BOI filing requirements back on for businesses. The Dept of Treasury is giving a 30 day delay in filing requirements. www.journalofaccountancy.com/news/2025/fe...
19.02.2025 01:43
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BOI filing requirements back on for businesses. The Dept of Treasury is giving a 30 day delay in filing requirements. www.journalofaccountancy.com/news/2025/fe...
If you're a business owner who just got news SCOTUS overturned the stay against BOI reporting, make sure you get the WHOLE story. There were two stays. Only one was overturned. Even FinCen (the govt agency overseeing the BOI reporting) says that it's not required.
Special rules for your W-2 if you have an S Corp and want to take the deduction for medical insurance. Don't miss this or you'll give up a deduction!
www.ustaxaid.com/blog/s-corpo...
Here's a unique tax strategy: combining the capital gain exclusion with the like kind exchange roll over.
www.ustaxaid.com/blog/selling...
If you have an S Corporation, don't forget this weird IRS requirement. Miss it and you can lose the deduction.
www.ustaxaid.com/blog/s-corpo...
New Form 1099-K requirements mean a whole lot of people are going to get these for the first time this month.
Form 1040, Schedule 1, has a new line asking for the amount reported to the taxpayer on Form(s) 1099-K that was included in error or for personal items which the taxpayer sold at a loss.
No filing requirement for now.
See www.fincen.gov/boi for more info.
It's been such a mess.
I needed a cute picture after all the pictures of SoCal destruction.
What a great idea! What New Year traditions do you have?
The ongoing Corporate Transparency Act BOI filing:
On December 26, 2024, the 5th Circuit Court of Appeals again issued a nationwide stay against the BOI report.
There was a stay.
Then there wasn't & BOI reports were due 12/31/2024.
Then the BOI reports were due 1/13/2025.
NOW the stay is back.
Tax and accounting clients were surprised by this message today at Bench. Bench was a cheaper accounting software that offered tax services.
As of this date (12/27/2024), you cannot access your data. They state that it will be available on 12/30/2024 until the beginning of March 2025.
UPDATE! The stay was overturned. You need to file by 1/13/2025 now.
Nothing like last minute tax changes over the holidays.
IMMEDIATE ACTION NEEDED!
On December 23, 2024, the Fifth Circuit reinstated the CTA (BOI) reporting requirements mandating businesses to disclose beneficial ownership information to FinCEN. All non-exempt entities must comply by January 1, 2025, or face $591/day penalties.
Please repost.
At this moment, we do not need to file due to the TX national stay. But the Dept of Treasury is appealing, so we need to watch it.
Thank you for checking on that!
UPDATE! TX District Court has issued a stay. At this moment (12/23/2024) you do not need to file.
Dept of Treasury is appealing.
We'll see what happens.
New form required for partners!
Separate Form 7217 required with the partner’s return for each date that the partner received property. If the partner received distributed properties on different days during the tax year, a separate Form 7217 are required.
More tax info at USTaxAid.com
If you live in the western US, get this app now! You get alerts faster than almost any other service, plus very useful info for evacuations and shelters.
It's free and it works!
Or we may be related. :-)
If you have a US entity such as an LLC, S Corp, etc, you have to file a BOIR with the Dept of Treasury. You have until 12/31/2024 to file or penalty is up to $591/day. BOIR.org for more info. (If you formed entity in 2024, you have to file within 90 days)
One of my tax clients got a $0.01 refund from the IRS after they recomputed the 2023 tax return.
The IRS mailed the check.
I remember loading up Lotus 1-2-3 (spreadsheet program) on one floppy disk and having my spreadsheets on another floppy.
I could make a cup of coffee and leisurely walk back to my computer and it still wasn't loaded up yet.
Oh, how things have changed.
Home insurance in areas hit by repetitive disasters is going to be the number one housing affordability issue over the next 4 years. And possibly going into the midterms.
More so than interest rates. Florida in particular is going to have huge problems.
That's interesting. Our bees are primarily on lavender, which grows and blooms year-round here. We use centrifugal force to extract. If it's too fast, we end up with spun honey. Otherwise, slow it down. And then we store in a cool dark place.
In in Baja California, Mexico, on the Pacific coast.
It actually becomes solid. If it's been heated (and therefore not raw), it won't become solid though. It still could be pure.
"Honey fraud" is sadly prevalent around the world. As a beekeeper, I'm pretty sure I can spot raw, pure honey. Most of the stuff that is touted as such is not. One sure sign is whether it hardens in a few months.
All raw, pure honey will become solid.
My post was a little vague. I am in favor of temporary help in specific areas: food, shelter, and healthcare. And although not high on Maslow's Hierarchy, I think education is important for the future of any nation.
In general, I'm opposed to UBI because it becomes expected
From Charif Shanahan's book, Trace Evidence: bookshop.org/a/862/978195...
#books #poem #poetry #charifshanahan #writers
Likely trajectory of the US (and world) economy will be inflation leading to recession. In the past, gvt payments have turned it around. A regular UBI becomes expected & won't help long term. On the other hand, healthcare, food, housing & education are critical for the future of all of us.
Me encantaría encontrar algunos grupos en español en Bluesky, especialmente sobre historia, arqueología o apicultura de Latin America.
I would love to find some Spanish language groups on Bluesky, especially if the focus is on Latin American history, archaeology or beekeeping.
Any suggestions?
Fahrenheit 451 book cover.
Ray Bradbury's "Fahrenheit 451" is about book burning and censorship, but the topic hasn't saved the novel from its own exposure to controversy and censorship. Several words and phrases (for example, "hell" and "damn") in the book have been deemed inappropriate and/or objectionable.