February 2025

Monthly Newsletter 

Business, Bookkeeping, and Taxes

• Business Insights: 

As of January 2, 2025, the Beneficial Ownership Information (BOI) reporting requirement is suspended due to a nationwide injunction.  This means that companies are not required to comply with the reporting requirement, but they can still choose to file voluntarily. 

You can learn more about this ongoing litigation on the FinCEN website: https://fincen.gov/boi

• Bookkeeping Tips: 

Tax season is officially here! Here are some helpful bookkeeping tips to keep you organized and stress-free:

1. Mark important tax deadlines on your calendar, and start preparing now to avoid last-minute stress.

2. Now is the time to connect with your tax professional to ensure everything is in place.

3. Make sure you’re providing all the requested documents and information your bookkeeper or tax preparer needs to complete your bookkeeping and prepare your taxes on time.

• Upcoming Tax Deadlines: 

Tax season is in full swing, and it's important to stay ahead of the upcoming deadlines! Here are some key dates to mark on your calendar:

1. March 17, 2025: Tax returns due for partnerships, multi-member LLCs, and S-Corporations.

2. March 17, 2025: File Form 2553 if you're electing S Corp status for an existing company to have it effective for the 2025 tax year.

3. April 15, 2025: Individual tax returns are due (or file for an extension).

4. April 15, 2025: Payment for first quarter 2025 estimated business tax due.

• Final Thoughts from the Founder: 

Happy Valentine’s Day to our amazing clients! Wishing you a day filled with love and joy!  Numbers are our love language. We’re here to help you stay organized and stress-free throughout this tax season. If you need assistance or have any questions, don’t hesitate to reach out!

Wishing you a smooth and successful tax season!