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 […]
More common accounting terms to know in 2023
In our last accountancy terms post, we discussed 9 key terms you should familiarize yourself with in 2023, covering essential aspects of Accounting Basics. For this post, we wanted to add several more to that list. Accruals: Accruals are revenues or expenses that have been incurred but not yet recorded in the financial statements. They […]
How to find a good accountant for your business
Finding a good accountant for your business is crucial for a variety of reasons. Not only is a good accountant needed to help you maintain accurate financial records and comply with tax regulations, they can also help you make informed financial decisions for your company. The right accountant can provide valuable insights, help you maximize […]
9 common accounting terms to know in 2023
Accounting is a complex field with a significant amount of industry-specific terminology, including important accounting terms that business owners should familiarize themselves with in 2023.” Accounts Payable: Accounts Payable (AP) refers to the amount of money a company owes to its suppliers or creditors for goods or services they’ve received but have not yet paid […]
Top 3 Benefits of outsourced accounting services
Business owners interested in learning more about how they can streamline their accounting services may be wondering if they should hire someone full-time or consider an outsourced accounting services option. Hiring an in-house accountant can be challenging for a variety of reasons. For example, not only do you need to find a candidate that has […]
Lessons Learned from the Last Filing Season- What to do Next
It’s never too soon to start thinking about next year’s filing deadline. Below are just a few of the things you’ll want to keep in mind for 2023. Next year’s tax filing deadline falls on Monday April 15 This year, the filing deadline is April 18 for most taxpayers, however, next year’s deadline falls on […]