ranjan.254 – Page 16 – Snap Advisory

Important Update: 1099 Reporting for 2023

ranjan.254 / June 19, 2025

It’s that wonderful time of year again to tell the IRS who and what you paid to non-incorporated businesses! You collected all your vendors W9s, right? If you paid someone more than $600 in 2023, you may have to file a 1099 for them by Jan 31st, 2024. Have to file 10 or more? Then you must file electronically. Need help?Luckily you know the very capable team at Snap Advisory that can handle it for you. Want to tackle it yourself?Here’s all the info you need: Businesses are required to report certain payments made to unincorporated service providers or vendors by issuing them an information return known as a 1099. There are two main types of 1099’s to be aware of: It’s important to note that if a vendor incorporated their business instead of operating as a sole proprietorship or partnership, payments to them may not require a 1099. The due date for mailing out all 1099s to recipients is January 31, 2024 for the 2023 tax year. By this date, you must also submit copies of the forms to the IRS. Please be sure to keep copies for your own records as well. Don’t forget to also have all new vendors and contractors complete IRS Form W-9 before making any payments to them during the year. Having current W-9s that include full taxpayer identification numbers and correct business names is crucial for accurate matching when you issue 1099s. If you do not collect valid W-9 information ahead of time, it is fairly common for the IRS to forcefully impose backup withholding requirements until you are able to properly identify the payee in your reporting. Avoid headaches down the road by always gathering W-9s early on. Lastly, businesses with more than 10 Form 1099-NEC, 1099-MISC, or W-2’s for 2023 will need to transmit them electronically when reporting in early 2024. This means that paper filing is still allowed for 9 or fewer returns. Properly tracking and reporting 1099s is important for both staying compliant and helping your contractors handle their own tax obligations. Best, Saad Abbas, CPASnap Advisory Inc

Tax Credits

Preparing Small Businesses for the New Corporate Transparency Act Reporting

ranjan.254 / June 19, 2025

Introduction The U.S. Treasury Department is introducing a pivotal regulation under the Corporate Transparency Act (CTA), effective January 1, 2024. This regulation mandates small businesses to submit a Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN). This initiative targets enhancing financial transparency and curbing illegal activities like money laundering. FinCen estimates that approximately 32.6 million business entities, including corporations, LLCs, and limited partnerships, are expected to be affected in 2024. This section will guide you through understanding if your business falls under this mandate and the importance of consulting a Certified Tax Planner for compliance. Who Has to Submit a BOI Report? A recent survey of U.S.-based companies and law and accounting firms revealed that half of the companies polled would have to submit a BOI report, but almost three out of four had never heard about this requirement before taking the survey. So which companies must comply with this new regulation? The rule applies to both domestic and foreign entities formed or registered to do business in the U.S.: However, several entities are exempt from submitting BOI reports – Twenty-three (current) types to be exact! Unfortunately for small business owners, most of these exemptions are for large companies and highly regulated businesses. Notable exemptions include: The “exemption” for some of these entities should not be too surprising, since many are already regulated by the government in one form or another and thus have all this information on file already. Who Is a Beneficial Owner? As its name suggests, the BOI report mostly concerns information about “beneficial owners.” A beneficial owner is any person who has substantial control over a company, either directly or indirectly, or owns or controls at least 25 percent of the ownership interests of the company. Here are some examples: First, a person has substantial control if they meet at least one of these four criteria: If that last item sounds rather broad, that’s intentional. FinCEN included this as a “catch-all” to ensure that innovative or flexible corporate restructurings are included in the reporting. There are direct and indirect ways to express substantial control. Direct control could include board representation, control of a majority of voting power or voting rights, or control of a majority of rights associated with financing or interest. Indirect control is likely through financial or business relationships. If a person has control over intermediary entities that have substantial control over a company, this would be an example of indirect control. Second, a person has ownership interest in a company if they hold any of the following: Please note that you won’t have to report which category makes someone a beneficial owner, rather, you just need to record information about anyone who qualifies. It’s important to point out that while some of this sounds like it only applies to larger companies it doesn’t; Even a small company may have multiple beneficial owners. For instance, one who exercises substantial control and several others who control at least 25 percent of the ownership interests would quality as having “ownership interest”. Or one beneficial owner may meet both criteria. FinCEN does not require a maximum number of beneficial owners, but the bureau does expect that every reporting company can identify and report at least one beneficial owner. What Information Needs to Be Reported? Once you have determined that you have to submit a BOI report and you have identified your company’s beneficial owners, you will need to collect the following information: For the company itself, you need the following: For each beneficial owner, you need the following: If a beneficial owner has obtained a FinCEN identifier and provided it to the reporting company, that company may include that identifier instead of the information about the individual. Starting on Jan. 1, 2024, all the above information must also include the company applicant, which is the person who directly files or is primarily responsible for filing the document that creates or registers the company. If the company applicant is someone who forms or registers companies as part of their business – such as Snap Advisory – they can report their business street address, which doesn’t have to be in the U.S. IMPORTANT: If you created or registered your company before Jan. 1, 2024, you do not need to report any company applicant information. You can simply specify on the BOI report that you created or registered the company before Jan. 1, 2024. What Special Reporting Rules Should Companies Know? As is par for the course with a new regulation, there are several special reporting rules to take note of before preparing your BOI report: Owned by an exempt entity: If a beneficial owner holds ownership interests through one or more entities and those entities are exempt from the reporting requirement, you do not need to report information about the beneficial owner themselves. Instead, you can report the names of the exempt entities. Minors: You do not need to report information about a beneficial owner who is a minor (under the age of 18), but you should report the required information about the parent or legal guardian. Foreign pooled investment vehicle: Pooled investment vehicles form one of the exemptions from the BOI regulation. If you formed your company under the laws of a foreign country and would be a reporting company if not for the pooled investment vehicle exemption, you do not need to report information about each beneficial owner and company applicant. However, you must report one beneficial owner who exercises the greatest substantial control over the company. What Special Reporting Rules Should Companies Know? The deadline to file your initial BOI report depends on when you created or registered your company: FinCEN claims the filing should take a little over an hour. There is no fee to file, but there are penalties for failure to file, which can even extend to imprisonment for long-term delinquency. Will This BOI Information Be Safe? As the start date for this regulation draws near, some have raised privacy concerns. How will

