Frequently Asked Questions

The deadline has been extended to January 13, 2025, to submit BOI Filings.

Research shows that proactivity surrounding accounts receivables produces results. There are several proven strategies that minimize those lagging payments from customers.

Businesses may incur penalties and fines for noncompliance, affecting both the independent contractor and business owner.

Businesses send a 1099-NEC to their independent contractors and the IRS to provide proof of income. The IRS requires these forms to be sent to vendors who meet specific parameters, and if not correctly submitted, business owners could incur fines or penalties.

A form W-9 has crucial information for tax reporting and is completed by independent contractors or vendors that provide a service for businesses.

For many small businesses, yes. Under the new regulations, it is generally required for a small business to file a BOI report with the Federal Crimes Enforcement Network (FinCEN) if they registered with a secretary of state or similar office to do business in the United States.

In short, it is to avoid tax bill surprises and leverage tax strategies to keep more of that hard-earned money in your pocket.