Top 5 Things You Need to Know About Beneficial Ownership Information (BOI)

Time is money, so here are some quick facts about BOI:

1. Definition: BOI identifies individuals who directly or indirectly own or control a company, promoting transparency and preventing financial crimes.

2. Reporting Requirements: Certain companies must submit BOI reports to the Financial Crimes Enforcement Network (FinCEN) to comply with regulations.

3. Fines: Non-compliance can lead to civil penalties of up to $500 per day and criminal penalties of up to $10,000 and imprisonment for up to 2 years.

4. Deadline: Companies created or registered before January 1, 2024, have until January 1, 2025, to file their initial BOI report.

5. Exemptions: Some entities, like publicly traded companies, are exempt from BOI reporting requirements.

Want more information? Visit the FinCEN website for more details.

The Corporate Transparency Act (CTA) in the United States was introduced with the primary goal of addressing illicit activities by enhancing transparency in company ownership structures. By mandating companies to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), the Act seeks to prevent the misuse of corporations and limited liability companies for criminal gain, including money laundering, fraud, and financing of terrorism, among others.

In September 2022, FinCEN finalized a rule under the CTA, establishing a reporting obligation for Beneficial Ownership Information (BOI). As a result, numerous businesses are now required to begin disclosing their ownership and control data, with FinCEN accepting reports starting January 1 of this year.

what exactly is beneficial ownership information according to FinCEN, and why is it essential?

Beneficial Ownership Information comprises details about individuals who directly or indirectly own or control a company. Identifying these owners is crucial to understanding who you are conducting business with, enabling confident decision-making within acceptable risk tolerance levels.

BOI facilitates trust-building with legitimate businesses and business owners, aids in gauging risk exposure concerning high-risk jurisdictions, sanctioned individuals, or politically exposed persons, and can reveal when an entity falls outside risk tolerance, allowing for terminating the relationship. Additionally, BOI helps determine the level of monitoring required to limit risk and report issues efficiently.

Under FinCEN's Beneficial Ownership Information (BOI) rules, two types of reporting companies are subject to BOI reporting obligations:

• Domestic reporting companies: Corporations, limited liability companies, and other entities created by filing a document with a secretary of state or similar US office.

• Foreign reporting companies: Entities (including corporations and limited liability companies) formed under foreign law that have registered to do business in the US by filing a document with a secretary of state or similar office.

Some entities, like publicly traded companies meeting specific requirements, certain nonprofits, and specific large operating companies, are exempt from these reporting obligations. However, the reporting requirements are extensive, impacting millions of US businesses and global businesses operating within the United States.

What are the consequences of not filing or mis-filing beneficial ownership information?

The penalties for violations or misreporting can be severe. Anyone willfully violating the reporting requirements could be liable for penalties of up to $500 for each day of continuing violation and criminal penalties include up to two years imprisonment and up to a $10,000 fine.

Currently mistakes or omissions can be corrected within 90 days of the deadline for the original report. However, firms could face civil and criminal penalties for disregarding their BOI reporting obligations. 

How to Reclaim a Lost Stimulus Payment

I received my payment by check, but it was lost, stolen or destroyed. How do I get a new one? (updated March 22, 2021)

If you received your payment by check and it was lost, stolen or destroyed, you may need to request a payment trace so the IRS can determine if your payment was cashed. See How do I request a payment trace to track my first or second Economic Impact Payments?

If a trace is initiated and the IRS determines that the check wasn’t cashed, the IRS will credit your account for that payment, but the IRS cannot reissue your payment. Instead, you will need to claim the 2020 Recovery Rebate Credit on your 2020 tax return if eligible.

Note: If you are filing your 2020 tax return before your trace is complete, do not include the payment amount on line 16 or 19 of the 2020 Recovery Rebate Credit Worksheet. If you do, you may receive a notice saying your 2020 Recovery Rebate Credit was changed, but an adjustment will be made after the trace is complete and it is determined your payment has not been cashed. You will not need to take any additional action to receive the credit.

If you do not request a trace on your payment, you may receive an error when claiming the Recovery Rebate Credit on your 2020 tax return. Since the payment was issued to you, you may not be eligible for any credit.

If you were issued a payment and have not received it, see How do I request a payment trace to track my first or second Economic Impact Payments? 

How do I request a payment trace to track my first or second Economic Impact Payments?

If your Notice 1444 or 1444-B shows your payment was issued as a direct deposit more than 5 days after the payment date or your online account shows your payment amounts (dates are not provided), your first step is to check with your bank and make sure they didn’t receive a deposit. Do not check with your bank prior to 5 days because they may not have any information. 

