Ready or Not Here Comes the New Year!
Wow, 2025 is almost here! It is so hard to believe how fast 2024 has gone by!
At P&L Business Solutions, we like to encourage our clients to have all their “ducks in a row” as we come to the end of the year.
1. BOI Reporting by 12/31/2024 – The majority of small businesses will need to register their company and ownership details with the US Treasury using the Beneficial Ownership Information (BOI) Report. Business owners will need to set aside about an hour to complete the report.
NOTE: There is some uncertainty whether this filing requirement will continue to be in effect long-term given the current legal challenges brought by the National Small Business Association. It is also uncertain if the new political administration will support the Treasury in this effort to continue to monitor small business owners in an effort to try and prevent money laundering and financial crimes. However, the fines for not filing the BOI report are significant, so business owners need to make an educated decision about complying with this new requirement. To complete the filing, you will need a copy of the driver’s license and a current address of all of the owners of the company. Given these details, we do not recommend that you hire a third party to “help” complete this form. The report is fairly straightforward and the filing can all be completed online at https://boiefiling.fincen.gov/
2. “Miscellaneous” Transactions – Don’t delay in responding to any “miscellaneous” or uncategorized transactions that your bookkeeper has requested your help in properly identifying. Having a material amount of transactions in a “miscellaneous” category is not helpful for you as a business owner because it may prevent you from receiving the greatest tax benefit when your taxes are filed. If a business owner is not cooperative in identifying these transactions, in many cases they will be considered as an owner distribution/draw by a reputable CPA or tax preparer. It is in your best interest to work with your accountant to properly identify any unknown transactions in a timely manner.
3. We Now Offer Business Tax Filing for Clients! For clients that are unhappy with the partnership with their current tax preparer, P&L Business Solutions is pleased to announce that Clarence Elliott, Enrolled Agent, has joined Our Team to provide business tax filing services for our clients. Clarence has over 25 years of experience working with business owners to file both their company and personal taxes with the IRS and across all 50 states.
Most importantly as we close out the year, remember to take time and reflect on the True Meaning of Christmas this year and share this blessing with those around you!
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