1099s - The most common information return, 1099-NEC, must be filed to the IRS by January 31. In general, you are required to file a Form 1099-NEC for each non-employee to whom you have paid at least $600 in compensation during the year in the course of your business, including fees to attorneys, but excluding payments to corporations. This year, the penalties for not filing are more severe: up to $310 per return for being late and up to $630 for intentional failure to file. Contact your Tax Manager ASAP if you need help!

BENEFICIAL OWNERSHIP INFORMATION (BOI) - The Corporate Transparency Act (CTA) enacted by Congress in 2021 targets tax fraud, terrorism financing, and money laundering. Under this law, many small businesses required to register with their secretaries of state to do business in the U.S. will now also be required to file a BOI Report with the Financial Crimes Enforcement Network (FinCEN). Companies existing prior to 1/1/2024 have until 1/1/2025 to file initial reports, but new companies created in 2024 have 90 days to file, and companies with ownership changes have only 30 days to update their information. Since the law is unrelated to tax obligations and the IRS, we are unable to provide services related to it, and we recommend consulting with your legal council for assistance. The form itself may not be that complicated, but the penalties for failing to comply are stiff: from $500 to $10,000 and potential imprisonment!



Here are some helpful links for more information:

BOI Small Business Compliance Guide

BOI FAQs

First of all, a big THANK YOU to all of our clients who pay us promptly - we so appreciate it!

Our invoices (from Boulder CPAs Billing) are sent out around mid-month for projects and/or returns that have been completed during the previous month. If paid in full within 60 days of the invoice date, we pay the credit card fees. After 60 days, service charges accrue each month at 18% APR to cover those fees as well as our additional time and billing expenses. You can also pay by check and/or split up your payments. If you need to be on a monthly payment plan, contact Toni for assistance.

Our policy is that we cannot work on accounts that have an outstanding balance due, and this year we are broadening that policy to include not only tax returns, but also related work such as planning, projections for estimated payments and filing for extensions.

Remember, if you miss our office deadlines, you can plan on your returns being automatically extended, and now you must also have paid your outstanding balances due. Thank you for your cooperation!

February 1 - tax info is due to our office for November year-end C-corporations, LLCs, Partnerships, and S-corporations for the March 15 filing deadline

March 1 - tax info is due to our office for Individuals, C-corporations, and Trusts for the April 15 filing deadline

April 1 - tax info due to us for those wishing to extend and also for Non-profits for the May 15 filing deadline