The One Big Beautiful Bill Act (OBBBA) creates new income tax deductions for tax years 2025 through 2028 for qualified cash tips and overtime compensation. If you receive tips or overtime pay, you...
If you file Schedule C (Business) or Schedule E (Real Estate), you’re responsible for issuing 1099s for certain payments. The IRS treats these filings the same as larger businesses, so it’s essential to understand the requirements.
As we approach the end of the year, it’s time to start thinking about 1099 filings. The January 31st deadline is fast approaching, and preparing early can save you time and stress. Here’s what you need to know to ensure your business stays compliant.
Attention businesses: The U.S. District Court for the Eastern District of Texas has issued a preliminary injunction suspending the enforcement of the Corporate Transparency Act's (CTA) Beneficial Ownership Information (BOI) reporting requirements, effectively delaying the January 1, 2025 compliance deadline.
As part of our commitment to keeping you informed, we’re sharing details on a valuable resource this week: a free webinar sponsored by the IRS, designed to help businesses understand Beneficial Ownership Information (BOI) reporting requirements and avoid compliance issues.
As part of our commitment to keeping you informed, here’s what you need to know about BOI filing requirements for dissolved and withdrawn companies to stay compliant and avoid penalties.
As of January 1, 2024, many U.S. companies must report beneficial ownership information to the Department of Treasury's Financial Crimes Enforcement Network (FinCEN). However, nonprofit status alone doesn't automatically exempt an organization from BOI reporting. Nonprofits formed as corporations or LLCs are considered reporting companies—unless they're tax-exempt.
As part of our commitment to keeping you informed, we want to ensure you're aware of the upcoming BOI filing requirements under the Corporate Transparency Act (CTA). Compliance with these regulations is crucial to avoiding penalties and ensuring your business remains in good standing.
Most business entities with fewer than 20 full-time employees and less than $5 million in sales or gross receipts (as reported on federal tax returns) will likely be required to complete the BOI disclosure.
As part of our commitment to keeping you informed, we want to make sure you're aware of important updates regarding business filing requirements. Staying compliant with these regulations is essential to avoid penalties and ensure your business remains in good standing.
Most business entities with fewer than 20 full-time employees and less than $5 million in sales or gross receipts, as reported on federal tax returns, will likely be required to complete the BOI disclosure.
While Brinker Simpson & Company does not directly manage Beneficial Ownership Information (BOI) filings, we are here to provide you with the necessary resources and information to help you comply with these critical regulations.
As part of our commitment to keeping you informed, we want to make sure you're aware of important updates regarding business filing requirements. Staying compliant with these regulations is essential to avoid penalties and ensure your business remains in good standing.
While Brinker Simpson & Company does not directly manage Beneficial Ownership Information (BOI) filings, we are here to provide you with the necessary resources and information to help you comply with these critical regulations.
