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From January 1, 2024, Beneficial Ownership Information (BOI) reports are mandated to be submitted electronically through FinCEN's secure filing system. The Reporting Rule mandates specific entities to submit beneficial ownership information (referred to as BOI reports) to FinCEN. These reports encompass data about the entity and two distinct groups of individuals:

• Beneficial owners: Individuals who possess or manage a minimum of 25 percent ownership in a company or exercise significant control over it.
• Company applicants: Individuals who directly initiate or are primarily accountable for the submission of documents that establish or register the company.

The new FinCEN Beneficial Owner Information Reporting Rule (BOI reports) applies differently based on specific criteria related to a company's creation, location, and structure.
Here's a breakdown:

NOTE: The chart is pulled directly from the Beneficial Ownership Information Reporting Requirements Small Entity Compliance Guide located on FinCEN’s website.

For companies falling under Domestic or Foreign Reporting Company categories, following the filing guidelines for the new Beneficial Owner Information regulations is required, as per FinCEN's requirements.
FinCEN has designed guidance documents aiming to facilitate the Beneficial Owner Information Reporting process for corporations and companies. These guidance materials are intended to provide clear, step-by-step instructions, allowing consumers to manage the filing process without the necessity of professional assistance from lawyers or CPAs. These documents aim to simplify the procedure and empower entities to fulfill their reporting obligations accurately and effectively.

Publication 535, "Business Expenses," offers comprehensive insights into the myriad of deductible expenses for businesses. It provides detailed information on various expenses that business owners can claim to reduce taxable income, covering a wide range from advertising costs to travel expenses. However, navigating through the complexities of tax laws and deductions can be overwhelming. If, after reviewing this material, you find yourself seeking expert guidance, don't hesitate to contact Rachelle Harp CPA PLLC. Our seasoned professionals specialize in handling tax intricacies, alleviating the burden and allowing you to focus on your core expertise—efficiently running your business.

The link provides essential insights into the limitations on business interest deductions. It offers detailed guidelines regarding the maximum amount of deductible business interest, often based on income and certain thresholds. For instance, the IRS stipulates that the deduction for business interest expenses is generally limited to 30% of the adjusted taxable income for most businesses. Accessing this resource can assist businesses in understanding the regulations and thresholds related to deducting business interest expenses, ensuring compliance with IRS rules and optimizing tax strategies.

The provided link offers comprehensive information about the Employer-Provided Childcare Credit, a valuable resource for businesses seeking to assist employees with childcare expenses. This credit allows businesses to claim up to 25% of qualifying childcare expenses they incur or subsidize for their employees, capped at $150,000 per year. Qualifying expenses encompass various childcare services provided or sponsored by the employer, including care facilities, on-site programs, or financial assistance for employee childcare. Employers must meet specific criteria to qualify for this credit, including providing care services for the benefit of their employees. Accessing this resource can provide detailed guidelines and eligibility requirements to help businesses take advantage of this beneficial credit while supporting their employees' childcare needs.

The link provided offers insight into the requirements for Education Credits, specifically the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). These credits are designed to assist eligible taxpayers in offsetting qualified education expenses incurred during higher education pursuits. The summary delves into eligibility criteria, such as the need for a student to be enrolled in an eligible educational institution, the necessity for paying qualified education expenses, and income limitations for claiming these credits. It outlines the distinctions between AOTC and LLC, detailing the maximum credit amounts, allowable expenses, and restrictions. Overall, the information sheds light on the criteria and qualifications necessary for individuals to claim these education-related tax credits.

The Child Tax Credit is a tax benefit that provides financial assistance to eligible families with qualifying dependent children. The linked resource offers insights into the requirements for claiming the Child Tax Credit. It outlines the eligibility criteria, such as the age of the child, the relationship to the taxpayer, residency status, and the child's support provided by the taxpayer. Additionally, the resource details the income thresholds and phase-out limits for claiming the credit. It provides clear information about the amount of credit available per child and how it's impacted by the taxpayer's income. Overall, this resource offers valuable information and guidelines for families looking to claim the Child Tax Credit on their tax returns.

