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FinCenBOI

FinCEN BOI reporting is a mandatory NEW business filing PLEASE READ!

If you have an established company or are planning on starting a new company in 2024 or beyond, please read this letter carefully. What Is FinCEN BOI Reporting? FinCEN BOI reporting is a mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) by […]

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Important Tax Figures for 2024

The following chart provides some important federal tax information for 2024, as compared with 2023. Social Security/ Medicare 2024 2023 Social Security Tax Wage Base $168,600 $160,200 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2% 6.2% Employee portion of Medicare 1.45% 1.45% Individual Retirement Accounts 2024 2023 Roth IRA Individual,

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Deductions When Turning a Personal Residence into a Rental

You may have a former personal residence that you’ve converted into a rental property. As you probably know, rental property owners are allowed to deduct costs to produce rental income, including depreciation. Deductions are allowed when a property is held out for rent, whether it is actually rented or not. One Tax Court case clarifies

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Does Your Business Have to Comply with New Corporate Reporting Rules?

Your business may soon have to comply with new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes

Does Your Business Have to Comply with New Corporate Reporting Rules? Read More »

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