Author: pplcpa-admin

House Bill 10 Individual Income Tax Replacement of the three-tier rate system (top rate of 4.25%) with a flat rate of 3%. Increase the standard deduction Retirement income exemption changes from $6,000 to $12,000 Repeal net capital gains deduction from qualified sales of interests in certain businesses.Sales & Use Tax Rate 2.   Sales & UseRead more…

Impact of Ongoing Litigation Deadline Stay – Voluntary Submission Only In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue toRead more…

Reporting Company: Company legal name along with any trade names, “doing business as” (d/b/a), or “trading as” (t/a) names The current street address of its principal place of business if that address is in the United States. You CANNOT use a P.O. Box as a valid address. State of formation or registration Taxpayer Identification NumberRead more…

  PPL CPA will not be responsible for advising you regarding the legal or regulatory aspects of your company’s compliance with the CTA, nor are we responsible for the preparation or submission of beneficial ownership information reports to FinCEN. Like initial BOI reports, updated or corrected BOI reports should be filed electronically through the secureRead more…

Is Your Company Ready? Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.   Who Has To Report? A corporation, a limited liability companyRead more…

Who Should Get One? Small businesses can benefit from a business credit card to pay for products, services and to separate business expenses from personal expenses. Review the benefits below to see how this can have a positive impact on your small business. Business specific rewards and incentives Cash back, points, travel miles, office suppliesRead more…

Tax Credit Schemes To Be Aware Of The current social media buzz on tax credits is for the “Self Employment Tax Credit.”  Not that you or anyone else can actually take advantage of this because…..it does not exist. When researching for this article I did a google search, Self Employment Tax Credit and boy-oh-boy theyRead more…

The Internal Revenue Service reminds taxpayers that May kicked off the season of disaster preparation. With the tax deadline past and peak periods for disasters approaching, this is an ideal time to review and begin to protect important tax and financial information as part of a disaster emergency plan. Disasters can have an immediate andRead more…

Below is a list of required information for BOI filing. Reporting Company: Company’s legal name along with any trade names, “doing business as” (d/b/a), or “trading as” (t/a) names The current street address of its principal place of business if that address is in the United States. You CANNOT use a P.O. Box as aRead more…

  Final Rule Issued Effective July 1, 2024 What does this mean? The Fair Labor Standards Act final rule will take effect on July 1, 2024. Revisions include increases to the standard salary level and the highly compensated employee total annual compensation threshold and the timely updating of these earnings.   Salary thresholds will increaseRead more…