Tax Credits

Tax Relief for American Families and Workers Act of 2024

ranjan.254 / June 19, 2025

We would like to provide you with a summary of the Tax Relief for American Families and Workers Act of 2024 and its potential impact on your taxes. Summary of the Tax Relief for American Families and Workers Act of 2024: While this bill is still under consideration in Congress, it contains several provisions that could have a significant positive impact on individuals and families’ tax situations. Some key highlights of the proposed bill include: What is Not Included….but Could Be?One glaring omission from this bill is any language pertaining to the removal of the very unpopular SALT (State and Local Taxes) Cap. This cap most notably cuts off property taxes when itemized at10,000, and requires any amount above this to be carried forward. For clients in high-cost-of-living areas, this removes potentially significant tax savings. There have been a few comments from Congress about this, but nothing set in stone quite yet. Fingers crossed that this gets included somewhere in the bill. Speculation on Tax Year Impact:While the exact effective date of the Tax Relief for American Families and Workers Act of 2024 is not confirmed, Congress is potentially targeting tax year 2023 for some (or all) of these potential changes. This explains the rush to get this passed before the January 29th2024 e-file opening day, which unofficially kicks off tax season. However, please keep in mind that legislative timelines can be subject to adjustments during the legislative process. Disclaimer:The information provided is based on proposed legislation and is subject to change. It is essential to keep in mind that this bill is currently in the legislative process and has not become law. Therefore, this information should not be considered formal tax advice. Taking credit for David’s hard work, Saad Abbas, CPA

