FinCEN Amends Beneficial Ownership Reporting: What Your Business Needs to Know
On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) released an interim final rule with critical changes to the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This rule significantly revises the definition of a “reporting company,” bringing new deadlines and exemptions into effect. Key Updates: • Domestic Entities Exempt: […]
The March 15th Tax Deadline for Partnerships, Multi-Member LLCs, and S Corporations: What You Need to Know
The March 15th deadline is a crucial date for partnerships, multi-member LLCs, and S corporations. These business structures are considered “pass-through entities,” meaning the business itself does not pay taxes. Instead, the business’s income, deductions, and credits “pass through” to its owners or shareholders, who report this information on their personal tax returns. However, even […]
January 31st Deadline: A Comprehensive Guide for Employers on Payroll, W-2s & 1099s
As a business owner, staying on top of tax deadlines is critical to ensuring smooth operations and avoiding costly penalties. One of the most important dates for employers is January 31st. On this day, businesses face multiple filing obligations, including payroll tax forms, W-2s, and 1099s. This article provides a detailed overview of these requirements […]
New Beneficial Ownership Reporting under Corporate Transparency Act: An Additional Compliance Burden You Won’t Want to Miss
Many companies, including single member LLCs, are now required to report information about the individuals who ultimately own or control the company, i.e. Beneficial Ownership Reporting, to the Financial Crimes Enforcement Network (FinCEN) on an annual basis. This new requirement is part of FinCEN’s continued efforts to fight against money laundering, terrorism financing, and other […]
Important Notice – E-Filing Mandate for Payroll Reports
The Internal Revenue Service finalized regulations on February 23, 2023, significantly expanding mandatory electronic filing of tax and information returns that require almost all returns filed on or after January 1, 2024, to be submitted to the IRS electronically instead of on paper, emphasizing the importance of E-Filing. Under the new rules, filers of 10 […]
How to Develop Accounting Systems in 2022
If you’re about to start a new business, you’ll want to make sure that your accounting systems are ready to go the day your doors open. Not only do accounting systems help you monitor your revenue, expenditures, and financial growth models, they can also help guide your decision making. Below are just a few of […]
Run Your Business With More Clarity- Outsourced CFO Benefits
Lots of businesses could benefit from having a CFO, but not every organization has the budget to hire one full-time. (According to PayScale, as of October 2022, the average base salary for Chief Financial Officers in the US was recorded at more than $141,000 per year.) The good news is that if you’re interested in […]
What is the difference between financial accounting and management accounting
Financial accounting and management accounting may share some key similarities, but they also have a variety of differences. Suffice to say, they are not one in the same. What is Managerial Accounting? According to Investopedia, managerial accounting is the practice of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the pursuit of […]
What you need to know about ethics in accounting
Working with an accountant or CPA can be an extremely personal experience, especially in that this person will be given access to your personal identifying information (such as your address, social security number, and your driver’s license number, among others), your personal financial information, and your bank account information. Suffice to say, working with someone […]
Document Retention Guidelines for Businesses and Individuals
You likely know that just because you’ve filed your taxes, that’s not to say you can toss your supporting documents into a shredder. Regardless as to whether you’re an individual or a business owner, the IRS has established guidelines for how long you should keep various types of records. According to these guidelines, the records […]