The Start Up Group

🚨 Attention Business Owners: New BOI Filing Deadline!

The Beneficial Ownership Information (BOI) filing is now a requirement for most U.S. businesses, and missing the deadline could lead to serious penalties! ⚠️💼

📅 What’s the Deadline?
-New businesses (formed in 2024) → Must file within 90 days of registration
-Existing businesses (formed before 2024) → Deadline is March 21, 2025

What is BOI & Why Does It Matter?
The BOI Report is a new federal requirement under the Corporate Transparency Act (CTA). It requires most small businesses to disclose their ownership information to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) to help prevent fraud, money laundering, and financial crimes.

Who Needs to File?
Most LLCs, corporations, and other small businesses are required to file—unless they meet specific exemptions.

What Happens If You Don’t File?
❌ Heavy fines—Up to $500 per day of non-compliance
❌ Criminal penalties—Including potential jail time 😳
❌ Business risks—Failure to comply could impact your business operations

How to Stay Compliant
-Determine if your business needs to file 📋
-Gather your ownership details (name, DOB, address, ID) 🏢
-File with FinCEN before the deadline! ✅

This isn’t something to ignore! If you’re unsure about your BOI filing requirements, we are happy to help.

Drop a ❓ in the comments if you need help understanding this new requirement!

Day 18 of our Black History Month small business spotlight goes to Lorenzo Atkins and Consider It Cleaned, LLC . Established in 2020, Consider it Cleaned LLC is a top-tier commercial cleaning company renowned for its unwavering dedication to quality and reliability. With meticulous attention to detail, Lorenzo and his team ensures superior cleaning solutions tailored to each client's needs. Their commitment to excellence guarantees pristine spaces that exceed expectations, allowing their clients to focus on their priorities with peace of mind. Connect with Lorenzo to book now!

A few important announcements as we close out another tax year:

1. Tax documents will be sent out soon after the 1st of the year from employers, financial institutions, etc.

Please ensure that you have your correct mailing address and email address on file with them all.

Financial documents are not forwarded by the post office. Please act now if you have moved in 2023!

2. If you’re self employed, receive 1099-NEC income, or own a business, get those final end of the year deductions in if you need to reduce your tax liability.

3. Make contributions to retirement (traditional, not Roth) and health savings accounts or 529 plans for additional deductions to alleviate tax liability.

4. Spend down those FSA accounts — typically these don’t rollover year to year. Don’t lose out on these funds.

5. Sell losing investments to offset realized capital gains.

6. Look into non-profits (501(c)(3)) organizations for end of year contributions for additional deductions.

7. Schedule your tax planning session with a tax advisor asap to plan and prepare for the best outcomes in the upcoming tax year.

We are accepting a limited number of new clients for tax planning and preparation services this year. If you are interested in our services, please contact us soon.

Wishing you all a safe, happy, and healthy New Year!

Today is if you are looking for a great organization that’s mission is to provide quality Volleyball camps, clinics, and teams to underserved communities. urbanvolley419 is based in Toledo, OH.

Please consider making a donation to this non-profit today. All donations can be claimed on your taxes for the year.

Home Official Site of Toledo Urban Volleyball Association

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