Tax Credits

Form 1099-MISC and Form 1099-NEC Reporting

ranjan.254 / June 19, 2025

Use Form 1099-NEC, Nonemployee Compensation, to report nonemployee compensation payments. These payments are no longer reported on Form 1099-MISC, Miscellaneous Information. See Nonemployee compensation, next page Trade or Business Reporting OnlyReport on Form 1099-MISC or Form 1099-NEC only when payments are made in the course of your trade or business. Personal payments are not reportable. You are engaged in a trade or business if you operate for gain or profit. How ever, nonprofit organizations are considered to be engaged in a trade or business and are subject to these reporting re quirements. Other organizations subject to these reporting requirements include trusts of qualified pension or prof it-sharing plans of employers, certain organizations exempt from tax under IRC section 501(c) or 501(d), farmers’ cooper atives that are exempt from tax under IRC section 521, and widely held fixed investment trusts. Payments by federal, state, or local government agencies are also reportable. Exceptions: Some payments do not have to be reported on Form 1099-MISC or Form 1099-NEC, although they may be taxable to the recipient. Payments for which a Form 1099 MISC or Form 1099-NEC is not required include payments to a corporation (including a limited liability company (LLC) that is treated as a C or S corporation). But see Re portable Payments to Corporations, next page Form 1099-MISC, Miscellaneous Information, Reporting2024 filing due date. Form 1099-MISC is due to the IRS by February 28, 2025, if filing by paper, or March 31, 2025, if fil ing electronically. The due date for furnishing statements to payees is January 31, 2025. Who must file? File Form 1099-MISC, Miscellaneous Infor mation, for each person to whom you have paid during the year: • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest, • At least $600 in:– Rents,– Prizes and awards,– Other income payments,– Medical and health care payments,– Crop insurance proceeds,– Generally, the cash paid from a notional principal contract to an individual, partnership, or estate,– Gross proceeds to an attorney. See Payments to Attorneys, next page,– Any fishing boat proceeds,– IRC section 409A deferrals, or– Nonqualified deferred compensation. In addition, use Form 1099-MISC or Form 1099-NEC to re port that you made direct sales of at least $5,000 of consum er products to a buyer for resale anywhere other than a per manent retail establishment. Withholding. You must also file Form 1099-MISC for each person from whom you have withheld any federal income tax under the backup withholding rules regardless of the amount of the payment Reportable Payments to Corporations on Form 1099-MISCThe following payments made to corporations generally must be reported on Form 1099-MISC. • Cash payments for the purchase of fish for resale, • Medical and health care payments, • Gross proceeds paid to an attorney, and • Substitute payments in lieu of dividends or tax-exempt interest Form 1099-NEC, Nonemployee Compensation, Reporting2024 filing due date. Form 1099-NEC is due to the IRS and the payee by January 31, 2025. Who must file? File Form 1099-NEC for each person to whom you have paid at least $600 during the year for: • Services performed by someone who is not your employee (including parts and materials), or • Payments to an attorney. See Payments to Attorneys, next column. Nonemployee compensation. Includes fees, commissions, prizes, awards, and other forms of compensation for ser vices performed by a nonemployee as well as taxable fringe benefits. Includes professional service fees, such as fees to attorneys (including corporations), accountants, archi tects, contractors, or engineers, and directors’ fees. Includes fee-splitting or referral fees paid by one professional to an other and exchanges of services between individuals in the course of their trades or businesses. Includes oil and gas payments for a working interest, whether or not services are performed. Withholding. You must also file Form 1099-NEC for each person from whom you have withheld any federal income tax under the backup withholding rules regardless of the amount of the payment. Reportable Payments to Corporations on Form 1099-NEC The following payments made to corporations generally must be reported on Form 1099-NEC. • Attorneys’ fees, and • Payments by a federal executive agency for services (vendors). This brochure contains general information for taxpayers and should not be relied upon as the only source of authority. Taxpayers should seek professional tax advice for more information. Copyright © 2024 Tax Materials, Inc. All Rights Reserved Payments to Attorneys The term “attorney” includes a law firm or other provider of legal services. Attorneys’ fees of $600 or more paid in the course of your trade or business are reportable on box 1 of Form 1099-NEC. Gross proceeds paid to attorneys. Report in box 10 of Form 1099-MISC payments that: • Are made to an attorney in the course of your trade or business in connection with legal services, but not for the attorney’s services, for example, as in a settlement agreement, • Total $600 or more, and • Are not reportable by you in box 1, Form 1099-NEC. Payments to corporations for legal services. The exemp tion from reporting payments made to corporations does not apply to payments for legal services. Therefore, you must report attorneys’ fees (in box 1, Form 1099-NEC) or gross proceeds (in box 10, Form 1099-MISC) as described earlier to corporations that provide legal services. PenaltiesIf you fail to file correct information returns and/or furnish correct payee statements by the due date and you cannot show reasonable cause, you may be subject to a penalty. The penalty for late filing or furnishing within 30 days of the due date is $60 per return, with a maximum penalty of $664,500. Taxpayers who show intentional disregard of the f iling requirements can be assessed a penalty of $660 per return, with no maximum amount of penalties. A penalty for failure to file a correct information return is separate from the penalty for failure to furnish the correct payee statement. For example, if you fail to file a correct Form 1099-MISC with the IRS and do not provide a correct Form 1099-MISC statement to the payee, you may be sub ject to two separate

