Nearly every U.S. state requires Limited Liability Companies, C Corporations, and other registered business entities to complete and file some form of an Annual Report. Annual Reports are intended to keep state officials up to date with contact information for your...
In a press release on February 27, 2025, FinCEN said that it “will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the...
A pass-through entity refers to a business that does not pay income tax of its own. Its income, losses, credits, and deductions “pass-through” to each business owner’s personal tax return, where its profits are taxed according to each owner’s individual income tax rate. Sole proprietorships, general partnerships, limited partnerships, limited liability partnerships, limited liability companies, and S Corporations are all pass-through entities. Corporations, and limited liability companies that elect to be taxed as a corporation, are not pass-through entities.
After a temporary halt in the requirement to submit beneficial ownership information reports (BOIR) to the federal government, FinCEN has announced that the reporting obligations under the Corporate Transparency Act (CTA) are again mandatory. What Does This Mean...
The Corporate Transparency Act’s Beneficial Ownership Information Reporting Rule went into effect in January 2024, leaving many business owners wondering: Are they required to submit a Beneficial Ownership Information (BOI) Report? What’s the difference between...
As the deadline approaches for reporting companies to submit their BOI report to FinCEN, many business owners are still questioning if they need to file a report. I field that sort of inquiry a lot when presenting webinars on the topic and the answer is often...
You’ve likely heard buzz about the U.S. District Court for the Northern District of Alabama’s March 1, 2024, ruling that the Corporate Transparency Act (CTA) is unconstitutional because it oversteps Congress’s legislative authority. As a result, plaintiffs in the...
By now, you’ve hopefully heard about the beneficial ownership information report that many businesses must file before the year's end. The BOI report is filed with the Financial Crimes Enforcement Network (FinCEN) and it is designed to document information about...
Companies required to file a Beneficial Ownership Information report (ROIR) under the Corporate Transparency Act must share information with FinCEN about their reporting company, beneficial owners, and company applicants. If you're filing the BOI report yourself,...
Did you know many businesses had a new federal reporting requirement in 2024? Most registered business entities — like Limited Liability Companies (LLCs) and Corporations — must file a beneficial ownership information report (BOIR) with the Financial Crimes...
Why does FinCEN need a BOI report? Could the purpose of BOI reporting be so great that businesses across the USA have to file yet another report with the government? That’s the question many business owners have been asking since the Corporate Transparency Act of...
Reporting companies must file a Beneficial Ownership Information report with the Financial Crimes Enforcement Network (FinCEN). The BOI report is considered a one-time filing. If a business entity’s initial BOI report is accurate and no information filed in the...
A large range of businesses operate as Sole Proprietorships – a type of business entity that has one person, or a married couple, as its owner and operator. In fact, there are more Sole Proprietorships in the United States than any other type of business structure,...
The U.S. Chamber of Commerce reports that more than 5.5 million new business applications were filed in the United States in 2023. This record number has continued to grow since the surged started in 2020. If you’re one of the millions of Americans with a dream of...
Are you starting a business with some colleagues or friends? Or do you have an existing business and want to add some partners so you can grow your company? In either case, the multi-member LLC business structure may be a good option to consider. A multi-member LLC...
If you’ve spent any time on this blog or researching how to incorporate your business online, you’ve probably found some terms that were a bit confusing. What’s the difference between an LLC and a C Corporation? What paperwork do I need to file annually? What are...
If you’re looking to start your own business, a Sole Proprietorship is an easy way to get started. A Sole Proprietorship is a simple business entity in which one person, or a married couple, acts as the sole owner and operator. Unlike a C Corporation or Limited...
You might hear the terms “business license” and “business permit” used interchangeably. Although they are similar in that a company may need them to conduct business in a particular area, they aren’t exactly the same. Business licenses and permits help ensure that...
Understanding sales tax responsibilities can be confusing. For businesses with a brick-and-mortar storefront, it’s relatively straightforward. However, the rules get hazy when selling online to customers in other states. Let's review what you need to know about...
Are you aspiring to elevate your business to the next level? Are you expanding your products and services, bringing in new partners, entering into new markets, or adding employees? You might want to complete some important business filings before you take those...
If your Limited Liability Company (LLC) has outgrown its space or you’ve been operating from your home and are ready to move the business to another location, you’ll need to notify certain parties of your address change and update your operating agreement. Changing...
Before the advent of the S Corporation in 1958, entrepreneurs had two options for forming a business entity. They could form a Partnership or a C Corporation, but neither of those business structures fulfilled the needs of many people seeking to start their own...
Have you been thinking about whether your business might benefit from being an S Corporation? I presented a webinar for accounting professionals about the S Corporation election not too long ago. Within that presentation, I covered information of value to...
Daycare businesses provide a critical service to working families. Parents and guardians need reliable, responsible childcare services to ensure that their children are well taken care of while adults in the household work hard to earn a living. Before starting a...
All Corporations, Limited Liability Companies (LLCs), Non-Profit Corporations, and foreign entities registered to conduct business in the State of Colorado must file a periodic report each year with the Colorado Secretary of State’s Business Division. The intent of...
Delaware is known as a business-friendly state for such reasons including its lack of residency requirements, favorable tax structures, legal flexibility, privacy protections, and other advantages. A less friendly aspect of having your LLC based in Delaware is its...
If you’re feeling a bit of whiplash from the wild ride that is the federal court activity related to the Corporate Transparency Act’s Beneficial Ownership Information Reporting (BOIR) Rule, we understand! Just days after FinCEN announced on December 23, 2024 that...
The S Corporation election deadline for LLCs and C Corporations is March 17, 2025. So, if you’re considering changing your limited liability company or C Corporation tax treatment from its default status to an S Corporation, time is of the essence! To be considered...
If you’re wondering if you can bring additional members into your single-member LLC, the answer if yes. There are steps you can take to add members, at which point your business would become a multi-member LLC. There’s more to that question than you might think,...
Before you let the hustle and bustle of the holiday season take over your business (and your life), now’s a good time to review your financial situation and explore some money-saving small business tax tips. Below is a list of my top tax tips entrepreneurs can...
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