News & Tax Tips
*NEW* FiCEN Requirement - Small Entity Beneficial Ownership Info Compliance Guide
Tax & New Tips Fall 2023
Tax & News Tips Spring 2023
Tax & News Tips Year-End 2022
News Updates from the Team @ Breedlove & Co., P.C.
New FinCEN BOI Reporting Requirement for all Registered Entities
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
Any entity registered with any Secretary of State (a reporting company) will be required to report Beneficial Ownership Information (BOI) to the FinCEN.
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.
A reporting company created or registered on or after January 1, 2024, will have 90 days to file its initial beneficial ownership information report. This 90-day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.
For more information visit https://www.fincen.gov/boi
FAQs visit https://www.fincen.gov/boi-faqs
Intuit has released a notice indicating after July 31, 2024 Intuit will no longer sell new subscriptions to the following Desktop Products in the US:
- QuickBooks Desktop Pro Plus
- QuickBooks Desktop Premier Plus
- QuickBooks Desktop Mac Plus
- QuickBooks Desktop Enhanced Payroll
What is not changing:
- Existing Desktop Pro Plus, Premier Plus, Mac Plus, and Enhanced Payroll subscribers can continue to renew their subscription after July 31, 2024*. We will continue to provide security updates, product updates, and support for existing subscribers.
- All QuickBooks Desktop Enterprise subscriptions (Silver, Gold, Platinum, and Diamond) will continue to be available for purchase for new subscribers after July 31, 2024. Enterprise Gold, Platinum, and Diamond include integrated payroll.
- Accountants can continue purchasing QuickBooks Accountant Desktop Solutions, including ProAdvisor bundles, through our Accountant Sales team after July 31, 2024.
What actions to take:
If you are using Quickbooks Online no action is needed, for those that prefer to stay on Desktop at this time:
- If you have non-subscription versions of QuickBooks Desktop Pro, Premier, or Mac and wish to remain on Desktop, we recommend you purchase a QuickBooks Desktop Pro Plus, Premier Plus, or Mac Plus subscription through our Sales team before July 31, 2024.
- If you have Pro Plus or Premier Plus and have been considering Desktop Payroll, we recommend you purchase a QuickBooks Enhanced Payroll subscription before July 31, 2024 or upgrade to QuickBooks Enterprise Gold, Platinum, or Diamond, which include integrated Payroll and can be purchased after July 31, 2024. Alternatively, QuickBooks Online Payroll is available to Desktop clients and is a standalone full-service payroll solution that also offers HR support, Health and 401K benefits.*
- We also recommend that all QuickBooks Desktop clients upgrade to the latest version of the software by July 31, 2024. QuickBooks Desktop 2024 includes the latest features and security updates. If you are on an active QuickBooks Desktop Plus subscription, you have access to QuickBooks Desktop 2024 with no additional charge and simply have to install the update.
In February 2024, Intuit will notify all QuickBooks Desktop customers of these changes. This gives you 6 months to purchase a Desktop accounting or payroll subscription if they want to remain on the Desktop platform.
Internet Explorer & Quickbooks 2019 (and older)
Update: Microsoft has changed the date to remove IE in June of 2024
Microsoft has announced it will no longer be supporting and, in fact, will be removing internet explorer with updates beginning February 15, 2023 from Microsoft machines through updates. Quickbooks utilizes internet explorer on all versions of Quickbooks 2019 and older to validate the license on the applications. Intuit has confirmed they will not update 2019 and older versions to validate licenses. This will result in 2019 and older versions of Quickbooks no longer functioning. Your version may continue to function on your machine if you do not run Microsoft updates, at least for a while. However, for security reasons our firm always maintains Microsoft updates. Once internet explorer has been retired completely and removed we will no longer be able to open 2019 and older versions of Quickbooks. We would highly recommend anyone using Quickbooks desktop 2019 or older updating to a current version 2020 or newer. This announcement does not affect Quickbooks Online users.
Electronic delivery of documents is still preferred. We will provide you with an electronic copy of work completed such as tax returns. We prefer to go as paperless as possible. We hope to save a tree or two.
You may provide your documents electronically through one of the following methods:
1 – Scan and upload copies of your tax, or other relevant, documents to your secured personal Sharefile folder. Please click here to login and access your folder. If you have not activated or accessed your Sharefile recently you may need to reset your password. Look for the “forgot password” link. Once logged in, you may need to click on the shared folder icon before you will see your folder. If you are having difficulty, please contact us for assistance. Please note that sometimes emails from this service may go directly to your junk or spam folder, so be sure to check these.
2 – Scan and password protect your documents, attach to an email, and send them to us. Please be sure to call the office to advise us of the password. For your protection and safety, please do not send your password in the email with your documents.
Please feel free to follow up with an email when you have uploaded documents to Sharefile to confirm we have received them.
When available, work to review will be uploaded into Sharefile and sent through RightSignature for electronic signatures.
In person meetings are limited.
If you require a meeting, to protect our staff, we do ask that you do not schedule a meeting if you have traveled in the last two weeks, been exposed to the Coronavirus, or if you have been sick or are experiencing symptoms. Our staff is limited and we wish to be able to remain available to all our clients.
Here are some things people should know about the new IRS Tax Withholding Estimator
Taxpayers who haven’t yet checked their withholding this year should do so ASAP. All taxpayers can do this by using the new mobile-friendly Tax Withholding Estimator. This new tool can be used by workers, as well as retirees, self-employed individuals and other taxpayers. It’s a user-friendly step-by-step tool to help taxpayers effectively adjust the amount of income tax they have withheld from wages and pension payments. This helps them make sure that they are paying the right amount of tax as they earn it throughout the year.
Here are some things people should know about the new tool:
- Using the tool to do a Paycheck Checkup can help taxpayers avoid an unexpected year-end tax bill and possibly a penalty when they file their 2019 tax return next year.
- The new tool allows taxpayers to separately enter pensions and other sources of income. Taxpayers who receive pension income can use the results from the estimator to complete a Form W-4P. They then give this form to their payer.
- It’s important for anyone who had an unexpected tax bill or a penalty when they filed this year to do a checkup.
- It’s also an important step for those who made withholding adjustments in 2018 or had a major life change.
- The new Tax Withholding Estimator makes it easier to enter wages and withholding for each job held by the taxpayer and their spouse.
- At the end of the process, the tool makes specific withholding recommendations for each job and spouse. It also clearly explains what the taxpayer should do next.
- Those most likely to owe tax because they’ve had too little tax withheld include:
- Those who itemized in the past but now take the increased standard deduction.
- Two-wage-earner households.
- Employees with nonwage sources of income.
- Those with complex tax situations.