May Newsletter

We have another baby on the way!

Please join us in wishing Kaitlyn all the best as she gets ready to welcome another baby to her family. Kaitlyn will by on maternity leave until the fall.

Review Your Withholding

Did you owe with your 2023 tax return? Did you have larger than expected refund? Did we suggest that you update your W4? Do you expect to have changes to your income for 2024? If you said "yes" to any of these questions, we recommend that you review the W4 that you have on file with your employer.

If you have more than one income source or file a joint return, please be sure to use the "Multiple Jobs Worksheet" on page 3 of the W4.

The IRS Tax Withholding Estimator is a valuable tool to help you correctly fill out your W4. If you're unsure how you should complete the form, try the link below.

Withholding Estimator

Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI)

We have received a few calls regarding these new requirements and how to deal with them. At this time we are in a wait and see holding pattern. There are lawsuits being filed around the constitutionality of the act, and so far one lawsuit seems to have been favorable for that particular client. FINCEN will continue enforcing the rule for all businesses not associated with the lawsuit, however it is expected that more suits will be filed. Businesses formed prior to 2024 have until Jan. 1, 2025, to submit their reports, but compliance is a more urgent concern for newly formed businesses. Non-exempt entities formed after Jan. 1, 2024, must file their initial reports within 90 days of their state registration.

As we get more information and more legal cases are filed against the law, we will pass what we learn along to you.

For more information you can go the FINCEN website.

Estimates

2nd quarter estimates will be due June 15, 2024. If you received your tax return electronically from SafeSend, you should get a email reminder to pay those estimates. You can click on the link that is sent to you and pay them using your credit card or bank account. Open the return and click on make tax payment. Next, you'll want to click on 2024 estimate payments, and then choose the June payment. If you received a paper copy of your return and want to pay your estimates electronically, you can go to IRS payments and pay. (please note, the IRS does charge a credit card usage fee.) If you do not pay your estimates through SafeSend, it will not show that it has been paid. SafeSend only knows the electronic payments that have been made through the website. You can, however, update SafeSend with the payment information you made outside the site if you would like to keep track of your payments that way.

Honoring our nation's heroes this

Memorial Day.

Their courage and sacrifice will

always be remembered.

Office Hours

Monday-Friday 9:00am-4:00pm

Friday May 24-Monday May 27 - Closed for Memorial Day

Starting May 26

Monday-Thursday 9am-4pm - Closed Fridays through Labor Day.