Compliance

New Requirement for Small Businesses: the Beneficial Ownership Information Report

Compliance, FAQ / By

Starting January 1, 2024, most small businesses will have to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network.   What is the BOI report? It is a report that discloses the identities of certain business owners as required by the Corporate Transparency Act.  What is my deadline? Did you form …

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Home office deductions: Accountable Plans

Compliance, Financial Advisory, Private Practice, Taxes / By

Accountable plans help businesses to optimize their tax footprint, especially for home office deductions. What is an accountable plan? It allows for the reimbursement of legitimate business expenses incurred with personal funds. Think home office setups, mobile phone bills, and even mileage. The key factor? Reimbursements are tax-free for the employee and deductible for the company.  …

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