What Your CPA Wants You to Know - 89. BOI Report: Important Legal Updates and Filing Tips!

89. BOI Report: Important Legal Updates and Filing Tips!

12/18/24 • 16 min

Please note: There is a temporary pause in enforcement of the BOI Report filing following a significant court ruling this month. Though we do think the BOI report will eventually need to be filed at some point.
This episode walks you through how to file your BOI report on the FINCEN website if you have not yet filed!

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Previous Episode

88. Throwback: New Business Owner? You're likely a Sole Proprietorship without knowing it!

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THROWBACK EPISODE! OLDIE BUT GOODIE :)
If you started a business and didn't file any paperwork, what type of business are you??? Do you know???
The IRS will automatically classify your business as a sole proprietorship and that you will file the business income and expenses on Schedule C of your personal tax return. So not much will change except for your tax return!
If you filed an LLC, you can still be classified as a Sole Proprietorship. You will have some additional filing requirements for the state you filed the LLC in.
In this episode we discuss:
-Do you need an EIN for your sole proprietorship?
-What expenses can you deduct (i.e. save $$ in taxes)?
-How do you file your business taxes?
-What other filing requirements do sole proprietors have?
-Can you be an LLC and a sole proprietorship?
If you are new to owning a business, this episode is a perfect place to start educating yourself on paying taxes as a business owner!

Next Episode

90. Achieving Your Business Goals in 2025

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Setting clear goals at the start of a new year is essential for any business's success. We encourage deliberate planning to review past performance, establish actionable goals, and stay aligned as a team throughout the year.
• Reflecting on last year's successes and challenges
• Setting realistic and actionable goals for 2025
• Weekly meetings for team alignment
• Updating and refining standard operating procedures
• Proactive client communication and training strategies
• Discussing budget and marketing efforts
• Documenting meeting notes for accountability and progress tracking
• Emphasizing work-life balance alongside business growth

What Your CPA Wants You to Know - 89. BOI Report: Important Legal Updates and Filing Tips!

Transcript

Speaker 100:00:00.782

So since recording this episode that is airing today , there have been some tax law changes . So we love when that happens . We have been preparing for the BOI reports all year , filing a bunch of them , and then now they are changing the law . So there was a Texas court judge who said okay , this BOI reporting is unconstitutional .

Speaker 100:00:27.359