The Corporate Transparency Act is the newest law to prevent money laundering by criminals and shady organizations and goes into effect January 1, 2024. Most businesses in the US will need to report the company’s beneficial ownership information (BOI) to the US Treasury Department’s Financial… Read More »The Corporate Transparency Act and What Your Business Should Do
Business Tax Tips
Effective on July 1, 2023, South Dakota reduced the state tax rate from 4.5% to 4.2% with HB1137. This change affects Sales tax, Use tax, Excise Tax on Farm Machinery and Farm Attachment Units, Amusement Device Tax, and Motor Vehicle Gross Receipts tax. This change… Read More »SD state tax rate Reduced from 4.5% to 4.2%
Businesses that file as an S-Corporation on Form 1120S or as a Partnership on Form 1065 have a tax return filing deadline of March 15th. Late filing penalties are $220 PER Partner or Shareholder PER MONTH (or part of the month, even 1 day) for late filed business tax… Read More »Business Tax Deadline: March 15th, 2023
When can you expect your tax documents? Most forms have a date that they must be postmarked, or mailed by. Mail delivery time and delays could mean that the forms are not received until after the below listed deadlines but are still considered on time.… Read More »When can you expect your tax documents?
Effective on January 1, 2023, the South Dakota minimum wage increases to $10.80/hour for non-tipped employees, and $5.40/hour for tipped employees. Employers should use the minimum wage that applies based on when the employee worked, not on when the pay date occurs. For instance, if… Read More »SD Minimum Wage Increase for 2023
A frequent question asked by business owners, is this worker an employee or an independent contractor? A misclassification can result in hefty fines and penalties for the business! While the IRS looks at a multitude of factors, there are some main considerations that a business… Read More »Employee or Independent Contractor?
The IRS announced that the second half of 2022 will have a higher standard mileage rate than the first half of the year. The rate typically only increases once a year (announced in the fall for the following year) but was adjusted due to the… Read More »Standard Mileage Rate Increase for the Second Half of 2022
Ten Bookkeeping Tips for Small Business Owners Separate personal and business finances – Income and Expenses for a business should be in a separate bank account (even if you’re sole proprietor doing business in your personal name). Transfer funds between bank accounts if need to move… Read More »Ten Bookkeeping Tips for Small Business Owners
Most people know that the tax deadline is April 15th however, businesses that file as an S-Corporation on Form 1120S or as a Partnership on Form 1065 have an earlier deadline of March 15th. Both of these, S-Corp and Partnership, are considered “pass-through entities” since… Read More »Business Tax Deadline Is March 15th