Tax Credits

Energy and Vehicle Credits

ranjan.254 / June 19, 2025

Energy Efficient Home Improvement Credit If you make qualified energy-efficient improvements to your home, you may qualify for a tax credit up to $3,200. The credit equals 30% of qualified expenses. Annual limitations. The following annual limitations apply. 1) The combined credit for all energy-efficient home improvements is limited to $1,200 per year, except for (6), below. 2) The credit for the following is limited to $600 per year. a) Central air conditioners.b) Natural gas, propane, or oil water heaters.c) Natural gas, propane, or oil furnaces or hot water boilers.d) Improvements or replacement of panelboards, sub-panelboards, branch circuits, or feeders.e) Windows and skylights. 3) The credit for exterior doors is limited to $250 per year per door and $500 total for all doors. 4) The credit for insulation and air sealing materials or systems specifically and primarily designed to reduce heat loss or gain is limited to $1,200 per year. 5) The credit for home energy audits is limited to $150 per year. 6) Notwithstanding numbers (1) through (2d), above, the credit allowed for heat pumps and heat pump water heaters, biomass stoves and boilers is limited to $2,000 per year. Labor costs. Labor costs for installing items (2e) through (4), above, do not qualify for the credit. Primary residence only. Items (2e) through (5), above, only apply to costs associated with your main home. Home energy audits. A home energy audit includes a written report and inspection. Home energy audits must be conducted by a qualified home energy auditor. Nonrefundable credit. Any excess credit cannot be applied to future tax years. Residential Clean Energy Credit If you invest in renewable energy for your home you may qualify for an annual residential clean energy tax credit. Qualified expenses. Qualified expenses include the cost of new clean energy property including: Credit amount. The credit equals 30% of the cost of new, qualified clean energy property installed for your home. Limits for fuel cell property. The credit for fuel cell property is limited to $500 for each half kilowatt of capacity. Nonrefundable credit. Any excess credit can be carried forward and applied to future tax years. Clean Vehicle Credit You may receive a credit if you buy a new qualified plug-in electric vehicle (EV) or fuel cell electric vehicle (FCV). Income limits. In order to qualify for the credit, your modified adjusted gross income (AGI) may not exceed: You can use your modified AGI from the year you take delivery of the vehicle or the year before. Qualified vehicles. To qualify, a vehicle must: The seller must report required information to you at the time of the sale. Credit amount. If the vehicle meets only the critical minerals requirement or the battery components requirement, the credit is $3,750. If the vehicle meets both requirements, the credit is $7,500. Nonrefundable credit. Any excess credit cannot be applied to future tax years. Assignment of credit. Instead of taking a credit on your tax return, you may assign the credit to the dealer as a form of either a partial payment or down payment on the vehicle. If you do this but do not qualify for the credit based on your AGI, you will have to pay the credit back when you file your tax return for the year. Lookup tool. To find out which vehicles qualify for the credit, and the amount of the credit the vehicle qualifies for, go to www.fueleconomy.gov/feg/tax2023.shtml. Previously-Owned Clean Vehicle Credit You may receive a credit if you buy a used qualified plug-in electric vehicle (EV) or fuel cell electric vehicle (FCV). Income limits. In order to qualify for the credit, your modified adjusted gross income (AGI) may not exceed: You can use your modified AGI from the year you take de- livery of the vehicle or the year before. Qualified vehicles. To qualify, a vehicle must: Credit amount. The amount of the credit is 30% of the sale price up to a maximum credit of $4,000. Nonrefundable credit. Any excess credit cannot be applied to future tax years. Assignment of credit. Instead of taking a credit on your tax return, you may assign the credit to the dealer as a form of either a partial payment or down payment on the vehicle. If you do this but do not qualify for the credit based on your AGI, you will have to pay the credit back when you file your tax return for the year. Lookup tool. To find out which vehicles qualify for the credit, go to www.fueleconomy.gov/feg/taxused.shtml. Nonrefundable Credit A nonrefundable credit is limited to the amount you owe in income taxes. It will not decrease your self-employment taxes and cannot give you additional money back as a refund. Contact Us There are many events that occur during the year that can affect your tax situation. Preparation of your tax return involves summarizing transactions and events that occurred during the prior year. In most situations, treatment is firmly established at the time the transaction occurs. However, negative tax effects can be avoided by proper planning. Please contact us in advance if you have questions about the tax effects of a transaction or event, including the following:

