’Tis the season to make New Year’s tax resolutions, but as I have seen many times in my 25 years as a financial adviser, it’s those who plan ahead who tend to get ahead. We’re bumping up against the tail end of 2023, but there’s still time to make a few money moves to help get you prepped for a successful, upcoming tax season. Here are a few options to consider and/or raise with your trusted tax professional alongside your financial adviser. (More)

On January 1, 2024, the new requirement to file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) goes into effect. More than 32 million entities – mostly small businesses – will have to file this report, which is required by a federal law called the Corporate Transparency Act.  Violations of this law can result in a civil penalty of $500 per day the violation continues and criminal penalties of up to $10,000 and two years in prison. January 1 is fast approaching. Now is the time for all small business owners to start preparing. Below is a checklist of steps they should be taking now. (More)

Millions of casual online sellers can breathe a sigh of relief since a confusing and concerning $600 IRS reporting rule won’t go into effect as planned for 2023. This is the second time the IRS has delayed implementing the 1099-K $600 tax reporting rule.That rule required payment apps and online marketplaces (think PayPal, Venmo, Etsy, eBay, StubHub, etc.) to send 1099-K forms to anyone who received over $600 in payments for goods or services (even in a single transaction). Early estimates were that more than 40 million taxpayers would have received forms. Some taxpayers wouldn’t expect one, including some sellers without a tax obligation. (More)

Year-end processing poses a number of challenges to payroll administrators, accountants, business owners, and employers of all types. Checkpoint Payroll has put together this series of articles aimed at guiding you through the trials of the year-end processing season. It’s a great perk when an employer provides a company car that a worker can also use during non-work hours. But the value of that perk is generally taxable. But how do you tax the value of a noncash fringe benefit? (More)