Thompson Accounting & Business Solutions, Inc.
DBA Thompson, Clements & Associates, LLC
Request a Consult | (804) 737-3166
Tax Changes for 2024
Taxes being filed in 2025
What we know so far...
FinCEN Reporting Requirements
Do you own an active LLC?
Currently all LLC members are required to file a BOI (Beneficial Owners Information) report with the FinCEN department to comply with the new Corporate Transparency Act. For businesses formed prior to 1/1/2024 the deadline for this filing is 12/31/2023, however, new LLC's formed 1/1/2024 to present are required to file within 90 days of formation.
What do we need?
Email us a copy of each Beneficial Owners drivers license for each active LLC.
Filing Fee
A fee of $125 per Beneficial Owner will be charged per LLC filing.
1099K
Did you receive one?
With new reporting requirements being placed in service many taxpayers will receive a 1099K to be included with their yearly tax information. These forms are not spam, so be sure to not discard them. If you receive a 1099K be proactive to help with a more seamless preparation by gathering a list of expenses to accompany the funds claimed on these forms. They will come from places like Ebay, Facebook Marketplace, Zelle, Venmo, Cash App, etc. While we understand that a lot of clients use these avenues to send/receive monies with friends/family the IRS is going to be looking for them as a way to tax you on extra income. This is why having a detailed list of expenses ready to submit with your tax return is paramount. **Click the link below for a preview of what this form looks like.**
Cryptocurrency
Not new, more like a reminder.
When gathering your tax documents do not forget about those Cryto transactions that you may have done during the year. If you have sold currency, a large help for us, is to export to excel a spreadsheet of those sales to include purchase date, sale date, Cryto type/name, number of shares, cost basis, and sales price (does not have to be listed in this specific order). Many financial institutions holding these funds send statements electronically so do not forget to include yours.
The Yearly Reminders
Just a reminder of the basics.
Here is a list of the basic forms/items to remember to include with your tax information. (Not all items pertain to all clients)
- W-2's
- 1099-B Brokerage
- 1099-DIV
- Tuition Forms
- 1099-INT
- 1099-SSA
- 1099-R
- Childcare Expenses
- 1099-NEC
- Estimated Payments
- 1099-Misc
- Mortgage Statement
- 1099-K
- Medical Expenses
- Real Estate Taxes
- Charitable Contributions
- Personal Property Taxes
- Refinance Paperwork
- Schedule C Income & Expenses
- Schedule E Rental Income & Expenses
- Schedule K-1 forms
Click the links below for blank Schedule C & E forms to help with gathering income and expenses.
Interested in our services? We’re here to help!
We want to know your needs exactly so that we can provide the perfect solution. Let us know what you want and we’ll do our best to help.