TaxRaja Associates

Urgent Alert to Business Owners:
Beneficial Ownership Information (BOI) Reporting Under the Corporate Transparency Act: This act requires to report beneficial ownership information starting from January 1, 2024.

Timing:
In general, reporting companies created before or registered to do business as of December 31, 2023, have until January 1, 2025 to file an initial BOI report with FinCEN. Reporting companies created or registered to do business on or after January 1, 2024, have ninety (90) days from the date of their registration to file an initial BOI report. Reporting companies created or registered on or after January 1, 2025 have thirty (30) days from the date of their registration to file an initial BOI report. After filing an initial BOI report, reporting companies have thirty (30) days to file updated reports detailing statutorily-required changes about the reporting company and/or its beneficial owners.

Penalties
Failure to comply with CTA or missing filing deadlines can result in criminal (fines and/or imprisonment) or civil (monetary) penalties. There is a $500 per day penalty, up to $10,000, and imprisonment of up to two years for the failure to timely file initial or updated reports. Additionally, any person who, without authorization, knowingly discloses or uses BOI is liable for $500 per day, up to $250,000, and up to five years of imprisonment.

Beneficial Ownership Information (BOI) Reporting Under the Corporate Transparency Act FAQ [these are from FinCen FAQ]:

A.1. What is beneficial ownership information?
Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. [Issued March 24, 2023]

A.2. Why do companies have to report beneficial ownership information to the U.S Department of the Treasury?
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]

C.1. What companies will be required to report beneficial ownership information to FinCEN?
Companies required to report are called reporting companies. There are two types of reporting companies:
• Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
• Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.

A.3. Under the Corporate Transparency Act, who can access beneficial ownership information?
FinCEN will permit Federal, State, local, and Tribal officials, as well as certain foreign officials who submit a request through a U.S. Federal government agency, to obtain beneficial ownership information for authorized activities related to national security, intelligence, and law enforcement. Financial institutions will have access to beneficial ownership information in certain circumstances, with the consent of the reporting company. Those financial institutions’ regulators will also have access to beneficial ownership information when they supervise the financial institutions. FinCEN published the rule that will govern access to and protection of beneficial ownership information on December 22, 2023. Beneficial ownership information reported to FinCEN will be stored in a secure, non-public database using rigorous information security methods and controls typically used in the Federal government to protect non-classified yet sensitive information systems at the highest security level. FinCEN will work closely with those authorized to access beneficial ownership information to ensure that they understand their roles and responsibilities in using the reported information only for authorized purposes and handling in a way that protects its security and confidentiality. [Updated January 4, 2024].

For further detail please refer to the FinCen information or contact them:
The FinCEN Regulatory Support Section at 1–800–767–2825 or electronically at [email protected].

Thank you

If you own a home and spend on following items during 2022 please send a detailed list of expenses so that we can calculate your credits.
These are the list as per the IRS guidelines:
The following energy efficient home improvements are eligible for the Energy Efficient Home Improvement Credit:
💢 Building envelope components satisfying the energy efficiency requirements in Q1 under the Energy Efficiency Requirements section:
- exterior doors (30% of costs up to $250 per door, up to a total of $500);
- exterior windows and skylights (30% of costs up to $600); and
- Insulation materials or systems and air sealing materials or systems (30% of costs).
💢 Home energy audits (30% of costs up to $150, see Q5 under the General Questions section.
💢 Residential energy property (30% of costs, including labor, up to $600 for each item) satisfying the energy efficiency requirements in Q1 under the Energy Efficiency Requirements section:
- central air conditioners;
- natural gas, propane, or oil water heaters;
- natural gas, propane, or oil furnaces and hot water boilers; and
- improvements to or replacements of panelboards, sub-panelboards, branch circuits, or feeders that are installed along with building envelope components or other energy property listed in these FAQs and enable its installation and use.
💢 Heat pumps and biomass stoves and biomass boilers (30% of costs, including labor) satisfying the energy efficiency requirements in Q1 under the Energy Efficiency Requirements section:
- electric or natural gas heat pump water heaters;
- electric or natural gas heat pumps; and
- biomass stoves and biomass boilers.
For more information please see this link: https://www.irs.gov/credits-deductions/frequently-asked-questions-about-energy-efficient-home-improvements-and-residential-clean-energy-property-credits-energy-efficient-home-improvement-credit-qualifying-expenditures-and-credit-amount

It is really important to file your tax returns in a timely manner to prevent unwanted penalties, interest, and unnecessary hassles from unwanted inquiries.
🗒 We can do tax reporting for all 50 States, wherever you are and file your multi states tax returns. 🗒
🗨 Please feel free to contact us at 💬
37-51 75th Street, 1FL, Jackson Heights, NY 11372 [Near Chase Bank Street]
📝 Email : [email protected]
Phone:
☎ (718) 255 1009
☎ (212) 869 5868
Messaging:
☎ (212) 868 5866

Dear Business Executive:
Please visit the following link to apply for this short-term loan for 5 to 6 years payment terms with 4% interest rate. This will be available only for the for-profit business.

Find more detail in this link
https://sbsopportunityfund.nyc/

Use this link to APPLY:
https://sbsopportunityfund.nyc/get-started/
The NYC Small Business Opportunity Fund delivers flexible, affordable capital and free business support services to small business owners and emerging entrepreneurs in New York City’s five boroughs.
The NYC Small Business Opportunity Fund serves all NYC-based small businesses, including:
• Businesses located in low- and moderate-income (LMI) communities
• Woman-owned businesses
• BIPOC-owned businesses
• Immigrant business owners
• New start-ups or early-stage businesses with less than two years of revenue
• Rebuilding and recovering businesses
There is no minimum credit score required but applicants must demonstrate ability to repay the loan.

Monthly Payment Estimate:
Your monthly loan payment depends on the size of your loan, and will be the same amount each month for 5 or 6 years*
Loan Amount $5,000 $25,000 $50,000 $100,000 $150,000
Monthly Payment $92 $460 $920 $1,564 $2,346
* Loans less than $100,000 will have a 5-year fixed term, while loans between $100,000 and $250,000 will have a 6-year fixed term. There is no prepayment penalty. You can estimate your monthly repayments based on the amount of loan you wish to take out here. Please note this calculator is only an estimate of your repayment, not a guarantee.

What you need after you are eligible:
 Most recently filed tax returns – both business and personal for all business owners with more than 20% ownership

 Recent bank statements
 2021 and 2022 Financial statements (e.g., Profit & Loss Statement and Balance Sheet generated by QuickBooks or another accounting software)
 Evidence of legal formation of business located in NYC
 Additional documentation about your business or loan purpose may be required by your lender

We need following information for the independent contractors to issue 1099 forms:
1) Need to collect w-9 forms from each service provider
2) Need to determine which is 1099-NEC or 1099-Misc based on providers payment
3) Need to have payment for 2022 based on their payment records

Please note 1099s are due in 2023 by January 31, 2023.

🗨 Please feel free to contact us at 💬

37-51 75th Street, 1FL, Jackson Heights, NY 11372 [Near Chase Bank Street]
📝 Email : [email protected]
Phone: ☎ (718) 255 1009 / ☎ (212) 869 5868
Messaging: ☎ (212) 868 5866
🗒 We can do tax reporting for all 50 States wherever you are and file your multi states tax returns. 🗒
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