📢 Maryland Employers: MD mailed Unemployment Rate update notices on Mar 17 (we just got ours in the mail this weekend):
Be sure to look for, and update any changes in your payroll platform to avoid under/ over payments + interest/ penalties
You can also log into your employer account on MD’s unemployment platform BEACON to retrieve online as well
After a year+ of angst, and with explicit reference to the change in federal Administrations, Beneficial Owner Report (BOI) filing requirements are now -removed- for US companies & persons
The Interim Final Rule released Mar 21 (expected to become final) essentially states only foreign entities filing to do business in the U.S need to comply with FinCEN’s BOI reporting rules
It’s been a long road here, but definitely simplifies things for small business owners out there
FinCEN’s press release and additional coverage at JofA
We were recently reminded of the mind-expanding, 6-minute video, “I, Pencil: The Movie”, based on the essay by Leonard E. Read.
From the opening frames: “We are perishing for want of wonder, not for want of wonders." - G.K. Chesterton
If you haven’t seen it before, or it’s been awhile, take a moment to appreciate the wonder of the pencil and what it signifies about modern commerce & human interaction:
Reminder to Individuals & C-corps: The April 15 filing deadline is approaching —> To guarantee your return by then, we’ll need the last piece of missing info by Mar 21
Just upload to your e-Cabinet or reply in your Xero Ask query 📥
/StressFreeTax
🚨BOI enforcement is now officially on hold ->
The gist: While the legality of the law requiring BOI isn’t currently being challenged (what all the hoopla was these last 4-5 months), FinCEN is now softening their approach, viz:
The recently published Mar 21 deadline is now lifted, with a different later deadline to be shared sometime before then
Enforcement of BOI has been suspended while FinCEN updates their regulations to more closely target higher risk entities (rather than sweeping up all average small biz)
So the saga continues, but thankfully at least moving in a direction simpler for small business 🎭
In yet one more installment in the BOI drama – BOI reporting is back on again and due Mar 21
It’s certainly been an on-again, off-again scenario multiple times, but the last remaining injunction was lifted on Feb 17 and FinCEN has stated that the Beneficial Ownership Information (BOI) reporting requirements are back and now due Mar 21
In a notable nod, FinCEN also announced they’d be revisiting the reporting rules for low-risk entities like small businesses and looking for ways to make it easier for them
For help filing, you can see our video provide step-by-step guidance.
We’ve been noticing the IRS has been showing greater than normal processing delays for amended returns – And the IRS status page indicates the same:
Amended individual returns: Now processing from Jul 2024
Amended corporate returns: Now processing from Sep 2024
Individual general correspondence: Oct 2024
Business general correspondence: Aug 2024
The undercurrent: If your return or situation doesn’t fit squarely into an existing hole, it’s taking a lot longer than usual. And the recent release of 6,000 IRS employees isn’t likely to help matters unfortunately. :/
Be sure to check out our latest blog post “Tools & Checklists for 2024 Small Business & Individual Tax Returns” –>
You’ll find loads of helpful resources all in one place, including:
A very handy compilation of resources indeed. 👍
Attention PNC Bank users 📢: PNC has enabled a new, Direct Feed with Xero, stabilizing and optimizing their bank transaction connection for your books! 🥳
Check our more details on this Xero Central page
Reminder to S-corps & Partnerships: The March 15 deadline is approaching —> To guarantee your return by then, we’ll need the last piece of missing info by Feb 21
Just upload to your e-Cabinet or reply in your Xero Ask query 📥
/StressFreeTax
If it’s been a bit since you last logged into your e-Cabinet via our website, you may find that it now requires Multi-Factor Authentication (MFA) ->
The reason: it’s now the law that any system providing access to tax information is required to have MFA (understandably)
Our secure platform will provide the option to use text, voice call, or an authenticator app, whichever you prefer – And while an additional step, it definitely is something we recommend customers do for any online platform that deals with finances (bank, payroll, books, credit card, etc.)
