Breedlove & Co, PC

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 30 days to file its initial beneficial ownership information report. This 30-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

Beneficial Ownership Information Reporting | FinCEN.gov For comments or complaints regarding the beneficial ownership information collection process or regarding the accuracy, completeness, or timeliness of such information, please contact the Department of the Treasury’s Office of Inspector General at [email protected]

Internet Explorer & Quickbooks 2019 (and older)

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.

Some Taxpayers are receiving erroneous advanced child tax credit letters and are advised to check their online accounts for accuracy. Both parents should receive a letter even if one opted out.

Your Online Account | Internal Revenue Service Get instructions on your online account. Review the amount you owe, balance for each tax year and payment history.

Direct deposit recommended.

Don’t waste time this year. Make sure to select direct deposit for your 2021 refund. It’s the fastest, most convenient and secure way to get your money. www.irs.gov/directdeposit

WATCH FOR THE EIP LETTER TO BE SENT IN JANUARY
Third Economic Impact Payment letter 6475: In late January 2022, the IRS will begin issuing letters to people who received a third payment in late January 2021. The letter says, “Your Third Economic Impact Payment” near the top and, “Letter 6475” on the bottom righthand side of the page. Here’s what people need to know:
• Most eligible people already received their stimulus payments. This letter will help individuals determine if they are eligible to claim the Recovery Rebate Credit (RRC) for missing stimulus payments.
• People who are eligible for RRC must file a 2021 tax return to claim their remaining stimulus amount.
• People can also use IRS online account to view their Economic Impact Payment amounts.

Happy Holidays! - https://mailchi.mp/breedlovecpa/happyholidays2021