Elements CPA

In yet one more installment in the BOI drama – BOI reporting is back on again and due Mar 21 It’s certainly been an on-again, off-again scenario multiple times, but the last remaining injunction was lifted on Feb 17 and FinCEN has stated that the Beneficial Ownership Information (BOI) reporting requirements are back and now due Mar 21 In a notable nod, FinCEN also announced they’d be revisiting the reporting rules for low-risk entities like small businesses and looking for ways to make it easier for them For help filing, you can see our video provide step-by-step guidance.

We’ve been noticing the IRS has been showing greater than normal processing delays for amended returns – And the IRS status page indicates the same: * Amended individual returns: Now processing from Jul 2024 * Amended corporate returns: Now processing from Sep 2024 * Individual general correspondence: Oct 2024 * Business general correspondence: Aug 2024 The undercurrent: If your return or situation doesn’t fit squarely into an existing hole, it’s taking a lot longer than usual. And the recent release of 6,000 IRS employees isn’t likely to help matters unfortunately. :/

Be sure to check out our latest blog post “Tools & Checklists for 2024 Small Business & Individual Tax Returns” –> You’ll find loads of helpful resources all in one place, including: * Book closing checklist * Pre-Tax Interview checklists * Links to pay income taxes online * Links to lookup status of your tax refund * Our tax preparation cut-off dates * Links to latest tax developments * And more! A very handy compilation of resources indeed. ??

Attention PNC Bank users ??: PNC has enabled a new, Direct Feed with Xero, stabilizing and optimizing their bank transaction connection for your books! ?? Check our more details on this Xero Central page

Reminder to S-corps & Partnerships: The March 15 deadline is approaching —> To guarantee your return by then, we’ll need the last piece of missing info by Feb 21 Just upload to your e-Cabinet or reply in your Xero Ask query ?? /StressFreeTax

If it’s been a bit since you last logged into your e-Cabinet via our website, you may find that it now requires Multi-Factor Authentication (MFA) -> The reason: it’s now the law that any system providing access to tax information is required to have MFA (understandably) Our secure platform will provide the option to use text, voice call, or an authenticator app, whichever you prefer – And while an additional step, it definitely is something we recommend customers do for any online platform that deals with finances (bank, payroll, books, credit card, etc.) Of course, if you need any help, just give our team at the office a call and we can assist. (Note: We are not able to edit your user access since it’s securely maintained by our platform ShareFile.)

The Maryland Comptroller announced that about 6,000 Forms 1099-G were recently mailed to the wrong addresses — So if you received the postcard form showing the Md. refund you received last year & it’s not yours, the Comptroller advises you to destroy it and await a corrected one Alternatively, you can download a copy from the Comptroller’s General Accounting Division

Sales tax compliance is something that can creep up on small businesses, and while our team doesn’t specialize in sales tax, we do partner with the folks at Avalara to both: (a) track law changes, and (b) their technology to make things much easier, including embedded solutions in Xero To get the latest lay of the land in sales, download Avalara’s 2025 Tax Changes Report

Tax Interview appointments are emailed & postcards are in the mail! You should have seen an email from our team this week for your RSVP -> If you haven’t, please be sure to reach out to Alcides to double-check And if you need to re-schedule, just let Alcides know – The sooner, the better: as you might imagine, tax season is our tightest calendar time of year ??

Honoring the memory of Dr. Martin Luther King, Jr. today and the monumental work he led with those of his time to advance our nation for all.