November Insights Newsletter
Article | November 14, 2024
Authored by Johnson & Sheldon, PLLC
NEWS
IMPORTANT REMINDER
Beneficial Ownership Information (BOI) Filing Requirements Reminder
We want to remind you again this month about the new Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are still applicable. If your entity meets the criteria, you are required to file a BOI report with FinCEN, which report includes details of individuals who own and/or control the company.
BOI reports must be filed by December 31, 2024!
Penalties for failure to comply with reporting requirements may include (1) civil penalties of up to $500 per day, (2) a criminal fine of up to $10,000, and/or (3) imprisonment of up to two years.
For more information including how to engage Johnson & Sheldon to prepare and file your report please click here.
Happy Thanksgiving!
As we gather around with family and friends, we’re reminded of the blessings we share and the gratitude that fills our hearts. This Thanksgiving, we want to extend our warmest thanks to you for being part of our journey. May your holiday be filled with joy, laughter, and an abundance of wonderful memories.
Wishing you a Happy Thanksgiving!
INSIGHTS
Federal tax planning: A guide for tax year 2024
A U.S. federal tax planning guide for businesses for tax year 2024, including M&A tax planning and ASC 740 tax planning strategies.
IRS releases 2025 tax inflation adjustments
The IRS revenue procedures provides the amount for inflation-adjusted items for 2025. Amounts adjusted for inflation include the individual tax brackets, the section 199A qualified business income thresholds, the amount of average annual gross receipts to qualify as a small taxpayer, the limitations for section 179 expensing, estate and gift exemptions, as well as several other provisions.
2024 Effective Date Reminder
This Effective Date Reminder lists only those pronouncements issued as of November 1, 2024, which became effective on or after January 1, 2024 for most entities or have not yet become effective for all entities as of November 1, 2024.
Happy Thanksgiving!
As we gather around with family and friends, we’re reminded of the blessings we share and the gratitude that fills our hearts. This Thanksgiving, we want to extend our warmest thanks to you for being part of our journey. May your holiday be filled with joy, laughter, and an abundance of wonderful memories.
Wishing you a Happy Thanksgiving!
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At Johnson & Sheldon, PLLC, we’re transforming the meaning of financial consulting by helping our clients achieve results-driven financial solutions.
Based in Amarillo, TX, and with additional locations in Hereford and Pampa, TX, we’re a leading accounting firm in the Texas Panhandle that combines over 30 years of industry experience. Our staff is affiliated with AICPA, the Texas Society of Certified Public Accountants, and we’re up to date with industry standards.
Whether you need help at tax time or year-round, we’re the firm that’s dedicated to helping you achieve financial security, stability, and long-term success.
For more information on how Johnson & Sheldon, PLLC can assist you, please contact us: Amarillo | Pampa | Hereford