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New Reporting Requirement for 2024

FinCen Beneficial Ownership Reporting What is the Beneficial Ownership Information Reporting Rule? The upcoming implementation of the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Information (BOI) reporting rules on January 1, 2024, may have raised questions for many small business owners.While navigating new regulations can be challenging, understanding the BOI rules and their implications is…

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Supreme Court opens door for States to Collect Sales Tax from Out of State Sellers

Supreme Court opens door for States to Collect Sales Tax from Out of State Sellers Quill is Dead Long live Wayfair. In an 5-4 split decision on 06/21/2018 the Supreme Court rocked the on-line retail world by ruling in the case South Dakota v. Wayfair Inc. in favor of South Dakota to allow its new…

Are You Prepared for the Latest Independent Contractor Crackdown?

The following is an interview from the website accounting.smartpros.com.  There has been a good deal of publicity lately about the changing attitudes of government interpretation of what the difference is between independent contractors and employees. Our one sentence synopsis is: Be careful, the courts have started to re-characterize independent contractors as employees even though independent…

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Persistence and secrets to success

Persistence and secrets to success We are all faced with challenges in our daily lives, and many of them seem insurmountable to us in the moment. However, there are many stories of individuals who have overcome their obstacles through dogged persistence. I wanted to share a few anecdotes of individuals who have gone to extraordinary…