January Newsletter: Taxes and the New Year

New Year-New Laws

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis, which created a business ownership reporting mandate. The idea is to keep shell companies from hiding or benefiting from smaller businesses underneath their umbrella. 

The new law will require business owners to fill out a report based on beneficial ownership which will include the individual’s name, DOB, residential address, and an identifying number from a government document (driver’s license, ID card, passport).

This, along with the business information (full legal name according to the Secretary of State, any trades and DBA names, complete address where that is considered the principal place of business, jurisdiction of formation, and IRS number) must be on the report, as well as any change being reported within 30 days.

Any business created or registered to do business as of January 1, 2024, will have until January 1, 2025, to file the initial beneficial ownership information report. Any business created or registered on or after January 1, 2024, will have 90 calendar days to file its initial beneficial ownership information report.

Important Reminders and Changes Coming

With the new year here, we are going to be implementing a few changes.

  • We are no longer able to accept new Tax Clients for this Tax Season unless approved previously with Kristin. If you are a current tax client, we will still be taking care of your taxes. If you are a monthly bookkeeping client (we do your 1099’s), we will have them in the mail by January 31.
  • Please make sure if you are a current tax client, we have your current address on file, as we will be mailing tax organizers in the next few weeks. This will help you get all of your needed tax documents in order for the upcoming Tax Season.
  •  Please ensure we have all important tax documents (either email us, upload them in the smart vault, or come by the office). The deadline for companies to send these out is January 31, so please be on the lookout for them in the mail. There are some you will have to login and download, as some companies are moving away from hard copies being mailed. 
  • Effective immediately, we have a new payment system implemented. This comes with a 3.5% Technology Fee associated with Credit Card payments. To avoid this fee, please make sure we have an ACH approval letter on file with your contract.

Ribbon Cutting

Check out our recent ribbon cutting!

Employee Updates

Lydia is from Waller but is currently a student at the University of North Texas where she is pursuing a degree in accounting. Lydia worked at Gundersons for 2 years and is happy to be back on the team.  When she is not working, she loves spending time with her friends and family. 

Tax Tips

  • File on time (or file for an extension by April 18th, 2024)
  • Increase retirement account contributions to reduce taxable income.
  • Add to a 529 college savings account.
  • Contribute to your health savings account (HSA).
  • Fine tune your paycheck withholdings.
  • Take all tax credits and deductions you are eligible for.
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