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Business, Taxes Tiffany Bastian Business, Taxes Tiffany Bastian

The 2024 Corporate Transparency Act and What Photographers Need to Know

The Corporate Transparency Act (CTA) was passed to combat financial crime. The Financial Crimes Enforcement Network (FinCEN) issued a final rule for Beneficial Owner Information (BOI) reporting requirements on September 29, 2022. The BOI reporting requirements will become effective on January 1, 2024, and apply to reporting companies, including LLCs, and other similar entities. Reporting companies need to report information about their beneficial owners, including their legal name, address, and identifying information. Reports are filed electronically through a secure filing system on FinCEN's website. Failure to comply with the reporting requirements may result in penalties.

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Business, Taxes Tiffany Bastian Business, Taxes Tiffany Bastian

2023 1099-K Laws Change … Again

November 21, 2023, CHANGES! Discover the latest IRS updates affecting photographers! Learn about the delay in the 2023 Form 1099-K reporting threshold and the phased implementation plan for a $5,000 threshold in 2024. Stay informed with Bastian Accounting for expert insights and guidance on navigating these changes. Compliant AF for your financial peace of mind!

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