GENERAL FAQ'S
Got Any Questions?
GENERAL FAQ'S
- What is the Beneficial Ownership Information Report?
- Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
[Issued March 24, 2023]
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
[Issued September 18, 2023] - When does a company have to report it's Beneficial Ownership Information to FinCEN?
- A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.
FinCEN: Beneficial Ownership Information Reporting FAQs. - Who needs a 1099?
- If you hire contractors, freelancers, or vendors and pay them more than $600 in business-related payments, then you’ll need to prepare and issue a Form 1099.
The form is due to recipients by January 31 and is to be filed with the IRS by February 28. - What is the correct way to prepare Form 1099?
- Correct Form W-9s are the key to correct 1099s. To avoid possible matching notices with the IRS, it is important to ensure that the official name on the W-9 that corresponds with the Taxpayer Identification Number (TIN) matches exactly what is on file with the IRS.
- What are the tax advantages of a 1031 Exchange?
- • Since 1921, IRS allows 100% of realized gains from property sales in a trade or business to be deferred.
• If an investor sells a property and uses the proceeds to buy a similar property, they can defer capital gains and losses indefinitely or until they make a final sale of a property (For more information see blog post: 1031 Exchanges (Like-Kind): Opportunity Zones & Delaware Statutory Trusts (DSTs) to download ppt).
