies to all emergency financial aid grants that students received in 2020 from federal and state agencies, higher education institutions and other scholarship-granting organizations, including Native American tribal authorities and agencies. These grants also do not affect a student's eligibility for the American Opportunity Tax Credit (AOTC), Lifetime Learning Credit (LLC) or education expense tax deduction. If you are a student and paid qualified tuition and school fees in 2020, you may be able to claim a credit or deduction even if you used an emergency grant to pay these expenses. Qualified students do not have to reduce their credit or deduction amount by the amount of their emergency grants. A tax pro can help you determine whether financial aid you received in 2020 qualifies for this tax exemption, and whether you are eligible to claim an education credit or deduction.