We have relocated down to the first floor, Suite 120. It is just passed all the glass display cases.
Use this if you need to file Elderly Homeowner credit but don't have to file taxes.
The IRS Continues to work on the fraud committed by ERC promoters that mislead businesses to apply for the ERC when they didn't qualify. Some promoters have called the credit by another name, such as grant, business stimulus payment, government relief or any other name.
If you have a pass through entity (an S-Corp or Partnership) you are now eligible for a federal tax deduction when you pay 5.90% of your Montana pass through entity income. This is paid into Montana under your business tax ID, it will be required to be paid in quarterly in 2024 and is deductible on your federal tax return. On your Montana tax return, it becomes an estimated income tax payment made on your behalf by your business.
The Financial Crimes Enforcement Network (FinCEN) issued a final rule today that extends the deadline for certain reporting companies to file their initial beneficial ownership information (BOI) reports with FinCEN. Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports. FinCEN will not accept BOI reports from reporting companies until January 1, 2024—no reports should be submitted to FinCEN before that date.
This extension will give reporting companies created or registered in 2024 more time to become familiar with the guidance and educational materials located at https://www.fincen.gov/boi, and to resolve questions that may arise in the process of completing their initial BOI reports. FinCEN also anticipates that this deadline extension will make compliance easier for these first filers under the new reporting requirement and will promote the creation of a highly useful BOI database, as required by Congress.
Reporting companies created or registered before January 1, 2024, will continue to have until January 1, 2025, to file their initial BOI reports with FinCEN, and reporting companies created or registered on or after January 1, 2025, will continue to have 30 calendar days to file their initial BOI reports with FinCEN.
Businesses with questions about the upcoming reporting requirements may contact FinCEN at https://www.fincen.gov/contact.
Is a reporting company required to use an attorney or a certified public accountant (CPA) to submit beneficial ownership information to FinCEN?
No. FinCEN expects that many, if not most, reporting companies will be able to submit their beneficial ownership information to FinCEN on their own using the guidance FinCEN has issued. Reporting companies that need help meeting their reporting obligations can consult with professional service providers such as lawyers or accountants.
Over 30 years of experience in small business accounting and taxes and also continue to stay up-to-date with the latest industry trends and regulations.
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