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BOI Reporting 101 for Small Businesses (LLCs & Corps) Many LLCs and corporations must file Beneficial Ownership Information (BOI) with FinCEN. If your company was formed by filing with a state (LLC, corporation, many LLPs), you’re probably a reporting company—unless you qualify for a narrow exemption (e.g., certain large operating companies). Who counts as a...Read More

Year-End 1099-NEC Prep: Get W-9s Now, Not in January If you paid $600+ to contractors (services) you likely owe a 1099-NEC. The #1 headache is missing/incorrect W-9s (name/TIN mismatches). Do this now Collect W-9s for every contractor (legal name, entity type, address, TIN).  Flag who gets 1099-NEC vs. 1099-MISC/INT.  Separate reimbursements from fees.  Export vendor...Read More

QBI for Pass-Throughs: Keep Your 20% Owners of S-Corps, partnerships, and some LLCs may qualify for the Qualified Business Income (QBI) deduction—up to 20% of qualified income—subject to limits (income thresholds, W-2 wage/property tests, and SSTB rules for certain service businesses). Levers to check before year-end Reasonable compensation (S-Corp): Pay a defensible W-2; then consider...Read More