You should only request a payment trace to track your payment if you received Notice 1444 or Notice 1444-B showing your payment was issued or if your online account shows your payment amounts (dates are not provided) and you have not received the payment within the timeframes below. IRS assistors cannot initiate a payment trace unless it has been:

• 5 days since the deposit date and the bank says it hasn’t received the payment

• 4 weeks since the payment was mailed by check to a standard address

• 6 weeks since the payment was mailed, and you have a forwarding address on file with the local post office

• 9 weeks since the payment was mailed, and you have a foreign address for the first EIP; March 31, 2021 for the second EIP

Note: If you have a foreign address, there may be international service disruptions at the United States Postal Service (USPS) or the foreign country you are in due to the COVID-19 pandemic. See the USPS Service Alerts page and check with your local consulate for more information.

Do not request a payment trace to determine if you were eligible for a payment or to confirm the amount of payment you should have received.

How we process your claim

We’ll process your claim for a missing payment in one of two ways:

• If the check was not cashed, we will reverse your payment and notify you. If you find the original check, you must return it as soon as possible. You will need to claim the 2020 Recovery Rebate Credit on your 2020 tax return to receive credit, if eligible.

• If the check was cashed, the Treasury Department’s Bureau of the Fiscal Service will send you a claim package that includes a copy of the cashed check. Follow the instructions. The Treasury Department’s Bureau of the Fiscal Service will review your claim and the signature on the canceled check before determining whether the payment can be reversed. If reversed, you will need to claim the 2020 Recovery Rebate Credit on your 2020 return, if eligible.

Note: If you are filing your 2020 tax return before your trace is complete, do not include the payment amount on line 16 or 19 of the 2020 Recovery Rebate Credit Worksheet. You may receive a notice saying your 2020 Recovery Rebate Credit was changed, but an adjustment will be made after the trace is complete and it is determined your payment has not been cashed. You will not need to take any additional action to receive the credit.  

To start a payment trace:

• Call us at 800-919-9835

• Mail or fax a completed Form 3911, Taxpayer Statement Regarding Refund PDF.

Reminder: DO NOT request a trace prior to the timeframes above. IRS assistors cannot start a trace prior to those timeframes.

To complete the Form 3911:

• Write “EIP1” or “EIP2” on the top of the form to identify which payment you want to trace.

• Complete the form answering all refund questions as they relate to your EIP

• When completing item 7 under Section 1:

  • Check the box for “Individual” as the Type of return

  • Enter “2020” as the Tax Period

  • Do not write anything for the Date Filed

• Sign the form. If you file married filing joint, both spouses must sign the form.

You will generally receive a response 6 weeks after we receive your request for a payment trace, but there may be delays due to limited staffing. Get up-to-date status on affected IRS operations and services. Do not mail Form 3911 if you have already requested a trace by phone.

• If you mail or fax the form prior to the timeframes above, your request will not be processed until those timeframes are met.

Mail or fax the form to:

Note: Do not send anything other than a Form 3911 to the fax numbers below. 

If you live in…then mail to this address…or fax to...

Want more information? Visit the IRS website for more.

IRS W-2 E-Filing Change

Looks like the IRS is working on streamlining their processes a bit more by requiring W3/W2 documentation to be efiled if you have at least 10 W2s to submit.

What does this mean for you?

If you’re already a payroll client with BKI, this doesn’t impact you at all. We already efile your documentation annually. However, if you do your own payroll, and you tend to hand file your employment documentation at the end of the year, you will now have to find another method to submit that information.

If that’s you, contact our office so we can help!

You can call or text us at 706-576-2117, or email information@bkiaccounting.com

(Original Article by William Murphy - Senior Editor for the Intuitive Accountant)

The IRS has proposed changes to electronically filing requirements that will lower the thresholds for W-2 and 1099 tax forms based on a recent regulation they proposed in the Federal Register. There have been several prior changes in the requirements since the 1980 when the IRS first began requiring employers to submit various 'informational returns' electronically all in an attempt to mandate that more and more employers e-file those returns.

The newly proposed regulation would lower the threshold from 250 to 100 for informational returns required to be filed during calendar year 2022, and from 100 to 10 for informational returns required to be filed after 2022. In other words, essentially every employer would be required to e-file informational returns by 2022. 

They are also proposing to expand the types of returns to be included in their 'informational returns' filing requirement as the IRS seeks ways to reduce the need for manually processing paper return.

