Doug Lincoln

What producers need to know about BOI reporting before the deadline hits

The Corporate Transparency Act requires state-registered entities to report their beneficial owners to the FinCEN, with penalties for noncompliance. Some larger entities are exempt from this filing.

November 14, 2024

Doug Lincoln

Did you know that every entity registered with any state secretary of state must complete an additional Beneficial Owner Information report or face a $500-per-day late filing penalty? I hope you knew that, but I bet this got your attention if you didn’t know.

Equipment write-offs: There’s more to it than you might think

Buying equipment at year-end for tax deductions requires considering depreciation timing for the most benefit. Utilize bonus depreciation, Section 179 or a combination of the two to manage deductions strategically, balancing current and future financial impacts.

August 23, 2024

Doug Lincoln

It’s pretty common for clients to consider buying equipment at year's end in order to write it off for tax purposes. Bottom line: We need to think about depreciation timing for when the tax deduction will help the most.

An S corporation checkup

November 14, 2023

Doug Lincoln

The S corporation election has a lot going for it, but to protect the election and reap the most benefit from the S election, we can’t treat it like an open range and wander all over the landscape.