There is a new federal law change to report beneficial owner information directly to the US Treasury Financial Crimes Enforcement Network (FinCen)
via FinCen’s Beneficial Owner Secure System
The criteria requiring reporting information to FinCen include:
- The entity was created by the filing of a document with a secretary of stateor any similar office in the U.S. This includes corporations, LLCs, and“S” corporations. Specifically excluded are sole proprietors (unless singlemember LLC) and general partnerships. There are 23 additional “exempt”types of entities that can be found on the FinCen website which I will provide below. The only one that may be of interest is that any entityin existence on or before January 1, 2020 and not engaged in active business and does not hold any type of assets is considered inactive and is exempt until it engages in business activities and/or hold assets.
- The entity has 20 or fewer full time employees
- Filed federal income tax returns in the prior year demonstrating $5million or less in gross receipts or sales
Entities created prior to 1/1/2024 have until 1/1/2025 to register with FinCen; entities created between 1/1/2024 and 12/31/2024 have 90 days from creation and entities
created as of 1/1/2025 and after have 30 days from creation.
This requirement is on the part of the business owners as you must create a file with FinCen in your business name.
The website is https://boiefiling.fincen.gov This website will provide you with additional information as well as the 23 exempt types of entities and the actual step by step instructions to create your file with FinCen.
The following advisory is courtesy of the Internal Revenue Service via Nexstar:
Amid the onslaught of text and email scams, there's a new tactic targeting your bank account, the Internal Revenue Service warns, and it uses old-fashioned physical envelopes.
The choice of a mailer is likely by design as the IRS doesn't contact taxpayers by email, text message or social media channels to ask for personal or financial information.
The scam mailer shows up in a cardboard envelope from a delivery service, and the letter inside has the IRS masthead and the wording "in relation to your unclaimed refund."
However, instead of getting you a refund, the letter goes on to request detailed information that identity thieves themselves can use to file for a tax refund or access other financial information.
The following good advice is courtesy for the Social Security Administration.
On March 9th, National Slam the Scam Day, and throughout the year, we give you the tools to recognize Social Security-related scams and stop scammers from stealing your money and personal information. Share scam information with your loved ones. Slam the Scam!
Recognize the four basic signs of a scam:
- Scammers pretend to be from a familiar organization or agency, like the Social Security Administration. They may email attachments with official-looking logos, seals, signatures, or pictures of employee credentials.
- Scammers mention a problem or a prize. They may say your Social Security number was involved in a crime or ask for personal information to process a benefit increase.
- Scammers pressure you to act immediately. They may threaten you with arrest or legal action.
- Scammers tell you to pay using a gift card, prepaid debit card, cryptocurrency, wire or money transfer, or by mailing cash. They may also tell you to transfer your money to a “safe” account.
Ignore scammers and report criminal behavior. Report Social Security-related scams to the SSA Office of the Inspector General (OIG).
A business collaborator of mine This email address is being protected from spambots. You need JavaScript enabled to view it., shared this informative piece with me and I want to pass it along to all of you.
As of November 1st, the Pay Transparency Law affecting New York City's roughly 4 million private sector workers is going into effect. Most employers in NYC are now required to list the salary range on all posted job ads and promotion opportunities.
Who This Impacts: Businesses with 4 or more employees (including the owner) where at least one employee is working in New York City whether it is in an office, field based or from the employee's home
What The Law Requires: Employers advertising jobs in NYC must include the minimum/maximum salary offer
With this being said, it is now more important than ever to ensure that your employee benefits package is appealing to gain and retain your workforce to potential employees as well as recruiters.
Prior to the enactment of the CAA, the U.S. Tax Code only allowed a business to deduct 50% of its expenses for meals, whether or not they were provided by a restaurant. The 50% deduction still applies for business meals that are not provded by a restaurant. After 2022 the restaurant deduction will return to 50% of the cost of business meals. Meals while traveling count for this tax deduction as well.
Under the CAA, businesses can deduct 100% of business meals provide by restaurants, including meals taken during business travel and meals offered to employees for the convenience of the employer. Unfortunately, the Internal Revenue Code does not define the term "restaurant", but many experts believe the deduction would apply to food delivered by restaurants.
The seven brackets remain the same: 10%, 12%, 22%,24%,32%,35%,37%. However, the income thresholds for tax brackets are adjusted to reflect inflation or the cost of living. For example, instead of 10% being applied to the first $9950 of income, it will now be applied to the first $10,275.00 for a taxpayer filing individually.
Also, the standard decuction will increase in 2022 by $400 to $12,950 for single filers or married but filing separately. It will increas to $19,400 for head of households and $800 to $25,900 for married taxpayers filing jointly.
There is also an additional standard deduction of $1,400 that will apply to those wo are either 65 and older or blind. The amount doubles if both apply to a taxpayer in 2022.
A business acquaintance of mine, Cody Creenfield (This email address is being protected from spambots. You need JavaScript enabled to view it.) provided me with some relevant information I want to share with you.
On Oct. 22, 2021 NYS Governor Kathy Hochul signed a law making a workplace retiremnt plan mandatory for businesses with 10 or more in-state employees that have been in business for at least 2 years AND don't presently offer a plan.
NYS provides a state-facilitated IRA savings program, The New York State Secure Choice Savings Program, to private sector businesses. Companies do not have to use the NYS plan as long as they implement a plan. NYS has not formally established a deadline as of yet.