The provided link offers detailed insights into the Child and Dependent Care Credit, a valuable tax credit aimed at assisting taxpayers in covering expenses for qualifying childcare services. For eligible taxpayers, this credit can account for a percentage of qualifying care expenses for children or dependents under specific conditions. The credit can cover up to 35% of eligible expenses, capped at $3,000 for one qualifying individual or $6,000 for two or more. Eligibility is subject to various criteria, including the necessity of care for gainful employment or looking for work, while the care must be provided for a qualifying individual (child under 13 or a dependent incapable of self-care). Taxpayers should ensure they meet the specified criteria to claim this beneficial credit for qualifying expenses paid to a qualified care provider.

The Earned Income Tax Credit (EITC) is a tax benefit designed to assist low to moderate-income individuals and families. This linked resource offers valuable insights into the eligibility criteria and requirements for claiming the EITC. It details the income thresholds, filing status, and the maximum credit amount based on the number of qualifying children. Moreover, the resource outlines the qualifications related to earned income, investment income, and residency status necessary to qualify for the credit. By providing clear guidelines and explanations, this resource serves as a helpful tool for individuals seeking to understand and claim the Earned Income Tax Credit on their tax returns.

This link serves as an invaluable resource elucidating the IRA deduction limits and retirement savings aspects. Delving into these details, it delineates the parameters for claiming deductions on contributions to Individual Retirement Accounts (IRAs). Notably, for the tax year 2023, it clarifies that the combined contributions to all traditional IRAs and Roth IRAs should not exceed $6,500 (or $7,500 for individuals aged 50 or older) or your taxable compensation for the year, whichever is less. This information equips individuals with a clear grasp of the contribution thresholds, aiding them in making informed decisions about maximizing their retirement savings while optimizing tax benefits.

IRS Website - Individual Taxpayers: The official website provides information on filing taxes, forms, publications, and tools for taxpayers.

Tax Withholding Estimator: A tool to help employees ensure the right amount of tax is withheld from their paychecks. IRS Tax Withholding Estimator

Review Your W-4 Annually: Life changes, such as marriage, divorce, or having a child, can affect your tax situation. Revisit and update your W-4 when necessary. Frequent W-4 Questions

State Taxation Websites: Links to the individual state tax departments for state-specific tax information and resources.

Taxpayer Advocate Service: Assistance for taxpayers who are experiencing financial difficulty or seeking help with IRS problems.

Tax Information for Students: Guidance on tax benefits for education, student loans, and more.

Tax Deductions and Credits: Information on various deductions and credits available to individuals.

Retirement Plans: Information on retirement plans, contributions, and distributions.

Health Care Tax Tips: Guidance on health care-related tax matters, including the Affordable Care Act.

Tax Scams and Consumer Alerts: Awareness on common tax scams and alerts to prevent fraud.

IRS resources specifically designed for small businesses, providing guidance on tax-related issues, forms, and publications.

Offers tools, resources, and loan information to support small business owners.

Comprehensive IRS resource covering various tax-related topics relevant to businesses.

Guidance on applying for an Employer Identification Number (EIN), necessary for most business entities.

Compilation of resources and tools for businesses, covering various aspects of operations, management, and growth.

Free online workshops from the IRS designed to help small business owners understand federal tax obligations.

The linked resource offers valuable insights into the Oklahoma Parental Choice Tax Credit. This program offers a refundable income tax credit, ranging from $5,000 to $7,500, to eligible Oklahoma taxpayers. The credit is applicable to those who pay or anticipate paying qualified expenses, such as tuition and fees, for an eligible student attending or planning to attend an eligible private school within the tax year.

Foreign exchange rates refer to the value of one currency compared to another. These rates fluctuate constantly due to various factors such as economic conditions, geopolitical events, and market sentiment. The exchange rates impact international trade, investments, and travel, influencing the cost of goods and services in different countries. Websites offering foreign exchange rates typically provide real-time or historical data on how much one currency is worth in relation to others, assisting individuals and businesses in making informed decisions regarding currency conversions and international transactions.

A government website that provides valuable information on interest rates offers insights into the rates set by the central bank or government. These rates influence borrowing costs, investment returns, and the broader economy. This resource aids individuals and businesses in understanding the prevailing interest rate scenarios, helping them make informed financial decisions and stay updated on economic trends.