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Month: June 2022
Finance

New Massive FinCEN Filing Requirement for All Small Businesses

Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business trust? Or are you planning to form one of these entities? If so, be alert. There’s a new federal filing requirement coming. Back in 2021, Congress passed a new law called the Corporate Transparency Act (CTA) that requires corporations, LLCs, and other business entities to provide information about their owners to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), which is a unit separate from the IRS. The CTA is part of a government crackdown on corruption, money

Increase Profit and Cashflow with Financial Analysis

Financial Analysis is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. This is an important part of managing a growing business. Doing financial analysis every month will allow you to calculate markup on products or services you need to maintain your profit margins, control your cost margin and improve your revenue margin. A Federal Reserve study found financially healthy small businesses have four things in common: they have strong knowledge and experience with various types of credit, keep a higher level of unused credit balances, put together a budget more regularly

The IRS Knows You Have Crypto: Operation Hidden Treasure

Cryptocurrency such as bitcoin, Luna, UST and Tether (USDT) have been in the news lately. So what is crypto? Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income. The IRS is concerned that you and millions of Americans are using crypto without paying tax on the earnings. To clarify that it expects you and other taxpayers to report crypto earnings, the IRS added the following question about cryptocurrency to the top of Form 1040: At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any

A Cruise To Mexico For Business? Tax Deductible

You may not have thought of this, but taking a cruise ship to Mexico for a business meeting is acceptable as a deductible form of transportation! Because Mexico is in the tax law–defined North American area, the law says that you need no stronger business reason to deduct your trip to Mexico than you need to deduct a trip to Chicago, Illinois, or Scottsdale, Arizona. Less-than-one-week rule. If your trip is outside the 50 states but inside the North American area and if the trip is for seven or fewer days (excluding the day of departure), then the law allows