How-to: Opting into Active Non-Reporting Status

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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 WA DOR now offers an option called Active Non-Reporting Status for businesses that meet specific criteria. This status allows you to actively conduct business in…

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BOI reporting requirements for 2024

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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 on FinCEN’s BOI site. Key Deadlines for BOI reporting There is no annual filing, only the initial and updated filings. Does my business need to…

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Diversifying the Stock Exchange

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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 objective, according to NASDAQ, is to encourage board diversity and to provide stakeholders with consistent and comparable disclosures. Read the SEC’s August 6th 82 page…

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Book Review: Profit First by Mike Michalowicz

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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 it for entrepreneurs who are short on time and eager to learn a different way to look at your income statement and improve your bottom…

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