Enda Accounting

01/24/2025

Re: Developments on FinCEN's BOI reporting requirement:
There is a lot of confusion out there. There are a couple lawsuits going on in which the Courts have granted injunctions on the filing of the BOI reports. Yesterday, 1/23/25, the Supreme Court DID grant a stay on one of the injunctions, Texas Top Cop Shop. HOWEVER, there is still a separate nationwide order in place pausing BOI reporting. So still, for now at least, BOI IS NOT CURRENTLY REQUIRED TO BE REPORTED TO FinCEN. Voluntary submissions are being accepted.

01/02/2025

⏰ Attention Business & Rental Property Owners!
Business use of your vehicles can be one of your biggest tax deductions, so let's get it right - check your odometer today!
2024 IRS SMR for biz is 67 cents/mile
2025 IRS SMR for biz is 70 cents/mile

12/31/2024

Are you a crypto investor? The IRS has made big changes affecting digital asset tax reporting and TODAY, December 31, 2024 is a big day – don’t miss it! Two urgent things:
#1 – Document your Digital Asset Allocation Plan which must be signed & dated by 12/31/24. Get this time-stamped! You must choose a cost allocation method (highest cost allocated first, lowest cost allocated first, oldest allocated first).
#2 – Take an inventory of ALL of your digital assets by 12/31/24, after you are done trading for the day. Identify all of your wallets and exchanges that are holding tokens. Take screenshots, with timestamps, of all token balances in each wallet and exchange. Save these images in your tax files. **if you do not do this today, do asap before any transacting in 2025.

See CryptoTaxGirl's blog for some great info including a template for a Digital Asset Allocation Plan:

As we approach 2025, I want to inform you of some new crypto tax guidance that will impact you, as well as inform you of an obligation that you have before year-end. Summary: The IRS has implemented a

12/20/2024

ALERT 🚨 QUICKBOOKS ONLINE USERS: If you are a QBO user who utilizes TAGS, be aware that QBO is doing away with tags on 3/8/25. To alleviate the burden this may cause for its users, Intuit is providing a CUSTOM FIELD to replace tags. (per Intuit email dated 12/18/2024)

Enda Accounting is available to help with this transition or any other Quickbooks services! Contact us!

12/20/2024

ANNOUNCING THE LAUNCH 🚀 of Enda Accounting, Chino Valley’s new tax and bookkeeping professionals! We are your CPA for personal & business taxes, plus bookkeeping and Quickbooks consulting!

Follow us for helpful & relevant tax info plus Quickbooks tidbits too! And you can check out our website at endaaccounting.com!

12/09/2024

Just like your cherished family recipes, it's important to keep your tax records ready and organized so they're easy to find when you need them. Keeping accurate records may help you avoid delays that slow your refund and can even help you find overlooked credits and deductions.
See our list of documents to gather before you file your return this upcoming filing season https://ow.ly/OSRx50UjpPo.

12/09/2024

The Jan 1, 2025 deadline for BOI reporting is on hold… for now at least! 👍