Businesses & Sole Proprietors

There is a new Beneficial Ownership Reporting that is due for small businesses by January 1, 2025. What is the new requirement? In 2021 a new bi-partisan law was passed requiring substantially all small businesses to register with the Treasury Department’s Financial Crimes (FinCen) Division by the end of 2024. I don’t have a business,…

What does this mean to you? You should be getting an updated W-9 from each person, contractor, or business (aka vendors) that you pay via cash, check or Zelle® before you make your next payment.  Here is a link to the latest version of form W-9 for your convenience: https://www.irs.gov/pub/irs-pdf/fw9.pdf The best practice is to obtain…