Simplified Business Solutions

FOR THE INVESTORS

Starting on May 28, 2024, the settlement period for most securities traded on U.S. exchanges or over the counter will shorten from two business days to one business day.

BOI, IS IT LEGAL? DISTRICT COURT SAYS NO!!

The Corporate Transparency Act has been declared unconstitutional. On March 1, 2024, U.S. District Court Judge Liles C. Burke issued a 53-page opinion[1] granting summary judgment for the National Small Business Association and held that the Corporate Transparency Act “exceeds the Constitution’s limits on the legislative branch and lacks a sufficient nexus to any enumerated power to be a necessary or proper means of achieving Congress’ policy goals.”

CRITICAL TAX DEADLINE

PSA: Tomorrow, January 31, 2024, forms W-2, W-3, 1099, 1096, 941 or 944, 940, and any state payroll tax forms are due. As always, please call us if you need assistance.

As tax season barrels in we will be giving tax advice frequently. Please stay tuned!

Texas Update

For reports originally due on or after Jan. 1, 2024, a taxable entity whose annualized total revenue is less than or equal to $2.47 million is no longer required to file a No Tax Due Report. However, the entity is still required to file Form 05-102, Public Information Report (PDF) or Form 05-167, Ownership Information Report (PDF).

BOI (Beneficial Ownership Information)

We have been receiving a lot of questions regarding the BOI reporting beginning in 2024. The due date of this form has been extended to 90 calendar days from the original 30 calendar days by final rule (RIN 1506-AB62). Filing BOI reports accurately and in a timely manner is crucial. The penalties for filing false or incomplete information are significant. The civil penalties can be up to $500 a day. Therefore, it is important to obtain qualified and professional help completing your BOI forms. There is debate that accounting professionals advising or completing the BOI form on behalf of its client could be considered unauthorized practice of law. As a result, several larger accounting firms are referring this work to law firms. Luckily, as CPAs and attorneys we are able to advise and complete this form on your behalf. We will provide further detailed guidance, which will be comprehensive. Please let us know if you are interested in this guidance.

Dressed for success with a hint of holiday magic! 🌟 We’re bringing the cheer to the office, one holiday character at a time! 🎅☃️

Happy DECEMBER 1st! Cane you believe it is Christmas time again?! It felt like the right mo-mint to dress up as a group of candy canes! ❤️🤍

Texas Tax News
Effective January 1, 2024, a taxable entity is not required to pay any tax and is not considered to owe any tax for a period if the amount of a taxable entity’s total revenue from its entire business is less than or equal to 2.47 million or the amount determined under Section 171.006 per 12-month period which the margin is based.

Happening this Friday!! Hope to see you all there 😃

Mark your calendars! Hope to see you there 😃

Happy Halloween from Simplified Business Solutions! 🎃

Important: Changes to Texas

There were changes that are effective January 1, 2024. One is that a taxable entity is not required to pay any tax and is not considered to owe any tax for a period if the amount of tax computed for the taxable entity is less than $1,000.
Please stay tuned for more changes. As always, please contact us anytime for additional information.

TEXAS BENEFIT TO VETERANS

You may form a "new veteran-owned business". A new veteran-owned business is not subject to certain filing fees and the Texas franchise tax until the earlier of the fifth anniversary of the entity's existence or the date the business ceases to qualify as a new veteran-owned business. Please contact us anytime for more information.

Mark your calendars! Hope to see you there 😃

Thank you for all your support! We are honored to have won another year in the Best of Ellis County, providing Accounting, Legal, Payroll and Tax services. Reach out to us today if we can help with your business needs. www.simplifiedcpas.com

Thank you Simplified Business Solutions for being a Diamond level Shining Star Patron! We appreciate you!

Thank you Salon 180 Midlothian! We were very happy to come and advise 😃

Thank you so much to Simplified Business Solutions for coming out to to talk to the ladies here at Salon 180 about their taxes, and how to get started as a small business owner! Dusty was amazing!!! 

We have the best clients! Thank you Piano Movers of Texas for bringing the office lunch 🤩

We are honored to be nominated in 3 categories and would love your support in voting! Vote Simplified Business Solutions in: Finance- Accounting Firm
Home & Services - Law Firm
People & Places- Attorney

- Waxahachie Daily Light

It is time to vote for your favorite in the Best of Ellis County 2023! We would love your support in nominating Simplified Business Solutions as Best Law Firm (Home & Services) and Best Accounting Firm (Finance). It is an honor to serve our community and we strive each year to be the best!

