Tax season is here! Phone has been ringing all morning, but we always have room for you!
A couple of friendly reminders: 4th quarter estimated tax payments are due 1/16, and, for those of you with employees/contractors, Forms W-2 and 1099 are due 1/31 (and generally must be filed electronically).
BOI Required Reporting
Small business owners, are you ready for Beneficial Ownership Information required reporting, which begins with the new year?
And we are talking about the smallest of the small; while there are exemptions for larger companies, as well as banks and other financial institutions, and non-profits, the US Corporate Transparency Act requires that just about anyone else who has registered an entity, typically a corporation or now highly-fashionable LLC, with the Secretary of the Commonwealth to file a report. This includes single-member LLCs that file tax returns as disregarded entities (Schedule C of Form 1040, just as any other sole-proprietorship).
Existing entities have all of this year to complete their reporting, whereas new entities registered in 2024 will have 90 days (reduced to 30 days in 2025 and on) to do so, as well as an additional information requirement.
Although also a part of the Treasury Department, the agency administering the program, the Financial Crimes Enforcement Network (affectionately known as FinCEN) is otherwise entirely separate from the Internal Revenue Service; nonetheless, at Holyoke Tax Service we will be including assistance with this reporting with our other services. If we may assist you with this, and of course any income tax filing, please message us here, or call or text to 41-210-0102.