Brian Pry CPA

Tax advisory and accounting for SMBs

Financial & Tax Updates

Tax Season 2025

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Happy New Year! We are getting ready for tax season 2025 (2024 filing year), please review the following notes:

  1. Deadline reminders:
    • entity returns (partnerships and S-Corporations) are due 3/15. We request to have all applicable documents and financials no later than 2/15 in order to prepare the returns. If you need us to file an extension, please let us know.
    • Individual/C-Corps/Trust/Estate returns are due 4/15. Again, we request to have all required information by 3/15. If you need us to file an extension, let us know.
    • All tax liabilities are due by the initial filing deadlines, regardless of extensions. Extensions only provide additional time to file, not to pay. If you need assistance estimating your liability please let us know.
    • 1099’s, W-2’s, etc. are due in January. Business owners, please ensure you meet this filing deadline.
  2. Busy Season Schedule: Brian’s calendar will show limited availability, please reach out if you need to schedule time to discuss any important details.
  3. Organizers – these are printed to SmartVault as of today under tax year 2024 “client source documents” folder. While we do not require this to be completed, it is highly recommended. At a minimum, use it as a guide/reminder for common tax documents and details you should be providing. Please let us know if you do not see your organizer (this only applies to individual returns). If you are a new client this year, there may not be an organizer.
  4. General timing/process –
    • When you believe you have gathered everything required for us to prepare your return, feel free to send Brian an email (this applies to business and individual returns). You are still welcome to upload documents to the vault as they become available (no requirement to wait and upload everything at once).
    • We will communicate with you throughout the preparation process to confirm details and ask clarifying questions.
    • When we have completed final review of a return, we will send it to you via DocuSign for review and signature. Once you have reviewed and signed, we will submit the returns electronically. Once returns process (are accepted by the relevant agencies) we print the e-file confirmation letter to your tax folder.

If you have any questions, please reach out!

Filed Under: Tax

Year-End Planning

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Quick reminder to reach out as needed to coordinate year-end tax planning. Here are some important general reminders:

-Estimated tax planning (making sure you are on track) is critical in avoiding underpayment penalties

-Strategy assessment and implementation is best done during the tax year. Here are some examples of planning topics:

Paying down profits

Tracking mileage and home office deductions

HSA/FSA

Assessing retirement deferral options

Salary optimization and filing a reasonable salary (S-corp shareholders)

Assessing bonus depreciation options for new asset purchases

R&D Tax Credits

Roth IRA

Hiring your kids

Real Estate – cost segregation studies, 1031 exchanges

Tax loss harvesting (capital losses)

Filed Under: Tax

FINCEN BOI REMINDER – PLEASE READ

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As we approach the end of the year, this is a final reminder to ALL clients who have an ownership interest in a legally registered entity (LLC, Corporation, etc.) to register your entity with FINCEN before 12/31/2024: https://fincen.gov/boi

This is required, not optional. Penalty for failure to file this Beneficial Ownership Information Report is $500/day per entity and potential criminal penalties.

Our firm is NOT providing services related to this required filing and it is in no way related to your tax compliance. There are many providers out there including registered agents and attorneys that are offering registration services, and a lot of individuals are registering on their own directly through the link provided above. Please let us know if you have any questions.

2023 Tax Extension Deadline and Failed Legislation

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Quick reminder for those on extension:

Partnerships and S-Corp returns are due by 9/15. Please ensure our office has any outstanding request items by 8/15 to ensure timely filing.

Individual returns, C-Corporations, Trust returns are due 10/15. Please ensure our office has any outstanding request items by 9/15 to ensure timely filing.

For those of you who were on extension in hopes that the house legislation (tax bill) would pass the senate vote…it did not. R&D, bonus depreciation, and the child tax credit expansion fixes did not make it through. We are recommending moving forward with filing 2023 under current known rules and we can later amend if applicable legislation passes after the deadline.

Any questions – please reach out!

If You Own a Business (LLC, Corporation, Etc.) Please Read For CTA Compliance Details

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For those of you who are unfamiliar with this, the Corporate Transparency Act was created to require individuals who ultimately own or control a registered entity to file a new registration report with FinCEN (called a Beneficial Ownership Information report).

Not to be taken as legal advice, but the important notes that may impact you as a business owner:

Where Do I File?

https://boiefiling.fincen.gov

When is the deadline?

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.

A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.

Here is a link to the FAQ for additional information from FinCEN

Our firm is not currently registering entities as a service offering but there are some attorneys and third-party providers out there. FinCEN provides instructions on their site to assist business owners to register on their own.

Business Owners – Please READ!

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If you are currently taking advantage of the passthrough entity election, please be sure to make your estimated tax payments. For California clients especially, you have to make the required estimated payment by 6/15/2024 in order to make the PTE election at all. Missing this deadline could be costly, please do not hesitate to reach out with any questions or to confirm the amounts.

One additional note: we will be sending out another message soon regarding the new Corporate Transparency Act (which is a required business registration for all legally organized business entities). Stay tuned.

Q2 planning/reminders

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Some quick reminders for Q2:

Estimated quarterly tax payments (Q1 was due 4/15, Q2 is due 6/15)

Clients working with us under an advisory engagement – grab time on Brian’s calendar for a quarterly check-in

Annual Tax Clients – if a quarterly estimated tax check-in is helpful, reach out to Brian directly

4/15 Deadline – 2 weeks remaining

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A friendly reminder that initial deadline is coming up. If you have uploaded files to SmartVault but have not communicated with our office or received an update, please reach out to Brian right away with questions.

If you are going on extension, please be advised that taxes are ALWAYS due by the original deadline, regardless of extensions. Any unpaid tax will be subject to penalty and interest.