Critical Tasks: Tax Form 1099s and W-2s
Our top priority is handling Tax Form 1099s and W-2s, and your cooperation is crucial. If you haven't already, please ensure we have your W-9 on file. Keep an eye out for our emails; we'll reach out if any vendors require this form. The looming deadline is 1/31/24, just a few days away. Swift response ensures we meet this deadline seamlessly.
Time Is of the Essence
While we strive to finalize your books promptly, timely receipt of necessary information is paramount. Without it, an extension may be required, and your CPA can assist in this process. Your cooperation ensures a smooth financial transition into the new year.
New Federal Requirement for US Businesses in 2024
The U.S. Treasury mandates a new federal law, compelling all business owners to register with the Financial Crimes Enforcement Network (FinCEN) by 2024. Existing businesses have this year to register, while new businesses in 2024 must file within the initial 90 days.
Registration Process: Important Steps
Personal ID: Initiate the process by obtaining a personal ID at https://fincenid.fincen.gov.
Beneficial Owner Identification (BOI) E-filing: Complete the online BOI E-filing on the FinCEN website.
Personal Involvement: Note that this process demands personal input, including information from the beneficial owner and a personal declaration.
Nonprofit Exemption: Good news for nonprofits — you're exempt from this requirement.
Penalty Alert: Late filings incur a $500 per day penalty, underscoring the urgency of addressing this now.
📧 Questions or Concerns?
Should you have queries about this new requirement or any aspect of your year-end procedures, please contact us. We're here to facilitate a smooth financial transition for your business. Let's make 2024 a year of financial efficiency!