RASUL PROFESSIONAL SERVICES INC.

11/04/2024

401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000

https://ow.ly/45uu50TYgk7

10/31/2024

10/25/2024

BOI deadline is looming

With tax season officially behind us and 2025 on the horizon, it's crucial to remember the BOI filing deadline is fast approaching. Don't let it sneak up--prepare now to stay ahead of curve.

The below is a brief summary of the requirements and deadlines:

What is Required?

The Corporate Transparency Act mandates that more than 30 million companies operating in the U.S. disclose details about the individuals who ultimately own or control them. This will help FINCEN in determining beneficial owners and control persons of these entities.

Important Deadlines to Remember:

1. For Companies Existing Before 2024: If your company was created or registered to do business in the United States before January 1, 2024, you must file your report by January 1, 2025,

2. For Companies Established in 2024: Companies created or registered in the United States in 2024 are required to file within 90 calendar days after they receive actual or public notice that their company's creation or registration is effective

3. For Companies Established in 2025: Companies created or registered in the United States in 2205 are required to file within 30 calendar days after they receive actual or public notice that their company's creation or registration is effective

FINCEN may impose civil penalties of $591 a day for late filing and criminal penalties of up to two years in prison and a fine of up to $10,000 for wilfully failing to file a report, submitting false information, or failing to update previously reported information.

10/23/2024

BREAKING: The IRS releases tax inflation adjustments for 2025.

New Standard Deduction

Single: $15,000 (up $400)
Married Filing Separately: $15,000 (up $400) Married Filing Jointly: $30,000 (up $800)
Head of Household: $22,500 (up $600)

Notable items that received inflation adjustments

Marginal Tax Rates
AMT Exemption Amount
Earned Income Tax Credit
Estate Tax Credit
Adoption Credit

Notable items that DID NOT receive inflation adjustments:

Itemized Deductions
Lifetime Learning Credit

10/16/2024

Have you heard about the new filing requirements issued by the US Department of Treasury? Well a little while ago a new law passed that requires most business owners to file a new report with the Department of Treasury. Failure to file this report will subject you to penalties of $591 PER DAY they are late, up to a maximum fine of $10,000! Yes, they are very serious about these reports. The reports are due on or before 12/31/24 if your business was created prior to 1/1/24. If your business was created on 1/1/24 or later, then your BOI report is due 90 days after your business was established.

Just in case, I have attached here a pdf document with information on 1. Who needs to file 2.

If you are interested in having our firm file these reports for you, just let me know. If you have any questions, please do not hesitate to reach out!

Sincerely,
Adnan Rasul, EA
516-800-5000
www.rasulcllc.com

I do provide tax & business tip

10/15/2024

HAPPY TAX DEADLINE DAY!!!