October Insights Newsletter

Thank You!!!!

A big thank you to all of our clients, supporters and friends who voted for us this year! We are thrilled with this award, and we are so appreciative of all the great client relationships that we have as well as the best team of accountants in the region. We will continue to work to be the best Accounting Firm in Amarillo!

Important: Beneficial Ownership Information (BOI) Filing Requirements Reminder

We want to remind you 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.

These requirements are aimed at increasing transparency regarding ownership intended to address and guard against money laundering, terrorism financing and other illegal financing by small and medium size businesses, for which BOI filings for reporting companies are mandatory for compliance. Please let us know if you need assistance in determining whether your business must file or if you need help with the process.

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.

Key conversations to have with your CPA

Whether managing personal finances or running a business, this article provides essential questions to ask your CPA for informed decision-making. Discuss everything from tax planning to retirement and succession planning. Stay on top of your financial game by making your CPA meetings count.

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