A big, big, thank you!
First of all we want to thank you for your business this last tax season! It was quite the year for everyone and we here at Wolfley Accounting are looking forward to seeing you all again this coming tax season for 2023!
Just as heads up, we do have tax organizers we can email to give you an idea of the things we are looking for when it comes to personal taxes, small businesses, rentals and many other types of returns/forms. Just give us a call or email us and we can send whatever one you need to you.
Many of you came to the office and saw that there is more than just Dan Wolfley & Cindy Smith at the office. In fact there is now Mike Parker who is not only a great realtor but also a great tax preparer/accountant that is available to help and so are the Heathers, Heather Mencer and Heather Murdock. Both have had many years of experience with data entry and tax returns.
New Year, New changes!
Things you should know
Just a heads up for all you out there that are either looking to start a business or already have one. Starting this year a new law has been issued called The Corporate Transparency Act. In 2021, Congress passed the Corporate Transparency Act on a bi-partisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
Who this impacts is any entity that is a corporation, a limited liability company, or is created by filing a document with a Secretary of State or similar office under the law of a state or Indian tribe and that does not qualify for an exemption.
What this means is if you haven’t already filled out the forms for FinCEN’s BOI (beneficial ownership information) for your company or maybe only have some of the information, it is going to need to be done to avoid some pretty hefty penalties. They are talking about charging 500 dollars a day! The good news is you have time.
When to get this all done, to be honest, the sooner the better to avoid getting lost in the shuffle. If this is an existing company started before this year you have till the 1st of 2025 to get it turned in. If your company is new this year, you have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report.
For more information and the forms, click here.
Our Changes
As you know the economy has been rough on all of us and with the growing demands unfortunately we have to change things too. No more are we going to be able to send returns without payment for services first. We will not be sending any sort of bill till we have your return ready to go but we just can’t send the returns themselves till payment has been made.
We are also trying to make sure that everyone is sending their information to wolfleytaxes@gmail.com instead of to Dan’s personal email or texting it to his cellphone as he now has some experienced personnel that helps him with data entry and when he is out of the office we just are not able to access things sent to him personally, especially via text. We are all here and ready to help you with your tax needs! We look forward to getting to know you so we too can provide you that personal service and care that Dan has always tried to provide for all his clients.
Our first priority is you! If you have any questions or concerns, please feel free to call us.
Save The Date!
Important 2024 tax deadline dates!
January 31:
Employer – Form W-2
Payors – Forms 1099
March 15:
Partnerships, LLCs – Form 1065
S & C Corporations – Form 1120
April 15:
Individuals – Form 1040
Estates and Trusts – Form 1041
Foreign Bank and Financial Accounts (FBAR) – FinCEN Form 114
May 15:
Exempt Organizations – Forms 990
Extensions if necessary
Excluding the w-2’s and 1099’s we can file an extension if needed. The sooner we have the information and documents the sooner we can get you filed!
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