Think 2 Discern

So much fraud out there right now - so this is a good time to share some tips on how to avoid being a victim! Our advice - don't be in a hurry. Slow down, take time to think and evaluate carefully. More tips in this article below.

How to Help Protect Against Email Fraud Here are some common indicators of email fraud and ways to help protect your business and your employees.

BOI filing requirements for U.S. companies, persons removed FinCEN issued an interim final rule Friday removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.

Fun with friends while raising awareness and funding last weekend for Reveal 🩷

Update: from FinCen's website

On December 23, 2024, a panel of the U.S. Court of Appeals for the Fifth Circuit granted a stay of the district court’s preliminary injunction entered in the case of Texas Top Cop Shop, Inc. v. Garland, pending the outcome of the Department of the Treasury’s ongoing appeal of the district court’s order. FinCEN immediately issued an alert notifying the public of this ruling, and recognizing that reporting companies may have needed additional time to comply with beneficial ownership reporting requirements, FinCEN extended reporting deadlines. On December 26, 2024, however, a different panel of the U.S. Court of Appeals for the Fifth Circuit issued an order vacating the Court’s December 23, 2024 order granting a stay of the preliminary injunction. Accordingly, as of December 26, 2024, the injunction issued by the district court in Texas Top Cop Shop, Inc. v. Garland is in effect and reporting companies are not currently required to file beneficial ownership information with FinCEN.
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By now, you may have heard that the East Texas Federal District Court injunction blocking the BOI reporting requirement was overturned by the Fifth Circuit Appeals Court. This means the requirement to file is alive and well - with penalties for those who fail to file timely. There are short extensions for some entities - see the article attached for details. January 13, 2025 is the filing deadline for most BOI reports now.

Beware of sites that are offering to file for you - for fees ranging up to $250, possibly more. If you intend to pay a third-party, that's one option. If you prefer to submit the filing yourself, use the correct website for no fees: fincen.gov

https://www.journalofaccountancy.com/news/2024/dec/appeals-court-reinstates-injunction-that-halts-boi-enforcement.html

Appeals court reinstates injunction that halts BOI enforcement Three days after a panel of judges granted a government motion to lift the injunction, another panel said it was reinstating a lower court’s ruling. An AICPA statement urged CPAs to be prepared to file BOI reports. A statement by the Financial Crimes Enforcement Network said that, in light of the ...

Re the BOI - Beneficial Ownership Information - that FINCEN was requiring for millions of businesses:

A Texas Court has stuck it down. Read here for more details.

Texas Court Halts Corporate Transparency Act Nationwide | JD Supra The Corporate Transparency Act (“CTA”) went into effect January 1, 2024. The deadline for many entities to make this filing is January 1, 2025, which...

Helpful Reminder:
3Q Estimated Tax Payments
are due Monday
September 16

Intuit has announced an extension to the original May deadline for certain versions of QuickBooks. NEW customers now have until the end of September to purchase an original license of the QuickBooks Desktop software. Existing customers are unaffected and may continue to renew Desktop licenses and Enhanced Payroll. For details:

QuickBooks Desktop to stop selling to new U.S. subscribers - article QuickBooks Desktop is planning to stop selling several products to U.S. new subscribers after Sept. 30, 2024. Here are some top questions you may have regarding this change.

As of July 1st, 2024 - this past Monday - the Department of Labor has increased the salary threshold for exempt employees from $35,500 to $43,888. The next increase goes into effect on January 1, 2025, and the new threshold will be $58,656. This is a significant adjustment.

What does this mean to your business? It could mean more of salaried employees will be eligible for overtime pay, and THAT impacts payroll and profit margins. This is a crucial time for review and analysis of payroll and how businesses classify employees - exempt vs non-exempt.

https://blog.dol.gov/2024/04/23/what-the-new-overtime-rule-means-for-workers

A couple of days ago, we received notice that QuickBooks Desktop has extended its availability dates for purchase of new software until the end of September. The original "stop sell" date was May 31, 2024.

QuickBooks Desktop to stop selling to new U.S. subscribers - article QuickBooks Desktop is planning to stop selling several products to U.S. new subscribers after July 31, 2024. Here are some top questions you may have regarding this change.

**REMINDER**
The Texas Franchise Tax filing is due one week from today!

🆘 Be Prepared!

Everyone probably knows about the Texas Sales Tax Free day in August for school-related items including clothes.

This weekend's Tax Free Day is for EMERGENCY preparedness is far less known. Check out the list of items! Buy now and SAVE 💰