IRAS Accounting

📢 Attention Businesses: BOI Filing Requirements are Here! 📢

All U.S.-based corporations, LLCs, and similar entities must now file their Beneficial Ownership Information (BOI) report to comply with the Corporate Transparency Act (CTA). The deadline is fast approaching, so make sure your business is prepared!

🔹 Who Needs to File?

Corporations, LLCs, and partnerships registered in the U.S. or foreign entities doing business in the U.S.
If your company was formed before 2024, you have until the end of 2024
If the company was formed in 2024, you have 90 days
After 2024, you have 30 days

🔹 Required Documents:

Legal entity name and address
Ownership and control information (Names, dates of birth, addresses, and copies of IDs for all beneficial owners)
FinCEN Identifier (FIN) if applicable – highly recommended for efficiency!

🔹 Estimated Time: Approximately 10-20 minutes if you have all documents ready.

🔹 Filing Recommendations:

I recommend to use the PDF submission method for secure and efficient processing.
I would also recommend to apply for a FinCEN ID to streamline future filings.
👉 File your BOI here: FinCEN BOI Filing Portal

Ensure your business is compliant—act now to avoid penalties!

LAST DAY TO PAY BUSINESS PROPERTY TAXES IN FAIRFAX COUNTY, VA

Retirement options for SELF Employed

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HSA
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BOI FILING
BENEFICIAL OWNERSHIP INFORMATION REPORTING

All business owners of LLCs need to file a report using the BOI E-FIling System until Jan 1, 2025

If you opened the company this year, you have 90 days to file after registration.

The penalty for not filing the report is $500.00 per day the violation continues

LINK: https://www.fincen.gov/boi🤓

EOY 2023 TAX TIPS:
START THE BUSINESS

Common real estate agent expenses:
(by Natalie Kolodij, CRET)

Если вы хотите посчитать, сколько налогов вы будете должны IRS в этом году, используйте этот замечательный калькулятор, предоставленный IRS. Если liabilities очень высокие, назначайте скорее встречу и будем думать, что делать с вашими деньгами 🤓

Tax Withholding | Internal Revenue Service Find tax withholding information for employees, employers and foreign persons. The withholding calculator can help you figure the right amount of withholdings.

Get on the road to filing your Form 2290. The Trucking Tax Center has all the information you need to get your Form 2290 filed right the first time.

File and pay online at www.irs.gov/trucker

IRS launches paperless processing initiative | Internal Revenue Service FS-2023-18, Aug. 2023 — Paper-based processes have long hampered the IRS and frustrated taxpayers. The challenges created by paper are two-fold: taxpayers are unable to digitally submit many forms and correspondence beyond their annual 1040 tax return, and the IRS is unable to digitally process pa...

The new tax law is pretty great: a lot of new tax credits, retirement benefits, etc. I especially love the opportunity of transferring unused 529 funds to Roth IRA accounts for beneficiaries) Whoever came up with this idea is a genius)

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‼️ A lot of businesses lately use foreign contractors for IT services, advertising, answering services etc.

ℹ️To protect yourself from IRS, have form W9BEN on file for each foreign contractor.

✅This form confirms that the contractor is a tax resident of another country, works in a foreign country, and they are not obligated to pay taxes in USA.