LEGAL BUDDY NEWSLETTER: BUSINESS AND TAX TIPSAMG Counsel Attorneys & Advisors
Whatever it is, the waIf you are a business owner, you NEED to know about the Corporate Transparency Act
What every small business needs to know about the Corporate Transparency Act and Beneficial Ownership Information Reporting
On January 1, 2024 a new reporting requirement goes into effect that will require millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
y you tell your story online can make all the difference.
Make it You want Business Credit? Get a DUNS Number.
stand out
Just as your Social Security number is tied to your bank account, tax returns, personal credit score, and residences, etc., your DUNS number and business credit scores are tied to your business. Your DUNS number is linked to your PAYDEX credit score, which is one of Dun & Bradstreet’s credit scoring models for businesses.
Do you have an IRS Penalty? Maybe there is a way out of paying!
The IRS doesn’t absolve the vast majority of penalties. Why? Probably because people don’t know how to ask for penalty relief – or it may seem like it’s not worth the time or effort. Here’s why it is worth it.
The IRS uses penalties to encourage us to follow the rules and remain in compliance – and it uses them a lot. Each year, the IRS assesses tens of millions of penalties totaling billions of dollars. But the IRS also provides several options to get penalties removed, or abated, for people who qualify.
Make it staDon’t forget to File your Annual State Forms!!
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Your annual filing requirements are based on your business structure and the state. Still, there are a few common requirements to look out for.
Make it stand outBuy-Out Agreements and How to Fund Them!
Buyout agreements are used in many types of business structures. This includes corporations, limited liability companies, and partnerships. A buyout agreement can limit or restrict a shareholder’s ability to sell or transfer shares when leaving a company.
Did you know you can Sell your Life Insurance Policy? Read up...
When you buy life insurance, you’re creating a safeguard for your family’s financial future for years to come, and possibly even until you die. But sometimes your financial priorities change or you run into a cash crunch. You may need to consider liquidating your life insurance policy and using its proceeds for current needs.
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