Income Tax Wizard

The grind of the offseason is attending the exciting IRS Nationwide Tax Forum. Where every day is an action packed adventure. 😂 😂

If you have a business registered with the state of Michigan (LLC, Corporation, Partnership), Annual Reports are now due and can be filed with LARA online.
Need help doing this? Please contact our office.

Here is the official notice:

The 2024 profit corporation annual report due May 15, 2024 can now be filed online.
To file online using MasterCard, Visa, Discover, or American Express, simply log-in to the Corporations Online Filing System using the following link: www.michigan.gov/corpfileonline. You will need your Customer ID number (CID) and PIN, which can be obtained using the CID/PIN Recovery Page at: www.michigan.gov/corppin.

Select form ANNUAL REPORT WITH CHANGES or ANNUAL REPORT WITH NO CHANGES (if available). If a year does not appear in the drop down, no report is currently owed or the ANNUAL REPORT WITH NO CHANGES is not an option for the year selected in which case ANNUAL REPORT WITH CHANGES must be selected instead.

The filing fee for the annual report is $25.00. Late filing penalties will be assessed for annual reports received after May 15, 2024.

Section 922(1) of the Business Corporation Act provides that if a domestic corporation fails to file its annual report and filing fee for two years, the corporation will be automatically dissolved 60 days after the expiration of the 2-year period.

Section 922(2) of the Business Corporation Act provides that if a foreign corporation fails to file its annual report and filing fee for one year, its certificate of authority is subject to revocation 60 days after the expiration of the 1-year period.

Additional information is available on the Corporations Division website at www.michigan.gov/corporations or by calling the Corporations Division at (517) 241-6470.

Note: Requests for Veteran Fee Waivers must be submitted by mail with the annual report, statement of ownership, and veteran evidence, if applicable. You may request an annual report by email to: [email protected]. For more information, see www.michigan.gov/corpveteranfeewaivers.

Your business may be required to file a Beneficial Ownership Information Report with the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). Companies that were formed or registered prior to January 1, 2024, must file an initial beneficial ownership report by January 1, 2025. Go to: https://www.fincen.gov/boi for more information and to submit your electronic report.

You received this message because you selected to be notified by email for notices sent to the corporation.

Sincerely,

Corporations Division
Corporations, Securities & Commercial Licensing Bureau
Department of Licensing and Regulatory Affairs
Telephone: (517) 241-6470

💲Tax Season is Here!💲 -

💲Tax Season is Here!💲 We have a new office location in Troy, Michigan. It is conveniently located just west of Interstate 75 and Big Beaver Road. In addition to live appointments, we will be offering virtual appointments and drop off services for your convenience.

I received this notice from my software provider regarding eFile start dates this year:

Attn: ProSeries Tax Professionals

Jan 11 2024, 2:38 PM

IRS Business E-file Live January 16, 2024
IRS e-file opens January 16, 2022, including prior year business returns.

IRS Individual E-File Live January 29, 2024
Jan 11 2024, 2:38 PM
IRS Individual e-file opens January 29, including prior year individual returns.

Visit our Community site to stay updated on forms availability and our extended support hours.

Please contact me by phone or text at 248-797-7784 should you have any questions regarding this.

-Income Tax Wizard
http://www.incometaxwizard.com

I've been getting a ton of questions about 1099 forms and the upcoming tax year. The IRS made a late year decision to delay implementation of the lower threshold amounts until next year. This was done after receiving feedback from tax professionals and other stakeholders affected by the new law. The lower threshold amount will be $5000.00 and take effect for tax year 2024.
The full details are listed below:

https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-party-platform-payments-plans-for-a-5000-threshold-in-2024-to-phase-in-implementation #:~:text=What%20this%20means,to%20phase%20in%20reporting%20requirements.

IRS announces 2023 Form 1099-K reporting threshold delay for third party platform payments; plans for a $5,000 threshold in 2024 to phase in implementation | Internal Revenue Service FS-2023-27, Nov. 2023 — Following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion, the Internal Revenue Service delayed the new $600 Form 1099-K reporting threshold requirement for third party payment organizations for tax year 2023 and is planni...

Lots of important updates for the upcoming tax season. Here is some important information for businesses with payroll. These deadlines are approaching fast...

Year-end checklist for Payroll

Learn how you can wrap up this year’s payroll and prepare for the next with our full service payroll.
Whether it’s filing your taxes or sending out your employees’ W-2s, there are several things you need to get done. Go over these important dates and tasks as you plan your year-end payroll work.
2023
December 4, 2023 through January 1, 2024
• Preview your W-2s before they’re sent to the government and your employees. If you find an error, fix it and avoid a W-2C.
• Report company-paid healthcare on your employees' W-2s if needed.
December 28 & 29, 2023
Run final payroll for 2023
QuickBooks Online Payroll Core December 28 at 5:00 PM PT
QuickBooks Online Payroll Premium
QuickBooks Online Payroll Elite December 29 at 7:00 AM PT
• Make sure employee wages and benefits are correct.
• If you use direct deposit, send off the year's final paychecks and pay employee bonuses.
• Report all employee paychecks, including handwritten, commission, termination, and bonus checks.
• Add the year's final fringe benefits to paychecks.
• Add any commissions your employees earned.
• Contribute to your employee’s retirement.

Before the first payroll of 2024
Invite your employees to view their W-2s online
• Invite your employees to QuickBooks Workforce so they can see their pay stubs and W-2s online. They can also choose to go paperless and opt out of a mailed copy of their W-2.
Review and update employee information
• Ask employees to review and update W-4 and state withholding forms.
• Update employee information, such as SSNs, legal names, and addresses.
• Confirm your employees can import their W-2 directly into their TurboTax account.
• Review and update any changes to your federal deposit and filing schedule.
• Review vacation hours, including used and unused time.
Review and update company information
• Run reports for year-end: employee details, payroll details, taxes, and wage summary.
• Send us any tax notices you may have received.
Keep an eye out for federal and state tax changes
• Review and update your state unemployment insurance rate for the new year.
• Review and update your tax deposit schedules.
Need 1099s? 1099s aren’t automatically created for you. If you are in need of 1099s for contractors, please contact me to reconcile all contractor payments and generate 1099 forms.
January 15, 2024
• W-2 forms start to become available
• January 16 through January 31, 2024
• W-2 forms are mailed to employees by USPS.
January 28, 2024
• E-file your 1099s forms on or before January 28, before 5:00 PM PT so they can be processed and postmarked to your contractors by January 31.
• Review and file federal forms and make tax payments, such as Forms 941/944 or 940.
• Review and file state forms and make tax payments (form names, due dates, and lead times vary by state).
January 30, 2024
• E-file your W-2s before 5:00 PM PT so they can be processed by January 31.
January 31, 2024
• 1099s
o If you haven't already filed, e-file your 1099-NEC forms before 5:00 PM PT for timely submission to the IRS.
o If you don't use e-file, 1099s must be mailed to contractors.
February 28 and March 31, 2024
• If you use our 1099 e-file service, e-file your 1099-MISC by March 27 so they can be processed by March 31.
• If you don't use 1099 e-file, the 1099-MISC must be mailed to IRS by February 28.