McGuire Yuhas Huffman & Buckley PC

Immediate Release
March 21, 2025
WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.

FinCEN.gov WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to ...

Please visit the following FAQ's regarding the new requirements for Beneficial Ownership Information Reporting (BOI), to see if this applies to your business. If you have a business that is registered with the Sec of State to do business in IL (and many other businesses as well), you will have to file this report by 12/31/24. Any new businesses formed in 2024 or later will have 90 days to complete the BOI report. The fines are substantial for failure to timely file this report, so please be aware. If our clients need assistance with this new reporting requirement, please contact us after 4/15/24.

Beneficial Ownership Information Reporting | FinCEN.gov FinCEN has prepared the following Frequently Asked Questions (FAQs) in response to inquiries received relating to the Beneficial Ownership Information Reporting Rule.

~~~~Services~~~~

McGuire Yuhas Huffman & Buckley PC provides a wide range of services to individuals and businesses in a variety of industries. At McGuire Yuhas Huffman & Buckley PC, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
Our professional services include:
• Tax Management Services
• Advisory Services
• Estate and Trust Planning and Tax Preparation
• Bookkeeping Services
• Payroll Services
• Accounting Services
• Audits, Reviews, and Compilation
• Financial and Retirement Planning
• QuickBooks Accounting Help and Assistance
• Entity Selection and Restructuring
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Tax Management Services
At McGuire Yuhas Huffman & Buckley PC, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices.

Accounting Services
From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. McGuire Yuhas Huffman & Buckley PC's accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.
These services include but are not limited to:
• General ledger and financial statement preparation
• Bookkeeping (Monthly, quarterly, or annual)
• Accounting system setup and support
• Payroll processing
• Personal financial statements
• Employee benefit and profit-sharing plans
• Corporate tax planning and return preparation
• Litigation support

Advisory Services
At McGuire Yuhas Huffman & Buckley PC, we focus on building close client relationships that add long-term value. This includes assuring the solidity of financial records, evaluating financial procedures and working to produce strategies that help our clients face the myriad challenges of business planning and ex*****on. Our clients benefit from objective analysis to assist in controlling costs, increasing efficiency, and implementing new technologies and procedures that take advantage of changes in the marketplace, accounting standards, and tax law.
These services include but are not limited to:
• Audits, reviews, and compilations
• Entity selection and restructuring
• Accounting software selection, implementation, and support
• Financial projections and forecasts
• Transaction structuring and negotiations
• Business succession

Audits, Reviews, and Compilation
McGuire Yuhas Huffman & Buckley PC's financial statement services comprise all three levels of assurance depending on your company's needs.
Audits
Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.
Reviews
Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.
Compilations
Compilations are usually requested for internal purposes and are based upon information provided by a company's management. They do not offer assurance but may involve some adjustment to accounting records.
Estate and Trust Planning and Tax Preparation
Effective estate and trust planning can ensure financial security for loved ones. For businesses, it can maintain a smooth succession of ownership. McGuire Yuhas Huffman & Buckley PC's role is to help you navigate the complex and shifting tax laws to facilitate the transfer of assets and minimize the tax liability of your beneficiaries. Everyone should have a well-thought-out plan as to how to distribute the assets left in one's estate so as to avoid complications and to be sure that the individual’s wishes are followed. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don't have any complications to deal with during a time of loss.

Financial and Retirement Planning
McGuire Yuhas Huffman & Buckley PC's goal is to help you reach your financial goals and maintain financial independence through a comfortable retirement. We can guide you through tough decision-making processes such as asset allocation, investment performance monitoring, college education funding, retirement plans, insurance, and tax, estate, and business succession planning. Whether you are developing an investment strategy or evaluating current investments, McGuire Yuhas Huffman & Buckley PC can ensure that your portfolio will take into account tax implications for an advantageous after-tax return. The road to retirement is a long one and we can help you to take the proper steps to reach your goals.
QuickBooks Accounting Help and Assistance
QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup and use it properly. We don't just help you use the software, we help you use it more efficiently and more effectively.
McGuire Yuhas Huffman & Buckley PC offers the following solutions to help meet your QuickBooks needs:
Personal Training
We train you personally! Either one-on-one or several individuals within your organization at your company's location.
Installation
We install QuickBooks on your stand alone computer or in a network environment, in either single- or multi-user mode.
Setup
We assist new QuickBooks users with initial setup including: EasyStep Interview, Preferences, Lists, Customers, Vendors, Employees, Banking and Reports. We also help experienced users manage their businesses more effectively by improving their current setup. Many users experience problems and lack the ability to generate and track important information as a result of inadequate setup.
Support
Our QuickBooks support service can assist you with any installation, setup or operation assistance you might need. In addition, our support is not limited just to the software part of it, but we can also provide accounting and payroll assistance.
Review
Our QuickBooks review service helps companies that have the human resources to perform daily accounting and payroll tasks, but need an accounting and payroll expert to review your transactions, accounts and reports. This review ensures that you receive timely, relevant and reliable financial information. We also inform you of any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive reflects the correct financial condition of your business. Reviews may be conducted at any time, but monthly reviews provide you with up-to-date information and feedback about your business.

Bookkeeping Services
Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. McGuire Yuhas Huffman & Buckley PC can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business.
Entity Selection and Restructuring
Your business entity has a large impact on your taxes and other liabilities. From your company's inception through its growth and development, McGuire Yuhas Huffman & Buckley PC can advise you on choosing an entity type and later restructuring if advantageous. With our knowledge and expertise, you will always be receiving the most advantageous entity type for the functions your business performs.
Payroll Services
McGuire Yuhas Huffman & Buckley PC's payroll services can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment and preparation of tax returns.
Financial Projections and Forecasts
No one can predict the future perfectly, but we can all benefit from planning for it. McGuire Yuhas Huffman & Buckley PC combines expertise and experience with a gained understanding of your business to produce financial projections that can help you manage your business plan and spending. Forecasting for the future is imperative to your company's success. We make it a point to keep current with market trends and updates so that your business can be prepared for what is to come. Depending on your needs, our work can range from top-level reports to detailed financial models.