BOI Reporting Update

BOI Reporting - Update

Thu, 05 Dec 2024 22:07:56 GMT

BOI Reporting update regarding the recent Federal District Court, in Texas, ruling.

Over the past few weeks, you've probably heard a lot about the Beneficial Owners Information Reporting, which is required under the Corporate Transparency Act. In November we sent a letter to our clients regarding this. The deadline to file iss January 1, 2025 with a penalty of $590.00 per day if a company fails to file.

Please note the BOI reporting requirement applies to small business, with some exceptions.

There has been a last-minute development with regards to the Corporate Transparency Act or CTA. On December 3rd, 2024, late afternoon, a federal District Court in Texas, issued an injunction that prevents the enforcement of the January 1, 2025 deadline. The DOJ has yet to respond to this injunction. What we know right now is that the January 1, 2025 deadline is not enforceable, due to the injunction. Currently there is no further information on this. You are still required to file.

However, the future of the enforcement of the CTA is uncertain. As we get more updates we will publish them. The AICPA has issued a statement that acknowledged the potential effects of the injunction and urged CPAs assisting clients with BOI reporting to be prepared. Below is that statement:

“Under the injunction, FinCEN is barred from enforcing BOI filing requirements while the case is pending,” the statement said. “Best practices dictate that at a minimum, those assisting clients with BOI report filings gather the required information from the clients and are prepared to file the BOI report if the injunction is lifted. While it is unlikely that the injunction will be lifted prior to the final outcome of the proceedings, we advise being prepared in the event that there is a reversal.”

We are offering to file the BOI reports for existing clients if you so choose to file this report.

Make the most of the season by following these simple guidelines

websitebuilder@thryv.com — Fri, 15 Nov 2024 16:47:24 GMT

The new season is a great reason to make and keep resolutions. Whether it’s eating right or cleaning out the garage, here are some tips for making and keeping resolutions.

Make a list

Lists are great ways to stay on track. Write down some big things you want to accomplish and some smaller things, too.

Check the list regularly

Don’t forget to check in and see how you’re doing. Just because you don’t achieve the big goals right away doesn’t mean you’re not making progress.

Reward yourself

When you succeed in achieving a goal, be it a big one or a small one, make sure to pat yourself on the back.

Think positively

Positive thinking is a major factor in success. So instead of mulling over things that didn’t go quite right, remind yourself of things that did.

Keep in touch with site visitors and boost loyalty

websitebuilder@thryv.com — Fri, 15 Nov 2024 16:47:23 GMT

There are so many good reasons to communicate with site visitors. Tell them about sales and new products or update them with tips and information.

Here are some reasons to make blogging part of your regular routine.

Blogging is an easy way to engage with site visitors

Writing a blog post is easy once you get the hang of it. Posts don’t need to be long or complicated. Just write about what you know, and do your best to write well.

Show customers your personality

When you write a blog post, you can really let your personality shine through. This can be a great tool for showing your distinct personality.

Blogging is a terrific form of communication

Blogs are a great communication tool. They tend to be longer than social media posts, which gives you plenty of space for sharing insights, handy tips and more.

It’s a great way to support and boost SEO

Search engines like sites that regularly post fresh content, and a blog is a great way of doing this. With relevant metadata for every post so search engines can find your content.

Drive traffic to your site

Every time you add a new post, people who have subscribed to it will have a reason to come back to your site. If the post is a good read, they’ll share it with others, bringing even more traffic!

Blogging is free

Maintaining a blog on your site is absolutely free. You can hire bloggers if you like or assign regularly blogging tasks to everyone in your company.

A natural way to build your brand

A blog is a wonderful way to build your brand’s distinct voice. Write about issues that are related to your industry and your customers.

Tips for writing great posts that increase your site traffic

websitebuilder@thryv.com — Fri, 15 Nov 2024 16:47:23 GMT

Write about something you know. If you don’t know much about a specific topic that will interest your readers, invite an expert to write about it.

Speak to your audience

You know your audience better than anyone else, so keep them in mind as you write your blog posts. Write about things they care about. If you have a company Facebook page, look here to find topics to write about

Take a few moments to plan your post

Once you have a great idea for a post, write the first draft. Some people like to start with the title and then work on the paragraphs. Other people like to start with subtitles and go from there. Choose the method that works for you.

Don’t forget to add images

Be sure to include a few high-quality images in your blog. Images break up the text and make it more readable. They can also convey emotions or ideas that are hard to put into words.

Edit carefully before posting

Once you’re happy with the text, put it aside for a day or two, and then re-read it. You’ll probably find a few things you want to add, and a couple more that you want to remove. Have a friend or colleague look it over to make sure there are no mistakes. When your post is error-free, set it up in your blog and publish.