Accounting Essentials

Happy New Year! 🎉 A new year also means a new tax season is just around the corner. Enjoy the day, but don’t forget to start gathering your tax documents soon—tomorrow’s a great day to start. Here’s to a smooth filing process and a big refund coming your way!

Dear Business Owners,

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. This requirement aims to enhance transparency and help prevent financial crimes.

Failure to file by 12/31/2024 can lead civil penalties of up to $591 per day and criminal penalties up to $10,000.

For more information visit https://www.fincen.gov/boi or contact Accounting Essentials .

Annual inflation adjustments announced for tax year 2025 The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.

The IRS has announced that the 2024 tax filing season is set for January 29. https://www.irs.gov/newsroom/2024-tax-filing-season-set-for-january-29-irs-continues-to-make-improvements-to-help-taxpayers #:~:text=For%20most%20taxpayers%2C%20the%20deadline,Day%20and%20Emancipation%20Day%20holidays.

2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers | Internal Revenue Service IR-2024-04, Jan. 8, 2024 — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

IT'S TAX SEASON! While the IRS has not released the date they will start accepting E-File, it's never too earlier to choose your tax preparer. Check out the IRS' tips for choosing a reputable tax preparer.

Tips to help people choose a reputable tax preparer | Internal Revenue Service Tax Tip 2021-14, February 5, 2021

It's Tax Time! IRS has set January 23rd as the official start date of tax filing season. Call today to get started!

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K | Internal Revenue Service IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

Important tax dates for 2023
Jan 2023 - 2022 tax season begins.
Jan 16, 2023 - 4th quarter 2022 estimated tax payment due
April 18, 2023 - Tax day (unless extended due to local state holiday)
June 15, 2023 - Second quarter 2023 estimated tax payment due
Sep 15, 2023 - Third quarter 2023 estimated tax payment due
Oct 16, 2023 - Deadline to file extended 2022 tax return

Here are some important tax dates to remember for 2023 so that you can plan & prep accordingly.

The fastest way for you to get your tax refund is by filing electronically and choosing direct deposit.
Direct deposit gives you access to your refund faster than a paper check. Direct deposit also avoids the possibility that a refund check could be lost or stolen or returned to the IRS as undeliverable. www.irs.gov/directdeposit

The IRS has announced that tax filing season begins on January 24th.

The tax deadline will be April 18th.