No change going into 2025. Prices and discounts remain the same as 2024 but old customers at the lower rates will be updated to the current ones. Rates and discounts are here https://www.smokymountaintax.com/updates/2024-service-updates
The pre booking calendar will be coming out soon, keep an eye out.
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I’ve put off writing something for my clients regarding the new Corporate Transparency Act reporting requirements for small businesses knows as CTA or BOI (Beneficial Owner Reporting) as I was waiting to see if it would be overturned or suspended by a court challenge. After a limited challenge, it seems like it is still rolling ahead and we’re past that break in period where it’s good to wait for the kinks to be worked out of a new system. That being said I’m starting the process for this summer to make my clients and readers aware of what it is, what deadlines are involved and what steps to use to complete it.
As a disclaimer, this article is intended to make you aware of BOI filing requirements, not as a guide. Rely on the agency guidance or a professional to get the actual reporting done. What is it? The CTA or BOI reporting system is a new tracking database being created by the US federal government to provide one unified system for law enforcement, banks, foreign governments and other agencies to be able to search for a business entity and determine who the owners and controllers of those companies are. It is administered by the FinCen branch of the US Treasury department; the same branch that administers Foreign Asset Tax Compliance and Bank Secrecy Act reporting. Who has to file? There is a shorter list of who does not have to file a BOI report than who does. Sole proprietors (Schedule C) businesses do not have to file, 501c non profits and businesses with 20+ full time employees do not have to file. The intent is to create a reporting entry for each small business listed with each secretary of state in the country. When do I have to file? The date you have to file depends on when your business was created. If it was created before Jan 1 2024 you have until the end of 2024 to file. If it was created during 2024 you have 90 days after creation to file and if it’s created in 2025 you have 30 days to file. What are some of the specifics I should know? This is a list of the points I came across while reviewing the FAQ and compliance guide put out by FinCen that stuck out to me as potential traps for filers, and good things to be aware of:
Can you file this for me? Yes. The FAQ mentions filings being done by attorneys and accountants and as your friendly neighborhood paperwork guy I would be glad to help you out. Priority will be given to existing bookkeeping and tax clients, but if you’d like to go through filing the form with me, go ahead and contact me and I’ll send you my calendar to book a time to complete it. If you’d like to read the full set of FAQ and Guidelines straight from the source they can be found here https://www.fincen.gov/boi-faqs and https://www.fincen.gov/boi/small-entity-compliance-guide As we approach 2024 tax season and renewals there are a few changes of note for new and existing customers:
Here you can find comparative articles to running an S Corporation, C corporation and Sole proprietorship as an entrepreneur with some added thoughts on doing that with a Cryptocurrency involved business. This is also a bit of a test to see if it makes a difference on twitter if I post direct substack links or not. The article links are below:
For 2023 there are a few pricing and service changes that will apply to all customers, new and old.
These changes will take effect when I start on any 2023 work. You will get a new engagement at that time if you do not have one already. It's almost tax season for the filing of 2022 returns. If you are an existing or potentially new client reading this I highly recommend getting in touch with me to schedule something for 2023 as my calendar for regular season filings is already full with returning clients and only extension returns are left.
Don't worry, I can get your extension filed for you, but this is just a fair warning that your return will be done in the summer or the fall if you are coming in to ask for a return at this point (that's right, it's not even January yet) All of the returns are filed that needed to be filed, all of the extensions are filed that needed extensions. Another tax season closed successfully.
As such, I am back to my regular schedule and am open to taking new clients and consultations again. You can find the calendar through the contact page. A quick update that my availability for new tax clients for spring 2022 is now full. The crypto currency community grabbed all of my remaining capacity. If new clients are still interested, extensions will need to be filed to have your work done in the summer of 2022...summer, not fall. Fall 2022 is reserved for spring procrastinators and clients who received tax notices.
2021/2022 Tax service and bookkeeping renewals are going out in November 2022 and are notifying clients of the following changes to their services:
Finally, the requirement for all clients to engage in tax account monitoring relates to a current and likely continuing breakdown in basic service functions for the internal revenue service. Account monitoring will be required to follow the status of changes to client accounts long before letters arrive in mailboxes. Effective immediately for new customers, and for renewals on existing customers hourly rates are $477/hr for tax work and $173/hr for bookkeeping work. There has been a surge in demand for cryptocurrency services along with a large wave of tax professionals retiring from the field and so I've seen a large increase in customer demand.
I had the option to either hire and train staff to meet the demand, or increase my rates to narrow down the funnel of incoming clients and I chose the latter. Hiring new staff and growing my practice size goes against why I started it. The intent is to stay small and serve clients with a 1 to 1 relationship. |