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.
Thank you veterans — Your bravery is a vanguard for us all.
It’s here! 🥳 – MD Comptroller has just released an online payment tool for Pass-Through Entity Tax (PTET) payments!
So if your S-corp or Partnership is electing to pay tax on your business profit at the Maryland level, you can now remit those payments online 🛜 (& no longer have to write a manual check + mail with a paper voucher)
This should make things much easier for affected business owners (& in time for the 4th quarter PTET estimated payments due Dec 15) – Check out the new Payment Portal
🔔Reminder for Md. businesses🔔 -> Be sure to certify your compliance with MarylandSaves by Dec 1 to have your $300 Md. Annual Report fee waived next year 💲
This is related to the new requirement a couple years ago for businesses with at least 1 employee to have a retirement plan, either their own or the state’s free MarylandSaves option
If your business is using the MarylandSaves program, you’ll automatically get the fee waiver
If your business has its own retirement plan, you should certify compliance before Dec 1 to get the fee waiver
And if you’re exempt (e.g., no employees), be sure to certify exemption too
Energy efficiency incentives are available at both the federal and Maryland level, so check out these links if you’re contemplating, or have already, purchased an EV or use solar in some shape or form
Not only is the IRS' new DirectFile system going to be available in Maryland starting next year …
Maryland will also have its own “FileYourStateTaxesMD” platform that the same taxpayers can use to file their corresponding state return as well
What does that mean? -> Around 700,000 Marylanders will have the ability to file their income taxes for free using software created by the IRS and MD - wow.
You do have to be sure your return is on the simpler side in order to qualify (since the platform can only handle some complexities), but if it does, this promises to be a great stride forward for streamlining tax filings for hundreds of thousands of people!
See the link above for more info!
Under new overtime rules issued by the U.S. Department of Labor:
Then, starting 1 Jul 2027, these earnings thresholds will be updated every 3 yrs (rather than previous 5-9 yrs) to keep pace with changes in worker salaries and be more predictable for employers.
More detail in the DOL news release.
UPDATE: New rules over-turned 15 Nov 204 – See our updated microblog post.)
Xero’s mobile app is about to get some major upgrades taking it even further! 📱⚡
- [Coming soon] Tap to Pay: Starting early next year, businesses can accept payments on the spot using their mobile device. This makes it even easier to get paid, especially when you’re out and about.
- [Coming soon] Predictive cash-flow forecasting: Get a clear picture of your future finances directly in the app. AI-powered forecasting will help you anticipate cash flow needs, make informed decisions, and plan for growth.
- Create, modify and void invoices on the go: Need to send an invoice while you’re at a job site or meeting a client? No problem. Create, edit, or even void invoices right from your phone.
- Mobile bank reconciliation: Reconciling transactions is now easier than ever. Our upcoming sort and search feature makes it easy to navigate your bank statements on mobile. Plus AI-powered predictions suggest transaction details, saving you time and reducing manual effort.
- Drill down into P&L statements: Dive deep into profitability with just a few taps. Explore the transactions behind the numbers, identify any discrepancies, and fix errors, all from your mobile device.
Read more about on Xero’s blog announcement!
