NORTHSIDE TAX SERVICE

Your Dedicated Expert in Tax preparation, Tax Resolution, Bookkeeping, Payroll Services, & Bill-Pay Financial Services

We are helping businesses just like yours run more smoothly & stay in-the-know with Professional Bookkeeping. 

How can you help me?
What is a CFO?

Include information on CFO services, tax preperation and problem resolution and a definition of a CFO (universal desc of responsibilities)

Is a CFO right for me?

Include info on personal finance pain points and how a CFO can help. Include intrinsic and extrinsic tangible outcomes

Does my business need a CFO?

Bill Pay, payroll, bookkeeping & Accounting, Corporation LLC Setup.

Can you help me with Personal Finance Planning?

Billpay, Social Security & Medicare Enrollment, Notary Services, Long-term financial planning.

About Shawn Wesley

OWNER-OPERATOR

Shawn Wesley took over operations of Northside Tax Service in October of 2004.

Shawn helps clients with a wide variety of services. He offers income tax preparation and planning services. He also offers small business bookkeeping and payroll services. In addition to these, he also offers help with IRS audits and dispute resolution. He is an active member of American Society of Tax Problem Solvers (ASTPS).

Prior to taking over Northside Tax Service, Shawn worked several years in the manufacturing field. He did everything from production floor operations to project and manufacturing engineering. He also has an extensive background in real estate and finance.

Shawn Wesley is an Enrolled Agent, enrolled to represent taxpayers before the Internal Revenue Service. He is an active member of the Florida Society of Enrolled Agents. He also holds a series 2-15 insurance license in the State of Florida. He is licensed to help clients with their insurance and investment needs.

 

WORD OF MOUTH

Northside Tax Service, Inc. had our tax return done very quickly! Not only are they fast, but they are friendly! Excellent service!

Kendall Spear

Shawn is FANTASTIC! We have sought his services for the last few years and found a real PRO. He’s our tax service for life! Thank’s Shawn!

Don Cone

This is the most wonderful team ever! Easy to work with, super nice and just made our complicated situation so much more navigable! You won’t find a better service. A+++
Greylynne Gilbert

PPP Loans Getting Denied

We have received feedback that banks are denying PPP loans because the financial documents are not signed properly.  You need to sign and date the first page of each document, and initial all subsequent pages.  This applies to 941 forms, 940 forms, P&Ls,...

How to Report ERTC on tax return

The IRS has just released instructions on this.  It can be found on page 17 of the instructions for form 1120S.  This idea would apply to filers of forms 1065 and 1120, and Sc C and Sch F, as well.  The instruction says: “Do not reduce your deduction...

PPP Forgiveness

The SBA has just released the 1-page forgiveness application.  Just make sure that you apply using all qualified expenses other than wages for 40%, and use wages for the remaining 60%.  This will allow the maximum ERTC to be claimed. One bank has told us...

ERTC (Employee Retention Tax Credit)

We are currently working on the 2020 forms.  If you have already filed your Q4 form 941, then you will need to amend the Q4 by filing a form 941-X.  You will not file form 7200 for TY 2020.  When claiming the credit on form 941-X, you can indicate it is...

Update on ERTC (Employee Retention Tax Credit)

We must re-emphasize how valuable this credit it.  You can refer to our prior memos on the general details.  Keep in mind that the details become clearer as further guidance is issued by the SBA and IRS.  We cannot possibly detail every scenario or...

PPP 1.0 and 2.0

The SBA has recently issued IFRs (Interim Final Rules).  This stuff gets very muddy.  Here is our understanding of this week’s rules. If you have not received PPP 1.0 (first draw), then you will apply for that round under the 1.0 rules.  This means...

PPP 1.0 Forgiveness

The SBA will be releasing the 1-page forgiveness application at any time.  This will apply to all loans $150K and below.  You have 10 months from the end of your 24-week period to seek forgiveness.  The 24-week period begins on the day your PPP loan is...

Details for ERTC (Employee Retention Tax Credit)

For 2020: The ERTC applies for wages paid from March 13 to Dec 31.  Most everyone has filed their 2020 Q4 form 941 by now.  In this case, you will need to file an amended Q4 form 941 (941-X), and apply the credit for all of 2020 to the Q4 report.  The...

ERTC (Employee Retention Tax Credit)

For 2021, you can receive the credit in advance, and then reconcile it on the quarterly 941 report.  This works just like Obamacare premiums are reconciled on the personal tax returns each year. The IRS has updated their guidance on this.  Employers, including...

PPP 2.0 Calculation

If you have 300 or fewer employees, and have experienced a 25% or higher reduction in gross revenue during any one calendar quarter in 2020 compared to the same quarter in 2019, then you use this formula:  Take your average monthly payroll costs for 2019 or the...

PPP (Paycheck Protection Program)

The SBA has just released the PPP 2.0 loan application.  Some lenders are now accepting applications.    The application to use is SBA Form 2483-SD (second draw). For PPP 2.0, you can now use the higher of your 2019 or 2020 payroll calculation for...

Employee Retention Tax Credit (ERTC)

If you have a third party prepare your payroll reports, then we recommend that you ask them to delay filing of your Q4 form 941.  The report is not due until January 31. These 2 issues are unclear at this point: Is the 70% retroactive back to March 13, 2020, or...

Refunds for the Unemployment Benefits

IRS will begin issuing refunds for the unemployment benefits break in May. Last month’s stimulus law provides that up to $10,200 of unemployment benefits received in 2020 are nontaxable for taxpayers with AGIs of less than $150,000. In general, individuals who filed...

New Online Tool in the Making

Fully delivering periodic child credit payments will be a difficult task for IRS, not in the least part because of its out-of-date computer systems, shrunken workforce, tax changes, and its many other duties. The law requires IRS to develop an online tool for families...

RMDs Waived?

Will RMDs be waived for 2021? No. The CARES Act halted required minimum distributions from IRAs and 401(k)s for 2020. An extension of the waiver wasn’t included in the latest stimulus law. People age 72 and older must take RMDs for 2021 by year end, with two...

Feeling Charitable?

Voluntarily pay down the federal debt and get an income tax deduction. If you’re feeling charitable and want to help reduce the spiraling federal debt, Uncle Sam will say thank you. These payments qualify as charitable contributions. Deduct contributions on Schedule A...

IRAs and Roth IRAs

There is no age limit on making contributions to traditional IRAs or Roth IRAs. Prior to 2020, individuals could not make IRA contributions once they turned 70½. The SECURE Act, passed by Congress in 2019, repealed this rule for 2020 and later. For 2020, you can...

Insurance for the Uninsured

The Biden administration is giving the uninsured a bit of a reprieve. It reopened the federal exchange for them to buy health coverage for 2021. The special enrollment period runs from Feb. 15 to May 15. Go to healthcare.gov to get started and to review your insurance...

Foreign Accounts

U.S. persons needn’t report foreign accounts holding only virtual currency. But this will be changing. The Financial Crimes Enforcement Network says it plans to amend its rules to include virtual currency as reportable accounts. But any pending regulations won’t apply...

Tax Deferral

Schedule SE has been revised to allow for deferral of self-employment taxes. Self-employeds can defer a portion of their SECA tax on earnings from self-employment from March 27 to Dec. 31, 2020, with half of the deferred amount due Dec. 31, 2021, and the rest on Dec....