New Law effective March 11, 2024 – The IRS and Department of Labor have 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
Update December 2024: Please note the BOIR requirements have been affected by a recent federal court order. The Department of the Treasury is appealing that order. In the meantime, reporting companies are not currently required to file a BOIR and are not subject to liability if they fail to do so while the applicable order remains in force, but at this time filing is optional.
New Law effective January 1, 2024 – The Corporate Transparency Act (CTA) requires most U.S. entities to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
As of December 2024, this is optional until further notice: For entities formed prior to January 1, 2024, the BOI report must be filed before January 1, 2025.
As of December 2024, this is optional until further notice: 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.)
Further information regarding the BOI reporting may be found on FinCEN’s 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 a reasonable salary is being paid. The IRS will be heavily looking into businesses where owners are not receiving a salary and paying associated payroll taxes.
The Monthly Report has been updated to calculate totals for you, saving you valuable time!
Please remember 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!
All of our forms are available to be completed in Spanish using the online option.
Pueden clic en las banderas de la esquina inferior izquierda de esta página para cambiar entre inglés y español. IRS
FOR OVER 25 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.
