Summit CPA

?? Big News! ?? Our leadership team is taking a bold step forward in aligning our vision and driving sustainable growth! This week, we gathered to kick off the implementation of the Entrepreneurial Operating System (EOS) inspired by the book Traction by Gino Wickman. Why Traction? Because we’re committed to building a stronger foundation, improving focus, and taking our organization to the next level. It’s about more than just business—it’s about creating a culture of accountability, clarity, and purpose. Stay tuned as we embark on this exciting journey together! We’re excited to share the wins, lessons, and progress along the way. Have you implemented Traction or EOS in your business? We’d love to hear your experiences and tips in the comments below! #Leadership #Teamwork #EOS #Traction #GrowthMindset

Thanksgiving Celebration at Table Café Today, our office had a wonderful time coming together to celebrate Thanksgiving with a delicious lunch at Table Café. It was a perfect opportunity to reflect on what we’re grateful for—our team, our clients, and the community we’re fortunate to be part of. Table Café provided not only a warm and welcoming atmosphere but also incredible food that made our celebration even more special. Their commitment to good food and giving back to the community resonates with our own values, and we were thrilled to support their mission. We’re leaving this lunch feeling thankful and inspired, and we encourage others to check out this amazing local gem. Here’s to gratitude, good company, and giving back this Thanksgiving season! What are you most thankful for this year? Let us know in the comments!

It’s time to consider tax planning moves that will help lower your 2024 taxes. Check out our blog for seven year-end tax planning ideas to consider.

The IRS has announced tax relief for individuals and businesses affected by Hurricane Helene. Tax deadlines are extended to May 1, 2025, for parts of seven states, including Alabama, Georgia, Florida, North Carolina, South Carolina, Tennessee, and Virginia. This includes filing extensions for 2024 tax returns and quarterly payments. The relief applies to those in disaster-declared areas and covers a range of tax filings, offering penalty relief and options for claiming disaster-related losses. For full details, visit the IRS website at https://lnkd.in/eAaFqkVc #TaxRelief #IRS #HurricaneHelene #Business #Finance

???????????????????? ?????????????????? ?????????????????????? (??????) ?????????????????? Beginning on January 1, 2024, many companies in the U.S. are required to report information about their beneficial owners. Companies must report the information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. The beneficial ownership information (BOI) reporting requirements are part of the Corporate Transparency Act (CTA). ???????????? ?????????????????? ?????? ?????????????? ?????????????? ? All new Reporting Companies — those formed (or, in the case of non-U.S. companies, registered) on or after January 1, 2024 — must file their initial report with FinCEN within 90 days after their formation or registration. ??All existing Reporting Companies — those formed or registered before January 1, 2024 — must file their initial report no later than January 1, 2025. ?????????????????? ?????? ???? ?????????????? ?????? ?????????????? ???? ????????. ?????????????????? ???????????????? Generally, any corporation, limited liability company, or any other entity that is created by filing a document with a secretary of state or similar office under state or tribal laws, or is formed under foreign law and registered to do business in the United States by filing a document with a secretary of state or similar office under state or tribal laws, is a reporting company that must disclose information regarding its beneficial owners and its company applicants to FinCEN under the CTA. ???????????????????? ?????????? A beneficial owner is an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, either: ? exercises substantial control over the reporting company; or ? owns or controls at least 25 percent of the ownership interests of the reporting company. ?????????????????????? ???? ???? ???????????????? A reporting company must disclose the identity of each beneficial owner of the company and each company applicant. For each individual who is a beneficial owner or a company applicant, the reported information must include: 1. full legal name; 2. date of birth; 3. residential street address; and 4. an identifying number from an acceptable form of ID such as a passport or U.S. driver’s license, and the name of the issuing state or jurisdiction. The reporting company must also provide an image of the identification document in item four (4). For further instructions, please see www.fincen.gov/boi. ?????? ?????????????????? ???????????????????????? ?????? ???? ??????????????. ?????? ?????????? ?????????????? ???? ?????? ?????????????????????????? ???????????????? ???????? ?????? ???? ?????? ???????????????? ???? ????????????. ???????????? ?????????????? ???????? ???????????????? ?????? ???????????????????? ?????? ???????? ?????????????????????? ???? ?????? ???????????????????????? ?????? ???????????????????? ?????????????????? ?????????????????????? ??????????????????.

Exciting News for Aspiring CPAs! The AICPA and NASBA are proposing a new Competency-Based Experience Pathway to CPA licensure, designed to offer candidates more flexibility while maintaining the rigor needed for public protection. This new pathway will allow candidates to demonstrate key professional and technical skills, like ethical behavior, critical thinking, and expertise in audit, tax, or financial reporting, after earning their bachelor's degree and meeting the necessary educational requirements. Licensed CPAs in the workplace will verify these competencies. The AICPA and NASBA are seeking public input on this proposal until December 6, 2024. This is a fantastic opportunity for the profession to weigh in on shaping the future of CPA licensure! Learn more and share your feedback: https://lnkd.in/e-AiXibZ #CPA #Accounting #AICPA #NASBA #FutureOfAccounting #CPALicensure #CompetencyBased

Triple your philanthropic impact today by supporting Community Foundation of Southern Indiana!

Business owners, do you have an estate plan that addresses the tax impact of transferring your ownership interests to the next generation?

Attached is a discussion surrounding Deferred Like-Kind Exchanges of Real Property.

The IRS has reopened its Voluntary Disclosure Program to help businesses correct improper Employee Retention Credit (ERC) claims. The program, which runs until November 22, offers a 15% discount on repayments and aims to prevent future audits and penalties. The IRS will also send up to 30,000 letters to recover over $1 billion in erroneous claims. This move targets businesses that were misled by aggressive marketing tactics, emphasizing the need for those affected to rectify their claims promptly to avoid further complications.