Stanton Financial Management

Starting January 1, 2024, under the Corporate Transparency Act (CTA), most companies formed or registered to operate within the United States are required to disclose details about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).

Entities established or registered before January 1, 2024, will retain the opportunity to submit their initial Beneficial Ownership Information (BOI) reports to FinCEN until January 1, 2025.

For reporting companies created or registered in 2024, they will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports.

Furthermore, companies established or registered on or after January 1, 2025, will be granted a 30-day window to file their initial BOI reports with FinCEN.

For more information, please contact
at 267-761-4441.

The IRS has announced tax relief for individuals and businesses affected by Hurricane Helene in Alabama, Georgia, North Carolina, South Carolina, and parts of Florida, Tennessee, and Virginia Taxpayers in these areas now have until May 1, 2025, to file returns and make payments. This extension covers 2023 tax returns with valid extensions, 2024 returns due in March and April, and 2025 estimated payments.

Relief is automatic for taxpayers and businesses with an address in the disaster areas—there’s no need to contact the IRS. If you’ve moved into the affected area after filing and receiving a late penalty notice, you can contact the IRS to have the penalty waived. Taxpayers outside the disaster areas, but whose records or workers are located within the affected zones, can also qualify for relief by calling 866-562-5227. Tax professionals in disaster areas with clients outside the region can use the “Bulk Requests for Practitioners for disaster relief” option.

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IRS notices are often automated, and when you call for assistance, many of their representatives either lack knowledge or seem unwilling to help. Some can even be outright rude.

This is why it's essential to work with a tax preparer who can guide you through these situations and help you understand your options. Contact today at 267-761-4441.