As you may recall, we previously mentioned the new requirement for most businesses to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). Well, this “requirement” has been on quite the rollercoaster ride—delayed, reinstated, delayed again, and finally pulling a rabbit out of the hat, has been reinstated once again by the Supreme Court . Honestly, at this point, we have no idea if or when this issue will actually be finalized or resolved.
News and Updates
25
Nov
Nov
Businesses and LLCs – Your CTA Time Is Running Out!
In January of this year we sent an email to all of our clients about the new reporting requirement created by the Corporate Transparency Act (CTA). Well, the rubber has hit the road. If you or a loved one owns a business or is a member of an LLC, the time is now to make sure you’ve filed these ownership disclosures with Uncle Sam. Let me emphasize that failing to fill out this form is a potential felony with two years of prison time, plus a potential daily penalty over $500.
Reporting is done with a special electronic filing with the Treasury Department’s Financial Crimes Enforcement Network (Not the IRS). The reporting requirement are as follows:
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04
Jan
Jan
Important Information For Business Owners On The Corporate Transparency Act
The Corporate Transparency Act (CTA) took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities. Government law enforcement and security agencies will use this data to help combat money laundering, tax evasion, terrorism, and other crimes. This information will not be available to the public.
Corporations, LLCs, and other entities subject to the CTA are called “reporting companies.” People who form new reporting companies after January 1, 2024 must file a Beneficial Ownership Information (BOI) report with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) within 90 days of forming the company. The owners of reporting companies created before 2024 must also file a BOI report, but they have until January 1, 2025 (but think December 31, 2024). The fine for not filing a BOI before the appropriate deadline is up to $500. Per. Day.
The BOI report must contain the following information for the reporting company:
28
Sep
Sep
Maryland Saves! And So Should You!
In September of 2022, Maryland passed a new law aimed at helping its employees better save for retirement. It’s called the Maryland Saves program and for many employees it might be the first time they’ve had the chance to contribute to a retirement plan through work.
For Employees
To be eligible for the retirement plan the employee has to be at least 18 years old and working for a Maryland employer or be a remote worker in Maryland. There is no qualification for employee status so seasonal, part-time, and full-time workers are all eligible.
17
Jan
Jan
Does My Dependent Need To File?
One of the most frequent questions we get every year is, “Is my dependent required to file a tax return?” It’s always a complicated response because it requires us to ask more questions to find out the truth. In an effort to help our clients with dependents navigate this easier, these are the filing requirements:
11
Aug
Aug
Get an IP PIN!
For the last seven years or so, if you were a victim of identity theft, meaning some fraudster used yours, or one of your dependent’s, Social Security number to file a false tax return, the IRS would issue you a six digit Identity Protection Personal Identification Number (IP PIN). You would need this number entered on your tax return in order to electronically file the return or even just to paper file.
This feature is now available to everyone and here are two big reasons why you should get one and one caveat for you to keep in mind if you do!
26
Jan
Jan
Matthew Lincoln – Certified Financial Planner™
All of us here at Lincoln Tax Professionals want to congratulate Matt for completing and receiving his Certified Financial Planner™ designation at the end of 2021. It was a long, arduous journey for him and we’re very proud of him for completing it. So the next time you see his name with a CFP® at the end be sure to give him an “atta boy tiger!”
So now that he’s got it, what’s he going to do with it? I’m glad you asked. Later this summer, due to federal and state regulations around financial planning, we’ll be introducing our sibling company, Cadence Planning. We’ll have more information as we get closer to opening up that side of the business but we wanted to let our clients who are looking for more in depth financial planning know who we are. If you have questions about how we’ll operate financial planning, or just want to get on our client wait list, please feel free to reach out to us by phone or email.