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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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§179 vs. bonus depreciation

§179 vs. BONUS DEPRECIATION Either choice brings large deductions Eventually all business owners will need to purchase or replace assets. When this happens, they need to determine how the cost of those assets will be recovered. Typically, the cost of business assets is recovered over their expected life through depreciation. If your goal is to…

Independent Contractor vs. Employee which is right for my business?

Independent Contractor vs. Employee which is right for my business? So your business is growing and it’s time to get some help.  You reach out to your network and find a willing soul who will help you with the everyday tasks that need to be accomplished in your business, agree to a compensation rate, and…

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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…