HAPPY NEW YEAR!!!

I cannot believe that we are almost halfway through January! One of my boys is already back in Hawaii at college for spring semester. The older one goes back next week for his very last semester in college and will be graduating in May. Am I really old enough to have 2 boys that are almost finished college?

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I tried to disconnect and spend as much time as I could with them. But, it's never enough

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Now for some important updates....to start the year with a BANG!

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BOI Reporting - Optional?

TLDR: Businesses are no longer 'required' to file a BOI Report!!! WHAT?? Yep, it is now OPTIONAL to file under the latest court ruling. Dear goodness gracious! This case has had more twists and turns than a rollercoaster. .

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Here's what the FinCen website has to say , and I quote:

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"In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. More information is available at https://www.fincen.gov/boi"

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• If you've already filed....no harm - no foul. You're good to go in the event that the ruling changes.
• if you haven't filed yet, DON'T STRESS! They currently CANNOT enforce these steep penalties for not filing while the latest ruling is still in place.

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Want more info? Here's a short 3 minute video update from a lawyer that I follow on YouTube on this topic (disclaimer: I do not know him personally but he seems to be a pretty reliable source on this topic. But ALWAYS do your own research. You just can't believe everything you read online --- but, you already know that).

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I will keep you updated as this case continues to unfold. So stay tuned!! And PLEASE, PLEASE SHARE THIS INFORMATION with all your business owner besties. Let them know, they too can JOIN MY NEWSLETTER and stay in-the-know.

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This could change at any time, so if / when it does get enforced, be ready to file as there will likely be another deadline put in place. For all the latest details, always check the FinCen website. And this site Journal Of Accountancy, is also pretty up to date on it.

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Are you ready for it? Have you been keeping track of all the service providers & contractors that you hired in 2024 to help you in your business? If you haven't, IT'S TIME TO GET DOWN TO BUSINESS. There's only 19 days before some important 1099-NEC filings are due!

If these contractors are an S-Corp (or are filing as an S-Corp) or a C-Corp, they won't need a 1099 from you (there are some exceptions however, like attorneys, so be sure to do your homework!). So how do you know what entity type they are? Well, the only way to know for certain is to collect a signed W-9 from them directly BEFORE you pay them! There, I said it! Otherwise, you'll be chasing them down in the next few weeks to make sure YOU are in compliance with the IRS.

All employers are required to submit 1099s to both the IRS and the service provider (i.e. contractor) if they paid them more than $600 in 2024 (excluding some S-Corps and C-Corps, and excluding payments via credit card or third party payment platforms). There are nuances regarding who gets one and who doesn't, so be sure to do your research.

If you are currently using an accounting software like QuickBooks Online, then you 'should' have all the information you need to file (if you collected that darn W-9 from them!). Here's a video with instructions on filing 1099s in QBO​

If you have questions, feel free to reach out to us. Filing 1099s is just one of the many bookkeeping add-on services that we offer at Cloud9 Financial.

If you are curious what some of the other key IRS Tax forms, schedules and publications are for 2025, here's an article from Nerd Wallet. You're welcome!

Hey - check out this article from US News:

Say it isn't so!!!! You know what that means. UGH.. another stressful tax season? Well, it doesn't have to be. If you or a fellow business bestie are behind on your finances, we can help RESCUE YOUR BOOKS! As a matter of fact, WE LOVE these types of projects. But our calendar fills up quickly this time of year, so don't delay! Book a call with us now to get started and we'll get your books in tip top shape before you can say 'REFUND'!

Have a fantastic week! Let's make 2025 the BEST YEAR YET for your business!

Pam Greb
Owner | Certified CFO
​Cloud9 Financial​

You're receiving this newsletter because at some point or other, our paths have crossed. Maybe you're a client of mine, or you attending one of my webinars, or we met at a networking event. Whatever the reason, I'm so happy you're here! If for some reason you'd rather not hear from me :-( just click the UNSUBSCRIBE button below. But I sure do hope you'll stay.

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NOTE: None of the information in this newsletter should be considered legal or tax advice. I'm not a lawyer, nor am I a Tax Accountant, and I sure as heck don't play one on TV. So please ... always do your own research to verify whether your business needs to file or not.