Business Tax Planning

2023 Year End Guide for Businesses

ranjan.254 / June 16, 2025

As your trusted business & tax advisors, we want to provide a detailed update to start 2024. This covers most of the need-to-know federal and California tax law changes and current issues that may impact planning for this year: The Short: The Long: 2023 Federal Tax Updates Key Tax Court Cases Smith v. Comm. (2022) – Holding company deducted 100% of aircraft expenses used by subsidiary. Court limited deduction to subsidiary’s usage percentage. The ruling Impacted the treatment of shared assets between related companies. CA Taxes: Electing Pass-through Tax Status The California Electing Pass-through Entity Tax shifts state taxes on eligible entities from individual to entity level at 9.3%. This election is done to circumvent the federal limitation on state and local taxes but isn’t necessarily a tax savings strategy for everyone. Let’s discuss eligibility and whether making the election for your LLC/S-corp/partnership could yield state tax savings. Federal Taxes: New Loss Limitation for Pass-throughs The CARES Act had temporarily repealed the excess business loss (EBL) limitation rule due to the impacts ofCOVID-19. This meant pass-through owners could fully utilize net losses from partnerships/S-corps to offset wage or investment income without limitation through tax year 2022. However, under pre-CARES Act rules being reinstated starting in the 2023 tax year: So for taxpayers above the thresholds with losses across multiple pass-through entities exceeding limits, personal taxable income cannot directly benefit from deducting more than$262K/$524K in aggregated business losses. But those carry unused excess amounts forward as an NOL asset against future business profits. CA Statement of Information Reminder Don’t forget – limited liability companies (LLCs), limited partnerships (LPs), limited liability partnerships(LLPs), and corporations in California must file an updated Statement of Information (Form SI-100) with the Secretary of State every two years, even if no business information or partner information has changed. This simple biennial report identifies key details about the entity & deadlines are based on original incorporation/registration date. Reminder letters are sent by the SOS 60 days prior to the due date. Stay compliant and avoid $250 penalty fees plus loss of legal entity status by keeping ownership/leadership details updated via this mandatory form every 2 years in California. Call us if any filing assistance needed! R&D Credit Changes / Capitalization Rules Prior to 2022 under pre-TCJA statutes, expenditures connected to the development or advancement of new intellectual property could be deducted in the current tax year along with claiming simultaneous R&D tax credits to maximize timely benefits. However, tax code revisions made under the 2017 Tax Cuts and Jobs Act (TCJA)fundamentally adjusted this preferential approach. 2022 changes introduced longer mandatory amortization treatment: Impact on Credits: The longer amortization recovery periods now imposed on domestic (5 years) and foreign (15years) research activities restricts ability to enjoy the full realized benefit of claiming tax credits in tandem the same tax year costs are expended. The Corporate Transparency Act The Corporate Transparency Act brings major new reporting rules with steep penalties for noncompliance. The aim of the legislation seeks to crack down on anonymous shell companies used for money laundering and other criminal activities by requiring robust disclosure of “beneficial owners” behind legal entity ownership structures. Mandatory reporting to FinCEN will impact a large majority of businesses in the US and abroad. However, as governing agencies continue formal CTA rulemaking, aspects of the reporting processes and deadlines remain subject to potential postponement or revision. Additionally, groups like the AICPA are currently petitioning for delayed adoption timelines around initial disclosures for existing entities and changes going forward. We will keep clients updated on any modifications during ongoing administrative and Congressional dialogues in the months ahead. But for now, here is a quick rundown of where things currently stand as of December 2023. Who is required to file? Essentially, standard C-Corps, limited liability companies, and foreign entities conducting commercial activities in America are mandated to disclose details on individuals meeting ownership tests (over 25% equity stake). Who is exempt from filing? The following is a short list of exemptions from the CTA filing requirements according to the Department of the Treasury: The commonality between all these CTA-exempt organizations is that the government already has strict filing requirements for them one way or another due to their unique industry or filing status requirements. What are the current dead lines as they stand? New corporations and LLCs established on or after January 1, 2024 will need to submit initial ownership statements to FinCEN disclosing controlling 25%+ beneficial owners no later than 30 days after initial formation. Meanwhile, entities created before January2024 have until January 1, 2025 to register current qualifying beneficial owners into the reporting system. After meeting initial disclosure requirements, all corporations and LLCs would then need to update any changes involving beneficial holders with 30 calendar days whenever control related events like mergers, sales, or acquisitions alter greater-than 25% indirect ownership interests. What needs to be reported as a “qualified beneficial owner”? The entity must identify & report beneficial owners (defined as having 25%+ equity or voting control) as well as the following information: Where is this information reported? Current regulations indicate it will become accessible no later than January 1, 2024 based on the current compliance timelines calling for new entities formed on or after that date needing to file reports within 30 days of creation. As far as access, the expectation based on the law is that FinCEN will establish user accounts and authentication methods for entities to securely enter their CTA reporting after providing necessary identifying details and documentation during registration. From there, authorized reps would be responsible for logging in to input or update beneficial owner information. What are the penalties for non-compliance? The penalties associated with non-compliance are notably severe. Penalties of $500 per day with a cap of$10,000 exist for civil infractions and two years of imprisonment for any criminal activity, which is defined as willfully providing false or fraudulent information, or willfully failing to comply with any CTA reporting requirements. We would like to stress

