Your step-by-step guide for year-end prep
Your Back Office - Chicagoland
Grow your business, leave your back office to us.
Upcoming dates to remember:?
How to Help Your Year-End Planning Go Smoothly & Start Your 2025 on the Right Foot
As 2024 comes to a close, our goal is to close everyone quickly and smoothly in January so we can get your tax accountants everything they need to prepare your 2024 income tax returns.
So, what can you do to help ensure an easy tax preparation??
You can expect to receive specific instructions from your YBO partner around mid-December, but it’s never too soon to start organizing your paperwork.?
As you’ve come to expect, at this point in the year, we’re starting to look at both how the quarter and the year as a whole are coming to a close. With that, anything you can do to tie up loose accounting ends will help to expedite the process.?
While the process will be different from business to business, oftentimes, that can look like:?
Again, your YBO partner will reach out to you with your specific paperwork needs and then we ask that you submit all year-end documents to your YBO partner by Friday, January 10, 2025.?
In the meantime, if you have any questions specific to your business and year-end preparation, we encourage you to reach out directly to your YBO partner.
Corporate Transparency Act: What is it and what do you need to do???
Did you know there’s a new federal law that went into effect this year that you need to file paperwork for??
In a nutshell, the Corporate Transparency Act is a simple designation to certify who owns your company. This act applies to corporations, limited liability companies, and other similar entities that are formed or registered to do business in the US, and is intended to prevent money laundering, terrorist financing, and other illegal activities.?
For companies that were created prior to January 1, 2024, the deadline to file is January 1, 2025. While that’s the majority of YBO companies, should you know anyone who started a new business this year or plans to start one in the new year, the deadline to file is 90 days from inception.?
For more information on the Corporate Transparency Act as well as the steps to file, please go directly to www.fincen.gov/boi.
A Recap of Our 2024 Company Outing!
This summer, we took advantage of Summertime Chi to celebrate our annual employee appreciation outing! The day was marked by an afternoon lunch cruise in Lake Michigan on the Spirit of Navy Pier, but the festivities started on the bus ride into the city!? We lucked out with beautiful weather and everyone had a wonderful time!
As you know from working with your YBO teammates, we’re truly so fortunate for the people that make Your Back Office what it is! It’s a group of talented, intelligent, hardworking people who are – in fact – committed to helping your back office run smoothly.?
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