"Most small companies must file."REGARDING THE CORPORTATE TRANSPARENCY ACT - BENEFICIAL OWNERSHIP of Business:
Most small companies must file a Beneficial Ownership Information report with the US Department of Treasury's Financial Crimes Enforcement Network this year. Failure to comply with this mandate may result in penalties and jail time. Please contact your attorney or CPA for more information. You can learn more here: fincen.gov/boi |
4th Quarter 2024
W2 vs 1099 Employees; what is the difference? A new rule became effective March 11, 2024, regarding independent contractors. Misclassifying an independent contractor as an employee or vice versa can trigger financial penalties from the IRS. If you are hiring or contracting with other individuals to provide services, consider the following when classifying employees:
Estimated Quarterly Payments If you earn income that is not captured on a W2, consider paying estimated quarterly taxes for Federal, State, and Local entities. There are penalties if you owe more than a certain amount at tax time. Paying estimated quarterly taxes will also reduce the shock of a large (possibly unexpected) tax bill when you file your taxes. |
This website uses marketing and tracking technologies. Opting out of this will opt you out of all cookies, except for those needed to run the website. Note that some products may not work as well without tracking cookies.
Opt Out of Cookies