Eric Joern
5 Benefits of HCM and Payroll Software for Small Businesses
A single payroll mistake can turn into a rough week fast. Someone gets shorted on their check, they come to you upset, and now you're...
As we close Q1 we wanted to provide an update on this new reporting requirement as required by FINRA.
Recently, a federal district court in Alabama ruled that the Corporate Transparency Act is unconstitutional. While this could be a sign for the future of this act, this ruling only affects the involved plaintiffs – not all businesses that have this requirement. The Department of Justice has already appealed the decision.
What does this mean for me?
Our position on this program hasn’t changed. We still recommend that you wait until Q3 to address reporting requirements for entities established before January 1st, 2024. The filing deadline for those entities is 1/1/2025.
If you established a new entity this year, you have 90 days to file your report with FinCEN—so new businesses, don't delay.
What is BOI reporting?
Want a more in-depth look at BOI? We discussed BOI in detail in our blog Demystifying BOI: A Guide to Beneficial Ownership Information Reporting, as well as in this video.
At Kaizen, we are developing a soon-to-be-released program to help our clients with BOI reporting. If you're looking for help and guidance with accounting for your business, please click the 'Let's Chat' button below and let's see if we're a good fit for your business.
Kaizen CPAs works with auto repair shops across the country. We know running a successful shop takes more than keeping the bays full. We help shop owners understand their numbers, stay ahead of taxes, and build stronger, more profitable businesses. Auto repair is at the heart of what we do, but we bring the same practical, hands-on approach to businesses in other industries, too.
YPD HCM is part of the Kaizen CPAs family. YPD HCM helps small businesses manage payroll, HR, and compliance with the right tools and personal, human support—from payroll and tax filings to onboarding, employee management, and more. It’s practical help for the people side of your business, from a team that’s there when you need them.
The information in this article is provided for general educational purposes and reflects conditions as of the publication date. It is not legal, tax, accounting, payroll, HR, or compliance advice. Every business is different, so talk with a qualified professional about your specific situation.
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