Tax Credits

Understanding the Corporate Transparency Act and How It Affects You

ranjan.254 / June 16, 2025

As your trusted tax partners, we are committed to keeping you informed about significant legislative changes that may impact your financial and business decisions. Today, we want to introduce you to the Corporate Transparency Act (CTA), a significant development that may affect many of our clients, particularly those who currently operate business entities or are considering establishing one in 2024or beyond. What is the Corporate Transparency Act (CTA)? The CTA now requires most businesses to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury. The goal of this legislation is to prevent the misuse of legal entities for illicit purposes, such as money laundering and financing terrorism. By ensuring these reporting requirements, it is now much more difficult to have anonymous or hard-to-identify people who are associated with these entities. Who Will Be Affected? It’s important to note that the CTA will primarily impact: If you don’t have a business or plan on creating a business, it’s unlikely that the CTA will have a direct impact on your current tax situation. However, staying informed is always beneficial. Understanding Beneficial Ownership and Reporting Requirements A key aspect of the CTA is the concept of ‘Beneficial Ownership’. Beneficial owners are individuals who ultimately own or control a legal entity, such as a corporation or limited liability company. This can include anyone who owns 25% or more of the entity’s equity interests or exercises substantial control over the entity. The CTA requires these entities to report details about their beneficial owners to FinCEN. This information includes the owners’ names, addresses, date of birth, and an identification number (such as a passport number or driver’s license number). The reporting process is designed to be straightforward and will be a critical step for maintaining compliance with the new legislation. Our Firms Position and How We Can Help Our team is here to help you understand how the CTA might affect your business and to guide you through any necessary compliance steps. Our team has completed the necessary steps with FinCEN to handle and process the required filings for our clients. However, as of writing this, there is a current lawsuit from the National Small Business Association (NSBA) against the CTA, as well as pending clarifications from agencies concerning some of the bill’s language. Given this evolving landscape, our firm has decided to adopt a cautious approach. We believe it is in the best interest of our clients to wait for further legal clarity and agency guidance. Therefore, we have determined that we will not be conducting any FinCEN filings to comply with the CTA until June 2024 for existing entities. Note that all business entities created before January 1st 2024, have an entire calendar year until January 1st 2025 to be in compliance with the law. This timeline allows for potential resolutions to these legal challenges and for the issuance of comprehensive guidance from the appropriate authorities. We understand that staying compliant with changing regulations is crucial for your business, and we remain committed to keeping you informed and well-advised. This decision is made with your best interest in mind, ensuring that any action we take is based on solid legal footing and clear regulatory directives. We sent out an announcement to our business clients with a summary of tax law changes for 2023 which included a quick synopsis of the CTA. For those who want an additional detailed breakdown and understanding of the law, click here. Thank you for your continued trust in our expertise. Warm regards, David LevinsonSnap Advisory Inc

Author name: ranjan.254

Important Update: 1099 Reporting for 2023

Preparing Small Businesses for the New Corporate Transparency Act Reporting

Tax Relief for American Families and Workers Act of 2024

Form 1099-MISC and Form 1099-NEC Reporting

Energy and Vehicle Credits

2023 Year End Guide for Businesses

Understanding the Corporate Transparency Act and How It Affects You

Get Directions

(408) 241-4100

Contact Details

Our Most Requested Services

Quick Links

Importaint Link