Dawson Tax and Accounting Services, LLC

12/29/2023

Everyone's talking about BOI Reporting

Did you know many businesses will have a new federal reporting requirement in 2024? Most registered business entities — like Limited Liability Companies (LLCs) and Corporations — must file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN).

In September 2022, FinCEN, a bureau of the U.S. Department of Treasury, announced its final rule requiring certain entities to report their beneficial ownership information. The BOI report is designed to provide transparency about who owns and benefits from an LLC or Corporation. It requests identifying information about the entity’s beneficial owners (the individuals who directly own or control a company).

The purpose of the reporting requirement is to make it more difficult for unscrupulous individuals to get away with illegal or improper gains through shell companies or other questionable ownership arrangements. It will provide the U.S. government with information that can potentially help it enhance national security and protect financial systems from criminals who traffic drugs, commit fraud, launder money, and engage in other illicit activities.

There is no cost to submit a BOI report to FinCEN.

Here is the website: https://www.fincen.gov/boi

You can find answers to many of your questions on their FAQ page.

Starting January 1, 2024, many companies will be required to report information to the U.S. government about who ultimately owns and controls them.

11/08/2021

I am currently working with many of my clients on year-end tax planning. As the end of the year approaches, individuals and business owners should be reviewing their situations with their tax preparer to identify opportunities for reducing, deferring or in some cases accelerating tax obligations. Give me a call to schedule an appointment (816) 419-8173.

06/14/2021

Are you looking to make a move to a new CPA? Is your current CPA unresponsive? Let me help you. I have over 25+ years of experience in accounting, tax and business consulting. I am able to provide my clients all across the country with the assistance they need. Give me a call today at 816-419-8173 or send me an email at [email protected] to see how I can help you.

03/18/2021

https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

IR-2021-59, March 17, 2021 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

01/20/2021

The IRS has announced that they will start accepting e-filed returns February 12, 2021. Don't let this news delay providing your tax return preparer with your tax documents. I can enter the information ahead of time and have your return ready to e-file once it opens. If you have your tax documents give me a call today to set up an appointment. I am here to assist you with your tax needs. (816) 419-8173

https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic?fbclid=IwAR0skAFcZkQD9XFTHT-G_xjVURRGPLDB2gQ9TgQQEHSWDDPMFiQrla5Ex8s

IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

11/16/2020

I am currently working with many of my clients on year-end tax planning. As the end of the year approaches, individuals and business owners should be reviewing their situations with their tax preparer to identify opportunities for reducing, deferring or in some cases accelerating tax obligations. Give me a call to schedule an appointment (816) 419-8173. Meetings can be done through Zoom.

07/02/2020

The individual income tax return filing deadline, which was moved to 7-15-2020, is less than two weeks away. If you are still needing to file your returns I would love to help you! If you need additional time to gather information and can't file by 7-15-2020 I can help you with an extension as well. Give me a call today 816-419-8173.

Sean M Dawson Certified Public Accountant Call today for a consultation! [email protected] Phone: (816) 419-8173

06/13/2020

Back in March the US Treasury moved the due date of Federal Income Tax returns from 4-15-2020 to 7-15-2020. If you are still needing to file your income taxes I would love to help you! If you need additional time to gather information and can't file by 7-15-2020 I can help you with an extension as well. Give me a call today 816-419-8173.

Sean M Dawson Certified Public Accountant Call today for a consultation! [email protected] Phone: (816) 419-8173

05/07/2020

If you are still needing to get your business or personal income taxes completed I would love to help you! Give me a call today 816-419-8173.

Sean M Dawson Certified Public Accountant Call today for a consultation! [email protected] Phone: (816) 419-8173

05/02/2020

The IRS announced that the payroll costs, rent, utilities and mortgage interest expenses paid with that nontaxable PPP forgivable loan are not tax deductible. Read the attached article to see what that means for you as a business owner that received one of these loans.

The IRS issued guidance clarifying that a deduction is disallowed for expenses for payroll costs, mortgage interest, rent, utilities, and other interest on debt obligations to the extent they are being reimbursed by loans forgiven under the Paycheck Protection Program.

04/01/2020

With everyone trying to follow the stay-at-home orders, I wanted to let people know that if they have not filed their tax return yet I am able to do so digitally without a face-to-face.

Some may ask why file now since the filing deadline has been moved to July 15th, but if you believe you are going to receive a refund I can help you get them filed without having to come to my office.

My tax software is setup to be able to send you a secure link that you can use to upload your tax documents.

Please give me a call today to find out more at 816-419-8173 or email me at [email protected]. Please share this post with all of your friends and family. Stay safe and God bless.