NORTHSIDE TAX SERVICE

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

File My Taxes!

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

Organize My Business Finances
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.

 

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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

RMDs are back!

RMDs are back after being halted last year. Individuals 72 and older MUST take annual RMDs from traditional IRAs or pay a 50% penalty. For 2021, you start with your IRA balances as of December 31,2020, and use the IRA Pub. 590-B to come up with the amount required to...
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PPP 1.0 & 2.0 (Paycheck Protection Plan)

The House has just passed a resolution to extend the PPP application deadline from March 31 to May 31, and to give banks an additional 30 days beyond that to process the applications.  We believe this will be finalized before month-end. The SBA has put out...
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PPP 1.0 and 2.0 Loans

The SBA has recently explained how partnerships may now apply for PPP loans.  You compute the payroll costs by adding the following: 2019 Sch. K-1 (Form 1065) Net earnings from self-employment Box 14-A, multiplied by 92.35%.  You must subtract any section...
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Update on PPP 1.0 and 2.0 Loans

The White House has just announced a major change to the PPP calculation for Sch. C filers (sole proprietors, gig workers, independent contractors, etc).  You can now apply for PPP, based on the gross receipts, rather than the net profit.  This opens up...
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ERTC (Employee Retention Tax Credit)

The act codifies the employee retention credit in new Sec. 3134 and extends it through the end of 2021. The employee retention credit was originally enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, and it allows eligible...
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PPP 1.0 and 2.0 Loans

The question has been raised as to whether you can apply for both round 1 and 2 during this second round.  The SBA refers to these as First and Second Draws. The most recent IFR (Interim Final Rule) states, “….a Second Draw PPP Loan may only be made to an...
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ERTC (Employee Retention Tax Credit)

We are still finding that many employers and tax professionals are unaware of this credit.  Please forward this information to any small business owners that may be eligible.  The eligibility for this credit is very broad.  In many cases, essential...
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PPP 1.0 Forgiveness

If you qualify for more PPP under the most recent rules, then you will need to delay the forgiveness application.  This is because, currently, there is no remedy that allows you to apply for the additional funding once you have requested forgiveness.  This is just a...
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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...
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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,...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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