The result will be a 'new requirement' for e-filing on countless numbers of very small businesses that in the past have simply printed their informational returns and mailed them to the IRS. They must now have accounting systems that either prepare the returns for e-filing or they must contract with an e-filing service that that can take their data, convert it to the e-filing format, and e-file the returns for a fee. Either way they will be out these additional costs of compliance.

Take My Money...

Do you owe for your 2020 Income Taxes, but you elected to not remit payment with your return? You can pay your tax bill a few different ways.

(1) Mail in the vouchers with your payment. If you owed a balance for the 2020 tax year, you would have Vouchers located inside your tax return. Print one and mail it in with the payment to the appropriate entity.

(2) Schedule your payments online!

IRS

Georgia (requires you to setup a login)

Alabama (requires you to setup a login)

Or both Federal and (some) States can be paid through Official Payments.

Got Employees?

First, one of the hardest things we find for some employers to manage is the difference between Employees and Independent Contractors. They are not synonymous! Review the chart on the right, and if you still have questions about your structure, ask! We’ll be more than happy to help guide you!

We want to help streamline your onboarding process for hiring employees! Let’s talk about how we can take completed new hire documentation electronically, aiding your company in its quest to be in compliance, as well as eliminating unnecessary paperwork!

What’s the hardest part?

I-9 (E-verify) Completion (with documents) and Verification!

What do the fines look like? Click the link to see the court case for a restaurant found to be out of compliance.

Key Tips:

• The ruling on how soon E-Verify needs to be completed is within three days of hire. THREE DAYS! If you are turning in documentation with payroll hours, it’s already too late. To ensure timely verification, make sure we’re getting completed packets before their hire date, or no later than the day of their first day of employment.

• If we’re completing the new hire packet electronically, make sure your new hire knows they have to turn in ID’s to complete the process.

• You can collect those documents and send them over with the initial request for new hire documentation! That’s the best way to make sure you’re on the ball!

• A list of acceptable documents

Need help filling in new hire documentation? Watch this video.

Issue Number: Tax Tip 2020-14

Tips to help people choose a reputable tax preparer

Whether taxpayers regularly use a tax professional to help them file a tax return or they have decided to work with one for the first time, it is important to choose a tax return preparer wisely. Taxpayers are responsible for all the information on their income tax return. This is true regardless of who prepares the return.

Here are some tips to remember when selecting a preparer:

Check the preparer's qualifications. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable listing of preparers.

Check the preparer's history. Taxpayers can ask the local Better Business Bureau about the preparer. Check for disciplinary actions and the license status for credentialed preparers. There are some additional organizations to check for specific types of preparers:

• Enrolled Agents: Go to the verify enrolled agent status page on IRS.gov.

• Certified Public Accountants: Check with the State Board of Accountancy.

• Attorneys: Check with the State Bar Association.

Ask about service fees. People should avoid preparers who base fees on a percentage of the refund or who boast bigger refunds than their competition.

Ask to e-file. To avoid pandemic related paper delays, taxpayers should ask their preparer to file electronically and choose direct deposit.

Make sure the preparer is available. Taxpayers may want to contact their preparer after this year's April 15 due date.

Provide records and receipts. Good preparers will ask to see a taxpayer's records and receipts. They'll ask questions to figure things like the total income, tax deductions and credits.

Never sign a blank return. Taxpayers should not use a tax preparer who asks them to sign a blank tax form.

Review before signing. Before signing a tax return, the taxpayer should review it. They should ask questions if something is not clear. Taxpayers should feel comfortable with the accuracy of their return before they sign it.

Review details about any refund. Taxpayers should confirm the routing and bank account number on their completed return if they’re requesting direct deposit. If someone is entering an agreement about other methods to receive their refund, they should carefully review and understand information about that process before signing.

Ensure the preparer signs the return and includes their PTIN. All paid tax preparers must have a Preparer Tax Identification Number. By law, paid preparers must sign returns and include their PTIN on the return they file. The taxpayer’s copy of the return is not required to have the PTIN on it.

Report abusive tax preparers to the IRS. Most tax return preparers are honest and provide great service to their clients. However, some preparers are dishonest. People can report abusive tax preparers and suspected tax fraud to the IRS. Use Form 14157, Complaint: Tax Return Preparer.

More information:
How to Choose a Tax Return Preparer

Tax Tips Tuesday 2/23/2021

Many people dread tax season. But if you’re expecting a tax refund for the 2020 tax season, you’ve got something to look forward to.  When will I receive my tax refund?

