Pilgrim and Assoc. PA

Edit: our phones and internet are now back up. We are hopelessly tied to the internet and heaven help if the internet ever goes down in any kind of event. (Previous post). Hopefully my internet and phone system will be back up today. Our system has been down since Thursday, Thursday a week ago. We’ve been making do with cellphones and hotspots on our phones. At least I managed to get our phone system to rollover onto my cell phone. I apologize for any disruption you may have experienced.

Recent developments concerning the Beneficial Ownership Information Reporting foisted on us by our Federal Government.

NFIB Prevails in Blocking Burdensome Beneficial Ownership Requirements for Small Businesses - NFIB NFIB applauds today’s decision in the case Texas Top Cop Shop, Inc., et al. v. Garland, et al. at the U.S. District Court for the Eastern District of Texas.

Hope y'all have a Happy St. Patrick's Day. From the staff of Pilgrim and Assoc., PA

While this only affects the areas covered by the district court it is a start. They have ruled that the new Corporate Transparency Act and the Beneficial Ownership Reporting requirements unconstitutional https://www.journalofaccountancy.com/news/2024/mar/federal-court-holds-corporate-transparency-act-unconstitutional.html #:~:text=A%20federal%20district%20court%20in,)%20by%20businesses%2C%20is%20unconstitutional

We will be open today. Our parking lot is still iced over. Please be careful as the ice melts. It is still slippery.

We are open today Jan 18, 2024. We still have an ice covered parking lot so we do not recommend visiting our office today. We are answering our phones and if you need to get us anything we can receive documents by secure file exchange, e-mail or old school fax. Due to the potential of additional inclement weather we may not be open all day. For the next day or so our hours are determined by the weather. Our phone number is(662) 844-7171 and our fax is (662) 844-7152 if you need to get in contact with us.

Jan 15, 16, and 17, 2024 We will have limited hours during the recent winter storm. Hopefully we will be back up and running within the next day or so.

Don’t forget,starting Jan 1, 2024, if you are a small business you may have to report ALL beneficial owners to the Financial Crimes Enforcement Network of the United States Government because …. Well because they need to know who owns your company to make sure you’re not engaging in financial crimes. No, this is not a joke. You can be fined up to $10,000 for failure to comply.

FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information | FinCEN.gov Immediate Release September 18, 2023 WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule....

If you receive something from CFS concerning your Annual Report with the State of MS. Throw it away. It is not from the State of Mississippi. This company uses advertising and formats their forms to make you think this is coming from the State of Mississippi

https://www.wsj.com/articles/income-tax-who-pays-the-most-a4d9f65d

Your Income Taxes Are Due. Here’s Who Pays The Most. With taxes top of mind right now and the Biden administration proposing to raise them on Americans earning more than $400,000, here’s more to know about U.S. income taxes.

If you think you may qualify for the ERC credit that has been advertised incessantly by the folks that want a cut of what you may or may not be entitled to, please review the notice the IRS issued on March 7, 2023. The IRS states that you need to carefully review the guidelines and to be aware that there are promoters that are aggressively misleading businesses to believe that they are entitled to something that they are not.

IRS issues renewed warning on Employee Retention Credit claims; false claims generate compliance risk for people and businesses claiming credit improperly | Internal Revenue Service IR-2023-40, March 7, 2023 — The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file.