June 2024 Newsletter
Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024. That means certain companies are required to provide information related to their “beneficial owners,” that is, the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN). Failure to submit a beneficial ownership information (BOI) report may result in civil or criminal penalties, or both.
If you check the Internal Revenue Code, you may be surprised to find that most business deductions aren’t specifically listed there. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”
Among the many challenges of parenthood is childcare for kids when school lets out. Babysitters are one option, or you might consider sending them to a day camp. There’s no one-size-fits-all answer, but if you do choose a day camp, you could be eligible for a tax break. (Unfortunately, overnight camps don’t qualify.)
Tax Tips
QuickBooks Tips
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Tax Due Dates
June 17
Individuals: File a 2023 individual income tax return (Form 1040 or Form 1040-SR) or file for a four-month extension (Form 4868) if you live outside the United States and Puerto Rico or you serve in the military outside those two locations. Pay any tax, interest and penalties due.
Individuals: Pay the second installment of 2024 estimated taxes (Form 1040-ES) if not paying income tax through withholding or not paying sufficient income tax through withholding.
Calendar-year corporations: Pay the second installment of 2024 estimated income taxes, completing Form 1120-W for the corporation’s records.
Employers: Deposit Social Security, Medicare and withheld income taxes for May if the monthly deposit rule applies.
Employers: Deposit nonpayroll withheld income tax for May if the monthly deposit rule applies.
July 10
Individuals: Report June tip income of $20 or more to employers (Form 4070).
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Please call us at (310) 666-7772 if you have any questions.
World Accounting Group
10436 Santa Monica Blvd #3030
Los Angeles, CA 90025