Of course, if you need any help, just give our team at the office a call and we can assist. (Note: We are not able to edit your user access since it’s securely maintained by our platform ShareFile.)
The Maryland Comptroller announced that about 6,000 Forms 1099-G were recently mailed to the wrong addresses —
So if you received the postcard form showing the Md. refund you received last year & it’s not yours, the Comptroller advises you to destroy it and await a corrected one
Alternatively, you can download a copy from the Comptroller’s General Accounting Division
Sales tax compliance is something that can creep up on small businesses, and while our team doesn’t specialize in sales tax, we do partner with the folks at Avalara to both: (a) track law changes, and (b) their technology to make things much easier, including embedded solutions in Xero
To get the latest lay of the land in sales tax, download Avalara’s 2025 Tax Changes Report
Tax Interview appointments are emailed & postcards are in the mail!
You should have seen an email from our team this week for your RSVP -> If you haven’t, please be sure to reach out to Alcides to double-check
And if you need to re-schedule, just let Alcides know – The sooner, the better: as you might imagine, tax season is our tightest calendar time of year 📆
Honoring the memory of Dr. Martin Luther King, Jr. today and the monumental work he led with those of his time to advance our nation for all.
Adrian enjoyed joining his fellow CPAs earlier this week for the MACPA’s “CPA Day” in Annapolis, advocating with our State legislators for a positive regulatory and tax environment for accountants and the small businesses and individuals we serve.
A toast to the #entrepreneurs we serve, their #families, and #communities: May the new year bring for you prosperity in mind, body, & soul! –> Here’s to #2025! 🍾🥂
(We’ll be closed Wed, Jan 1 in celebration and return Thu, Jan 2 to kick-off the new year!)
Okay: In yet another crazy turns of events, the BOI injunction got reinstated on Dec 26 – So BOI filings are again paused pending further court decision(s)
We’ve already been calling this situation a yo-yo 🪀, and it only continues to live up to its name! 🤪
Additional details from this AICPA Journal of Accountancy article
Joy to the world, the Lord is come! 👶🏾
We’ll be closed Wed, Dec 25 in celebration, and return Thu, Dec 26 ->
From all of us here, have a very #MerryChristmas !! 🌟
FinCEN BOI Reports due again, on extended due date of Jan 13
Yesterday, the Fifth Circuit lifted the injunction effected on Dec 3 – So if your business existed at Jan 1, 2024, you are required again to file your Beneficial Ownership Information (BOI) report, and FinCEN has provided an extended deadline of Jan 13 in light of the circumstances
Additional details available at the AICPA article linked above and on the Alert posted to FinCEN’s BOI Homepage
Don’t forget 🔔: If you’re Pass-Through Entity (like S-corp or Partnership) and you’re electing to remit taxes at the business level for Maryland ->
You can now (finally) pay online via a new portal setup by Maryland a couple months ago!
Check out our previous post for more info.
In yet another twist in the FinCEN’s Beneficial Ownership Information (BOI) reporting tug-of-war –> A federal district court issued a nationwide injunction against enforcement of BOI pending further review
Voluntary reporting is still permissible, and it remains to be seen which way and how quickly this new development will go
We pray your Thanksgiving 🦃holds moments of reflection & appreciation that fuel life’s joy. :)
Our offices will be closed Thu & Fri, then back Mon helping design business & finances for entrepreneurs!
“What to Know About the Five-Year Rule for Roths” via Schwab
There are actually several versions of the five-year rule governing Roth accounts, some of which overlap, and falling afoul of any of them could trigger additional taxes and penalties.
A great summary of what to know.
New U.S. Department of Labor overtime / salary exempt rules OVERRULED – Changes expected for 1 Jan 2025, those that occurred 1 Jul 2024, and the automatic escalation programmed for every 3 years, are no longer in effect.
See our previous post for some of the background, but the gist is: Salaried employees who make more than $35,568/ yr are still exempted from mandatory overtime pay.
