Breedlove & Co, PC

10/11/2023

New FinCEN BOI Reporting Requirement for all Registered Entities

Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

Any entity registered with any Secretary of State (a reporting company) will be required to report Beneficial Ownership Information (BOI) to the FinCEN.

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.

A reporting company created or registered on or after January 1, 2024, will have 30 days to file its initial beneficial ownership information report. This 30-day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

For more information visit https://www.fincen.gov/boi

FAQs visit https://www.fincen.gov/boi-faqs

For comments or complaints regarding the beneficial ownership information collection process or regarding the accuracy, completeness, or timeliness of such information, please contact the Department of the Treasury’s Office of Inspector General at [email protected]

05/26/2023

ERC Scams
There are very specific eligibility requirements for claiming the ERC. These are technical areas that require review. They can claim the ERC on an original or amended employment tax return for qualified wages paid between March 13, 2020, and Dec. 31, 2021. However, to be eligible, employers must have:

• Sustained a full or partial suspension of operations due to orders from an appropriate governmental authority limiting commerce, travel or group meetings because of COVID-19 during 2020 or the first three quarters of 2021,
• Experienced a significant decline in gross receipts during 2020 or a decline in gross receipts during the first three quarters of 2021, or
• Qualified as a recovery startup business for the third or fourth quarters of 2021.

If you claimed and don't qualify you will have to pay it all back and potentially have to pay penalties and interest.

IR-2023-105, May 25, 2023 — As aggressive marketing continues; the IRS today renewed an alert for businesses to watch out for tell-tale signs of misleading claims involving the Employee Retention Credit.

12/15/2022

Every year our work neighbor Russel (pictured far left) always gives his time to take a holiday picture of the team at Breedlove & Co, PC. Thank you Russel we appreciate you taking time off to capture our party day, complete with English Christmas Crackers (and the crowns inside).

HAPPY HOLIDAYS TO ALL!
The team at Breedlove & Co, PC wishes everyone a joyful and safe holiday season, and a happy new year!

11/17/2022

Internet Explorer & Quickbooks 2019 (and older)

Microsoft has announced it will no longer be supporting and, in fact, will be removing internet explorer with updates beginning February 15, 2023 from Microsoft machines through updates. Quickbooks utilizes internet explorer on all versions of Quickbooks 2019 and older to validate the license on the applications. Intuit has confirmed they will not update 2019 and older versions to validate licenses. This will result in 2019 and older versions of Quickbooks no longer functioning. Your version may continue to function on your machine if you do not run Microsoft updates, at least for a while. However, for security reasons our firm always maintains Microsoft updates. Once internet explorer has been retired completely and removed we will no longer be able to open 2019 and older versions of Quickbooks. We would highly recommend anyone using Quickbooks desktop 2019 or older updating to a current version 2020 or newer. This announcement does not affect Quickbooks Online users.

06/10/2022

Standard mileage rate to increase by $0.04 per mile for the last 6 months of 2022. Beginning July 1, 2022 standard mileage rate will be $0.625 per mile. Keep your mileage logs so you have records to support the miles for both periods. We will need to see your mileage log by dates for tax preparation.

Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.

06/08/2022

Are your kids self-employed? Young entrepreneurs, may have to file a return and pay self-employment tax. Things to keep in mind.

Tax Tip 2022-88, June 8, 2022 — Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer wi...

02/05/2022

Some may have recevied an INCORRECT version of Letter 6419. How to calculate your CTC balance on 2021 tax return

02/05/2022

Some Taxpayers are receiving erroneous advanced child tax credit letters and are advised to check their online accounts for accuracy. Both parents should receive a letter even if one opted out.

Get instructions on your online account. Review the amount you owe, balance for each tax year and payment history.

02/02/2022

Direct deposit recommended.

Don’t waste time this year. Make sure to select direct deposit for your 2021 refund. It’s the fastest, most convenient and secure way to get your money. www.irs.gov/directdeposit

01/20/2022

WATCH FOR THE EIP LETTER TO BE SENT IN JANUARY
Third Economic Impact Payment letter 6475: In late January 2022, the IRS will begin issuing letters to people who received a third payment in late January 2021. The letter says, “Your Third Economic Impact Payment” near the top and, “Letter 6475” on the bottom righthand side of the page. Here’s what people need to know:
• Most eligible people already received their stimulus payments. This letter will help individuals determine if they are eligible to claim the Recovery Rebate Credit (RRC) for missing stimulus payments.
• People who are eligible for RRC must file a 2021 tax return to claim their remaining stimulus amount.
• People can also use IRS online account to view their Economic Impact Payment amounts.

01/20/2022

WATCH FOR THE LETTERS - We will need this information!
Advance CTC letter 6419: In late December 2021, and continuing into January, the IRS started sending letters to people who received advance CTC payments. The letter says, “2021 Total Advance Child Tax Credit (AdvCTC) Payments” near the top and, “Letter 6419” on the bottom righthand side of the page. Here’s what people need to know:
• The letter contains important information that can help ensure the tax return is accurate.
• People who received advance CTC payments can also check the amount of the payments they received by using the CTC Update Portal available on IRS.gov.
• Eligible taxpayers who received advance Child Tax Credit payments should file a 2021 tax return to receive the second half of the credit. Eligible taxpayers who did not receive advance Child Tax Credit payments can claim the full credit by filing a tax return.

IMPORTANT NOTE: In some cases receiving the payment in advance will result in tax owed to the IRS, any tax owed is due April 15th.

11/23/2021

Happy Holidays! - https://mailchi.mp/breedlovecpa/happyholidays2021