This article is an update from a previously published article about BOI Reporting. As we approach the original January 1, 2025, deadline for Beneficial Ownership Information (BOI) reporting, a major development has shifted the compliance landscape for businesses. A recent federal court decision has temporarily paused enforcement of the BOI filing requirements outlined in the Corporate [...]
With the fall tax deadlines behind us, it’s tempting to take a well-deserved break from all things tax-related. However, taking a proactive approach now, in the fall, can save you time, money, and stress when tax season rolls around again in the spring. Here’s why a little fall planning can make all the difference: 1. Reduce [...]
As of January 1, 2024, businesses must report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This requirement applies to all businesses. If your business is a domestic company created before January 1, 2024, or a foreign company registered before that date, you won’t need to report company applicants but must file your [...]
In today’s economic landscape, the rising costs of goods and services are becoming increasingly difficult to ignore. With inflation rates fluctuating, it’s crucial for individuals to take a proactive approach to managing their finances. One of the most effective strategies to navigate these financial challenges is through budgeting. Understanding the significance of budgeting, paying taxes, and [...]
Hi Abe! What can I do to prepare for the back-to-school season? Great question. The back-to-school season is an exciting time, but it can also bring a range of financial challenges if you’re unprepared. We’ve made a checklist to help you prepare for the new school year. Set a back-to-school budget List out essential items such [...]
As a driver, you’re used to navigating long hauls and managing your time on the road. But when it comes to your finances, especially with a child heading off to college, the journey can seem just as challenging. Proper tax planning can make a significant difference in managing the costs of higher education. This guide will [...]
Great question. If you purchase a lottery ticket or gamble at a casino and win big, you need to be prepared for potential tax implications. First, if you win, your gambling winnings are fully taxable and must be reported as income on your tax return. Reportable income includes winnings from lotteries, raffles, horse races, and casinos. [...]
Why you may have received a notice from the IRS With the April deadline behind us and 2023 tax returns being processed by the IRS, you may receive a tax notice. Receiving a letter from the IRS can be intimidating and raise numerous questions. At Abacus, we are here to assist you. Here are a few [...]
Do you know these tax facts? As you enjoy the mid-June sunshine, take a moment to brush up on some important tax facts. In this post, you’ll find answers to commonly asked questions and useful tax tips that can help you navigate various financial scenarios with confidence. Did you know you can claim a dependent who [...]
Hey Abe! Can I run a second business under my trucking LLC? Abe: Oooh, Thanks for asking this one. The answer to this question is technically yes, however it is often not wise to run multiple businesses under the same single-member Limited Liability Company (LLC). Here are a few reasons why: First, you must consider what [...]