Most people will get their tax refund within three weeks, but it varies based on how you file and how you get your refund.  If you choose to have your refund deposited directly into your account, you may have to wait seven days before you can gain access to it. If you request a refund check, you might have to wait a few weeks for it to arrive. 

• If you eFile and request a direct deposit into your bank account – expect your refund within 7 - 21 days

• If you eFile and request a check in the mail – expect your refund check within one month

• If you paper file and request a direct deposit into your bank account – expect your refund within 21 days

• If you paper file and request a check in the mail – expect your refund check within two months

*Note that these are just guidelines. Based on how you file, most filers can generally expect to receive a refund within these time frames.

What’s Taking So Long?

If you don’t receive your refund in 21 days, your tax return might need further review with by IRS. This may happen if your return was incomplete or incorrect or affected by identity theft or fraud. The IRS may send you instructions through the mail if it needs additional information in order to process your return.

You may also experience delays if you claimed the Earned Income Tax Credit or the Additional Child Tax Credit. Under the Protecting Americans from Tax Hikes (PATH) Act of 2015, the IRS is required to hold tax returns for folks who claimed those credits.

If you haven’t received your refund and you’re becoming impatient, calling the IRS will likely not help. It’s best to avoid contacting the IRS directly unless the Where’s My Refund tool prompted you to do so or it’s been 21 days since you filed your tax return electronically  – or six weeks since you mailed your paper tax return.

What can I do when I haven’t received my refund and my patience is gone?

Many different factors can affect the timing of your refund after we receive your return. Even though we issue most refunds in less than 21 days, it’s possible your refund may take longer. Also, remember to take into consideration the time it takes for your financial institution to post the refund to your account or for you to receive it by mail.  Besure to check your mailing address if your expecting a check by mail.

The Where’s My Refund? tool lets you check the status of your refund through the IRS website or the IRS2Go mobile app. If you submit your tax return electronically, you can check the status of your refund within 24 hours. But if you mail your tax return, you’ll need to wait at least four weeks before you can receive any information about your tax refund.

In order to find out the status of your tax refund, you’ll need to provide your Social Security number (SSN), filing status and the exact dollar amount of your expected refund. If you accidentally enter the wrong SSN, it could trigger an IRS Error Code 9001. That may require further identity verification and delay your tax refund.

TAX TIP:

• File your tax return as soon as possible; you’ll get your money sooner, of course, but it might also lower the odds of criminals taking your refund.

• Avoid the mail! Don’t file a paper tax return

• Speed up your refund by signing up for direct deposit when you file

• Keep track of your tax refund   - by using “Where’s my Refund” App

Tax Tips Tuesday 2/16/2021

I just received a Form 1099-NEC.  What is it, why did I get it?

One of the new IRS forms this year is a Form 1099-NEC.  The NEC stands for “Nonemployee Compensation”.  This form is now used to report independent contractor income. This income in the past has been reported on 1099-Misc, which is still in use for miscellaneous income such as rent or payments to an attorney. By the way, CONGRATS! You are a small business owner!

What is an Independent Contractor? 

 An independent contractor is a self-employed person or entity contracted to perform work for—or provide services to—another entity as a nonemployee. As a result, independent contractors must pay their own Social Security and Medicare taxes.  The general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done.  Some examples are:

·       Delivery jobs – Uber, Waitr

·       Lawn Maintenance

·       Salon – booth renters

·       Selling on ebay or at flea markets

·       personal trainer

What do I do with a Form 1099-NEC?

If you received one or many of these, you are a small business.  You need to report this income on a schedule C of your 1040 personal tax return.  The great thing is you’ll be able to offset this income with business expenses such as:

·       The costs of tools you purchased to earn the income

·       Business miles you  drove to earn the income

·       Your home office

·       And many others

With these business deductions – the IRS will require you to have receipts, log books, etc.  You may need professional tax help preparing this.     

 TAX TIP:

 Keep track of your deductions. IRS Publication 334, Tax Guide for Small Business (For Individuals Who Use Schedule C)

Tax Tips Tuesday 2/9/2021

About 56% of Taxpayers paid someone to prepare their tax return.  Why is it important to pick the right preparer?

Georgia has the second largest number of tax fraud complaints in the Nation, as reported by the Federal Trade Commission. Selecting the right tax professional is critically important because taxpayers are ultimately responsible for what they submit on their tax return.  Most tax professionals provide honest and quality service, but there are dishonest preparers who operate each filing season to perpetrate refund fraud, identity theft and many other scams that hurt honest taxpayers.

