FEBRUARY 2025 E-NEWSLETTER
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In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN
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In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
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Still Time To Reduce Your 2024 Tax Bill
One simple move can lower your tax bill and increase your retirement savings. Contributing to an eligible retirement account by the April 15, 2025 income-tax deadline will reduce your 2024 taxable income by the amount you contribute.
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We now accept ACH (Echeck) payments through our website under the payment portal.
Invoices can be paid on our website at www.kvlsmcpa.com by ACH and credit card. Checks can be mailed to us at our office at KVLSM LLP, 415 Crossways Park Dr. Suite C, Woodbury, NY 11797.
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MORE TAX & FINANCIAL NEWS YOU CAN USE
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When to Consider Filing Early
When is the best time to file your tax return? Sometimes it makes sense to delay filing as long as possible, but on other occasions an early filing of your return makes more sense.
Boost Retirement Savings
Do you ever wish you could find extra money for your child's college expenses or retirement? Maybe you would like to take a bucket list vacation or buy a larger home.
Help! My tax form is wrong!
You may receive a tax document with incorrect information or discover that a tax form you're expecting was never delivered. Here's what you can do about incorrect or missing tax forms.
Simple Ideas to Help Your Small Business
Here are several ideas to help your business grow and thrive this year.
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FEBRUARY 2025 Q & A
Q: My company is thinking about offering a student loan repayment benefit for our employees. How does it work?
A: This benefit, which pays off anywhere from a few hundred to a few thousand dollars a year in student loan debt for employees, has grown in popularity among Fortune 1,000 companies and may make sense for smaller companies.
To protect your investment, define parameters such as eligibility, reimbursement limits and consider implementing retention agreements to require employees to stay with the company for a period after receiving benefits. Also, ensure that you reimburse for education related to your company goals. Consult your tax pro for guidance.
Planning For Tomorrow
When business owners want to sell their companies to non-family purchasers, they have a number of ways to achieve this goal. First, get a current business valuation. Make sure your company's books are in order, as well as contracts that involve future business and income.
INSIDE OR OUT?
If you have partners who want to remain in the business after you leave, work with an attorney to draft a buy-sell arrangement. Another way you might keep the business in familiar hands is to explore the use of an Employee Stock Option Plan. Your tax and legal professionals can provide the details for each approach.
Then, if you want to still sell your business on the open market, work with your tax and legal professionals to establish the optimal price and purchase agreement.
Family-Owned Businesses
Now's the time to prepare your company's books for tax time. Your tax preparer may have a checklist to help you get organized. Start by reconciling your accounts as of December 31.
- 64% of the Gross Domestic Product is contributed by family businesses
- 60% of the US workforce are employed by family businesses
- 78% of all new jobs are created by small businesses
- 1.2 Million businesses run by a married couple
- 74% of family businesses report stronger values and culture
Source: SCORE 2024
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