Chez Morrow International LLC

11/20/2023

This NEW Law Will Cost Your Business THOUSANDS... Unless You Do This

https://youtu.be/2Szo-5p-riQ?si=tpO9yL6fLF3NvymE

Starting January 1, 2024, many companies will be required to report information to the U.S. government about who ultimately owns and controls them.

This law was passed 4 years ago and becomes effective January 1, 2024

LLC, S-Corp, Corporation, Partnerships

If you have an inactive business entity you should close it prior to December 31, 2023.

You also need to notify the IRS to close the EIN assigned to your business entity.

https://www.fincen.gov/boi

https://www.fincen.gov/news/news-releases/fincen-finalizes-rule-use-fincen-identifiers-beneficial-ownership-information

You cannot file the form prior to January 1, 2024.

Immediate Release November 07, 2023 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that specifies the circumstances in which a reporting company may report an entity’s FinCEN identifier in lieu of information about an individual beneficial owner. A FinCEN id...

09/20/2023

Congress is considering the Credit Card Competition Act, a bill that helps address the broken and unfair U.S. payments market that favors big Wall Street banks over Main Street retailers. Visa and Mastercard dominate the U.S. credit card market...

04/12/2022

Get the EIDL Amortization table here: https://claracfo.podia.com/eidl-amortization-schedule Find the latest guidance on EIDL loans here: https://www.sba.gov/...

03/06/2022

Form 1099-K is sent to payees who accept credit cards or payments settled through third-party networks. The “de minimis” also known as minimal amounts exception for reporting by third-party network transactions has been payments exceeding $20,000 and ...

02/16/2022

If you do your business's payroll then this reminder is for you.

01/28/2022

"The next time you try to log in to the Internal Revenue Service's website you'll be urged to use facial-recognition software to verify you are who you say you are.
For now, this process is optional if you already have an IRS username and password. But if you don't, and you want to use online tools to request an online tax transcript or see information regarding your tax payments or economic impact payments, you'll need to sign up with ID.me. And starting this summer, those old IRS usernames and passwords will no longer work."

The next time you try to log in to the Internal Revenue Service's website you'll be urged to use facial-recognition software to verify you are who you say you are.

01/08/2022

I knew that someone would share information on how to avoid the tax reporting on nontaxable reimbursements and gifts using cash apps.
The presenter is young and enthusiastic so her tone might be a little more excitable than you are used to but her information is solid.

Again the other advice passed on earlier is to keep your personal cash app transactions in a separate cash app from your business cash app account.

01/05/2022

The American Rescue Plan Act (ARPA) of 2021 has a provision for businesses that you may not be aware of, and it certainly seems to be making waves across the

01/04/2022

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12/22/2021

12/21/2021

A general rule is to preserve tax records for three years, or as long as 10 years in some circumstances.

11/10/2021

There last presentation was very informative with only a few people registered so the one-on-one Q&A at the end was fabulous. My questions were answered in real time.

It's not about how much you make, it's about how much you keep!