2025 Tax Season
Now Available, submit your 2024 DSA Tax Organizers and documents online! Please make sure to have all of your information in by the associated due dates. And remember, any route sales during the year need to be accounted for and capital gains will apply. Speak to your Accountant for more information.
Independent Contractors vs. Employees
Effective 3/11/2024, the IRS and Department of Labor announced plans to aggressively crack down on companies who – intentionally or accidentally – misclassify workers as independent contractors, thus avoiding paying payroll taxes and benefits, including health insurance and retirement plans.
Consequences of treating an employee as an independent contractor when you have no reasonable basis for doing so, may leave you being held liable for employment taxes for that worker.
For more information please visit https://www.irs.gov/taxtopics/tc762
BOI Deadline is January 13, 2025
The Corporate Transparency Act (CTA) requires most U.S. entities to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). For entities formed prior to January 1, 2024, the BOI report must be filed before January 13, 2025. For entities formed on or after January 1, 2024, the report must be filed within 90 days of the entity’s formation date on its Certificate of Formation (in 2025 and moving forward, this time frame will be shortened to 30 days from the date of entity formation.)
For more information please visit the FinCEN website: https://www.fincen.gov/boi
IRS and State Tax Audits
Without continuous monthly financials you are putting your business at risk. DSA will not be able to monitor the health of your business and ensure that you are paying yourself a reasonable salary and paying the applicable associated payroll taxes. The IRS will be heavily looking into businesses where owners are not receiving a salary and paying these taxes.
Submitting your reports every month will help you by allowing DSA to monitor the health of your business. We can determine financial recommendations for you and your business and ultimately help you manage your business month to month and year to year!
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FOR NEARLY 30 YEARS, DSA TAX & BOOKKEEPING HAS BEEN SERVING DISTRIBUTORS AND THEIR FAMILIES NATIONWIDE
- We provide our clients with a personal level of accounting support, designed specifically for independent distributors.
- DSA clients quickly learn how to efficiently manage their business’ financial records, saving time and money every day.
- We teach our clients valuable tax saving strategies and bookkeeping techniques that are easy to use.
- Whether your business is a corporation, LLC or sole proprietorship, DSA can serve all of your accounting needs.
