How-to: Opting into Active Non-Reporting Status
Hey business owners! Does filing your quarterly or annual Washington Department of Revenue (WA DOR) tax return get you down? We want to tell you about Active Non-Reporting status and how it may make running your business a little easier. What is Active Non-Reporting Status? Beginning January 1, 2023, the…
Read MoreClarifying Confusion Around Tax Extensions
Over the years I have answered many questions about tax extensions. There is a lot of misunderstanding about them, so I want to shed some positive light on it. First off, what is an extension? It’s an extension of time (six months) to file your federal income tax return. Keep…
Read MoreBOI reporting requirements for 2024
Beginning January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) began accepting Beneficial Ownership Information Reports (BOIR). The reports are a new compliance requirement enacted by the Corporate Transparency Act that affects many small businesses. We’ve outlined a few points relevant to our business clients below. You can read more…
Read MoreDiversifying the Stock Exchange
Earlier this month (August 2021), the SEC approved a Board Diversity Rule proposal from NASDAQ. By this time next year (August 2022) all companies listed on the NASDAQ exchange must publicly (either on annual SEC filings or on their website) share the diversity makeup of their board of directors. The…
Read MoreBook Review: Profit First by Mike Michalowicz
I was prompted to read this 200-page business cash management primer, Profit First, when a client asked if I agree with its message. Happy to read a highly recommended book that intersects business, profits, and accounting, I downloaded and read this in less than two wintery weekends. I highly recommend…
Read MoreAn Inaccessible IRS
With the reduced federal funding budget and threadbare Covid-related IRS staffing levels some taxpayers are experiencing the frustrating result of an inaccessible IRS. Compounding the problem of unopened mail piling up at IRS offices around the country, the postal service’s slow delivery times are causing many taxpayers grief. Even when…
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