Can you believe it, Reader? 2024 is coming to a close. It's time to reflect on the last 12 months, cherish your time with friends and family, and get geared up for an amazing 2025! But before that... there's just a few things left to wrap up the year!​
​

Extended DEADLINE for BOI Reporting

​

TLDR: The deadline for BOI Reporting per the Corporate Transparency Act (CTA) has been pushed to January 13, 2025. For all the details, check out this article from the Journal Of Accountancy.

​

Remember a few months ago, I mentioned a new law that was going into effect, that would require small businesses to report information about beneficial owners of small businesses by January 1, 2025 to FinCEN (the Financial Crimes Enforcement Network). Uhhhhh. CRIMES? Say what?

​

The BOI Reporting requirement (Beneficial Ownership Identification) is meant to prevent illegal activities like money laundering and financing terrorism through small businesses (Sole Props, LLCs, etc). Can you believe there are bad characters out there in the world that do such a thing?? (...Gasp...)

​

In a nutshell: BOI Reporting law was passed, cases were filed stating it was unconstitutional, an injunction was issued on Dec 3 by a Texas District Court preventing FinCEN from enforcing penalties for not filing (which included civil fines of $500/day up to $10,000 per entity). Then yesterday, Dec 23, the injunction was overturned, and a new deadline of Jan 13 will now go into effect. Phew! So.... if you haven't done it already, MAKE SURE YOU FILE YOU BOI REPORT BEFORE JANUARY 13, 2025! You bank account will thank you!

​

Go directly to the FinCEN website to FILE YOUR BOI Report​

​

​

Last but not least, end of the year means preparing to submit and file those darn 1099s! There are many types of 1099 forms, but the most common one I run across with my clients is the 1099-NEC (non-employee compensation), which is used when business owners hire contractors and pay them more than $600 for the entire year. Others forms include 1099-MISC, 1099-INT, 1099-K, just to name a few. For more info, check out this BLOG post from Intuit.

If you have NOT been collecting W-9s from your vendors throughout the year, it's crunch time! As a business owner, you are required to provide 1099 forms to both the IRS and the vendor you paid to provide a service for your business. Examples are your bookkeeper, CFO Services, outsourced IT provider, CPA or tax preparer, lawyers, subs (typically General Contractors hire a ton of subs to perform services). A 1099-NEC (non-employee compensation) form must be sent out and filed with the IRS no later than January 31, 2025.

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

As you finish wrapping your presents, and wrapping up your year, don't forget to take some time for yourself. Relax, take care of YOU! Your health and your happiness are so important! YOU DESERVE IT!

P.S. Are you looking to GROW and SCALE your business in 2025? Maybe you're not quite at the point where you are able to outsource your bookkeeping or can't quite afford to hire a CFO Advisor? Guess what? We're drumming up something special to help small-er business owners succeed in 2025! So....stay tuned! Ooooh, I can't wait! I'm soooo excited to share what's to come!

​

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.

​

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.