- Waxahachie Daily Light

We have been getting a lot of calls regarding credits for solar panels. So, here you go!

The federal residential solar energy credit is a tax credit that can be claimed on federal income taxes for a percentage of the cost of installing solar panels.
In August 2022, Congress passed an extension of the credit and raising it to 30% for the installation of which was between 2022-2032. It will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. The tax credit expires starting in 2035 unless Congress renews it.
There is no maximum amount that can be claimed.

There are numerous eligibility requirements. For further assistance please contact us anytime.

LOW-INCOME HOUSING TAX CREDIT
Working with real estate developers and home builders we always look for tax deductions and tax credits to increase cash flow, which expands business. One is the low-income housing tax credit. This credit stimulates investment in affordable housing in underserved communities. If you would like to learn more about this opportunity please call us anytime.

$1,160,000 Deduction
If you buy business equipment, how much can you write off in year 1?
For 2023, the Section 179 deduction limit has been raised to $1,160,000 (an increase of $80,000 from 2022). If your business acquires equipment between January 1st to December 31st and uses it 50% of the time for your business before the end of the year, you can deduct it under Section 179. There are rules to navigate around. Therefore, please call us anytime if you need help with this.

MORE THAN JUST THE TAX DEADLINE
Taxes are due for most people tomorrow, April 18. If you already provided your information, Thank You, and we are diligently preparing your return for delivery if you have not already received your return. Please call us if you have not provided your information to arrange for completing your return or filing an extension. Please note that tomorrow is the last day to fund your HSA account and your Roth/traditional IRA for 2022. The IRS extended tax returns for victims of New York’s storm and snowstorm to May 15. July 31 is the extended due date for storm victims in Tennessee, Arkansas and Mississippi. October 16 is the extended due date for taxpayers that live in disaster-areas of California and parts of Alabama and Georgia.

The tax deadline is fast approaching. If you are not ready to file your taxes, that is OK. Last year over 19 million taxpayers requested an extension. However, please note the following to avoid penalties and interest:
1. An extension to file does not mean an extension to make a payment. You should pay in your estimated income tax liability by the tax filing deadline.
2. Filing an extension is neither hard nor expensive. Therefore, please request an extension if you feel you are unable to file a complete and accurate return by the deadline.
3. Finally, not all states accept federal extensions. Therefore, please ensure your state income tax return is extended as well as your federal income tax return.

As always, please let us know if you need assistance.

Often missed powerful tax credit!

The R&D tax credit is available to companies developing new or improved business components, including products, processes, computer software, techniques, formulas or inventions, which result in new or improved functionality, performance, reliability, or quality. It’s available at the federal and state level, with over 30 states offering a credit to offset state tax liability.

There are a lot of misconceptions regarding the R&D credit. If you pass the easy 4-part test, the benefits are wonderful.

Let's talk more about how to saves taxes. We will review 3 possibilities:

1. Solar is increasingly popular. Remember, if you decide to get solar you may qualify for the residential clean energy credit, which can save you up to 30% of the installation cost of solar energy systems including solar water heaters and panels. You save on electricity and tax!

2. As solar, electric vehicles are all the rave. The nonrefundable EV tax credit ranges from $2,500 to $7500 for tax year 2022 and eligibility depends on the vehicle’s weight, the manufacturer, and whether you own the car. For tax year 2023 (taxes filed in 2024), the credit is greatly expanded and also includes used vehicles.

3. Thank you teachers! If you’re a school teacher or other eligible educator, you can deduct up to $300 spent on classroom supplies in 2022.

As always, we are here to work for you. Please call us anytime.

Thank you to all those who voted for us- Best of Ellis County 2022. We are proud to be a winner and finalist in multiple categories. We take pride in providing professional services to business owners of Ellis County and surrounding areas. This allows them to focus and grow their business. www.simplifiedcpas.com

Simplified Business Solutions www.simplifiedcpas.com
www.simplifiedlegal.com

Dannie wears a lot of hats in our office and exceeds expectations. She deserves some recognition as our March Employee of the month. Thanks for all you do for our clients and team.