Navigating the 1099 Maze: Understanding Your Tax Responsibilities

What exactly are 1099s? There are two main types of information you need to know about: 1099-NEC and 1099-MISC. Let’s break them down: 1099-NEC (Non-Employee Compensation): This form applies when you pay someone more than $600 annually for services they provide to your business. Think of subcontractors or independent contractors who have worked on specific […]

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Advice for Lowering your Payment to the IRS before the Filing Deadline with The Romine Group

As tax season comes to a close, many individuals find themselves facing a balance due on their tax returns. However, there are proactive steps you can take to lower that amount before the filing deadline.  Contributing to Your IRA One effective way to reduce your tax liability is to contribute to your Individual Retirement Account […]

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Navigating the Beneficial Ownership Information (BOI) Report with the Romine Group

At The Romine Group, we pride ourselves on keeping you informed about crucial regulatory changes that may impact your business operations. Today, we’re shedding light on the Corporate Transparency Act and its implications, particularly regarding Beneficial Ownership Information (BOI) reporting. So, what exactly does this mean for you? The Corporate Transparency Act mandates that entities […]

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Explaining the ERC with Tanner Roberson of The Romine Group

Several weeks ago, the IRS announced the details of a special withdrawal process for taxpayers who filed an Employee Retention Credit (ERC) claim. To give some context, the IRS paused all processing of ERC claims in a historic news release in mid-September due to a flood of improper ERC claims. The main concern is these […]

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A Comprehensive Guide to 2024 Retirement Account Changes by The Romine Group

Today, we’re delving into some significant changes coming in 2024 for retirement accounts, brought to you by The Romine Group, a leading CPA firm. In this blog post, we’ll unravel the key modifications affecting 401(k)s, 403(b)s, 457 plans, the Federal Thrift Savings Plan, IRAs, and more. Understanding these changes is essential for maximizing your retirement […]

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The Romine Group’s Guide to Paying Your Kids in Your Business

In this blog post, we’ll delve into the topic of paying your kids within your business—a unique approach that can help them save for significant milestones like their first house, car, or even college. However, as with any financial strategy, there are important considerations and guidelines to ensure both compliance and mutual benefit. The Key […]

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A Guide to Prepaid Expenses – Insights from The Romine Group

In today’s blog post, we’ll explore the realm of prepaid expenses from the perspective of a cash-based taxpayer. As a Certified Public Accountant (CPA) firm, The Romine Group specializes in tax planning, and we’ll uncover how prepaying expenses can be a strategic move to lower your income and navigate the complexities of taxation. Understanding Prepaid […]

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A Guide to Bookkeeping from The Romine Group with Emily

In this blog post, we’ll explore valuable tips to streamline your bookkeeping practices, ensuring that your business and personal expenses stay distinct and your financial records remain in top-notch shape. Tip 1: Separate Business and Personal Expenses The Romine Group’s first tip is a fundamental but often overlooked one—maintain a clear separation between your business […]

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