We hope you’ve managed to stay cool during Austin’s extended summer.
As we eagerly await that crisp autumn air, we find ourselves entering a season of transformation. The vibrant colors of falling leaves (even if they’re a bit late in Austin) remind us that change is a natural part of life and business.
This transition from summer to fall offers us a moment to reflect on the year’s accomplishments and to look ahead with renewed focus.
As we approach the end of 2024, we want to highlight three crucial areas that require your attention to ensure a smooth transition into 2025.
1. Beneficial Ownership Information (BOI) Reporting:
What You Need to Know
The Corporate Transparency Act (CTA) has introduced a new reporting requirement that affects most U.S. entities.
Deadline: January 1, 2025, for existing businesses
Requirement: Report ownership information to the Financial Crimes Enforcement Network (FinCEN)
Penalties: Non-compliance can result in up to two years imprisonment and/or a $10,000 fine
How We Can Help…
Our expert, Dianne Szabo, is ready to guide you through this process to:
- Assist in gathering required information
- Support in navigating the FinCEN BOI E-Filing System
- Ensure your report is accurate and submitted on time
Don’t risk non-compliance. Contact Dianne at dianne@dmraccounting.com to complete your BOI report.
2. Preparing for 1099 Reporting
January 2025 might seem far away, but early preparation for Form 1099 reporting can save you time and stress.
Here’s how to get ahead:
- Review Your Records: Start identifying all contractors and vendors who may require a 1099 form.
- Gather Information: Ensure you have up-to-date W-9 forms for all relevant parties.
- Verify Thresholds: Familiarize yourself with the latest reporting thresholds for different 1099 forms.
- Update Your Systems: Make sure your accounting software is set up to track 1099-eligible payments.
How We Can Help…
We can set up systems to track 1099-eligible payments throughout the year, making your January 2025 filing much smoother. Reach out to us now to implement these systems.
3. Q4 Budgeting and Forecasting: Preparing for 2025
The final quarter of 2024 is the perfect time to review your financial position and plan for the coming year.
Here’s why it’s important:
- Informed Decision Making: Accurate forecasts help you make strategic decisions about investments, hiring, and growth initiatives.
- Cash Flow Management: Anticipate potential cash flow issues and plan accordingly.
- Goal Setting: Use your budget as a roadmap to set realistic and achievable goals for 2025.
- Tax Planning: Identify opportunities for year-end tax strategies to optimize your 2024 tax position.
How We Can Help…
Our team can work with you to:
- Review your 2024 financial performance
- Develop detailed budgets and forecasts for 2025
- Identify areas for potential growth or cost-saving
- Provide insights on industry trends and benchmarks
Don’t wait until the new year to start planning. Schedule a budgeting and forecasting session with us today to set your business up for success in 2025.
4. Reminder for Estimated Tax Payments…
Form 1040-ES, Estimated Tax for Individuals
Please schedule a meeting with Deidra and your tax preparer so you can accurately pay final estimated tax payments by January 15th, and avoid any surprises in April.
Client Highlight…
Horselink is a local non-profit founded by our client, Julie Puentes. Horselink envisions a world that appreciates and benefits from the horse~human relationship. They have two upcoming events:
Table to Farm Brunch fundraiser on October 27th
The Power of Pause retreat, November 16th-17th
(No riding is involved and no horse experience is necessary.)
Be sure to check out Horselink’s Facebook page to see if you recognize anyone!
Next Steps…
We at DMR Accounting & Consulting want to help you lay the groundwork for a successful year ahead. We’re here to support you in all areas of your business. To get started with BOI reporting, 1099 preparation, or Q4 budgeting and forecasting, please contact your current DMR bookkeeper or our Client Services Coordinator at csc@dmraccounting.com.
Thank you for your continued trust in DMR Accounting & Consulting. Here’s to a strong finish to 2024!