How do I choose a tax return professional preparer?

• First you need to ask some questions and do some research.  Avoid Pop-up preparers – here today gone tomorrow when you need them.

• Ask if the preparer has an IRS Preparer Tax Identification Number (PTIN) Paid tax return preparers are required to register with the IRS and have a PTIN.

• Ask whether the tax return preparer has a professional credential:

- Enrolled Agent – An enrolled agent is a tax practitioner who is licensed at the federal level by the Internal Revenue Service. In fact, enrolled agent status is the highest credential awarded by the IRS. (Like Rod!)

-  CPA

-  Tax Attorney

-  Un-enrolled Preparer – Annual Filing Season Program participants

All these are required to attend continuing education classes on tax law and ethics.

What are some of the “Red Flags” I should look out for when selecting a Tax Preparer?

• Crooked tax preparers will lure you with the promise of big refunds.

• Fraudulent tax preparers often work out of temporary pop-up shops.

• Watch out for tax preparers who say your refund will be deposited in their bank account.

• The tax preparer also should sign your return, add their PTIN to it and give you a complete copy of the return.

• Never sign a blank return – if you‘re asked to sign a tax return that is incomplete -  don’t do it.

• Don’t allow a tax preparer to prepare a  return using only your pay stub – it’s against IRS rules.

• Review you bank information for refunds

• Review you final return before it is e-filed.

• Report abusive tax preparers to the IRS

TAX TIP: 

            To find other tips about choosing a tax preparer, understanding the differences in credentials and qualifications, researching the IRS preparer directory and learning how to submit a complaint regarding a tax return preparer,  the IRS Website.

www.irs.gov/chooseataxpro

Georgia Secretary of State Annual Registration

2021 ANNUAL REGISTRATION SEASON IS HERE!!!

Click here to file your 2021 annual registration.

GA SOS Mobile App Users – Be sure to update your mobile app before filing!

If you have already filed your annual registration, please disregard this Notice.

If your entity has already filed for 2021 as part of a multi-year annual registration, take a moment to review your entity to ensure that all information is still up to date. If there are changes that need to be made, an amended annual registration may be filed.

Click here for an important Annual Registration announcement.

Georgia Secretary of State’s annual registration season for calendar year 2021 is from January 1, 2021 to April 1, 2021. Your annual registration must be postmarked by April 1, 2021. If your annual registration and payment are not postmarked by the April 1st deadline, you will be assessed a $25.00 late filing penalty fee and/or your entity may be administratively dissolved or revoked by the Secretary of State.

To keep your entity in “Good Standing” with the Office of Secretary of State, we encourage you to file your annual registration online with a credit card at https://ecorp.sos.ga.gov, as soon as possible. The Corporations Division accepts Visa, MasterCard, Discover, American Express and ATM/Debit Cards with the Visa or MasterCard logo for online filings only.

Use our intuitive website that allows you to file your annual registration from the One Click Annual Registration or the Annual Registration portions of the website.

The One Click Annual Registration button allows you to pay the annual registration quickly without a login if there are no changes required to the entity. (You must be current on all annual registration fees.)
 

The Annual Registration button allows you to file an annual registration with or without making changes after logging into eCorp.sos.ga.gov. If you need to make changes to the entity, then you must login. A logged in filer will be able to review all filings and receipts in the filer’s dashboard, and the annual registration and receipt will also be emailed to the filer.
 
The Bulk One Click Annual Registration option allows logged in customers to process up to 100 annual registrations without any changes at one time with one credit card payment.
 

PLEASE NOTE THAT THIS NOTIFICATON MAY BE SENT TO MORE THAN ONE EMAIL ADDRESS ASSOCIATED WITH THIS ENTITY; PLEASE CHECK WITH ALL PARTIES ASSOCIATED WITH THIS ENTITY TO AVOID MULTIPLE FILINGS.  ANNUAL REGISTRATION FEES ARE NON-REFUNDABLE.

The annual registration fees are: $50 for profit corporations, LLCs, and LPs; $30 for nonprofit corporations; and $25 for foreign LLPs. If the amount listed for your entity is more than the stated fees, then the total reflects amount(s) due from previous year(s) and any applicable late fee(s) and/or service charge if filing in paper format.  

Annual registrations not processed online may be filed by mail and require a printed annual registration form and payment with a check, certified bank check or money order. A paper form may be printed from our website at https://ecorp.sos.ga.gov. There is an additional $10 service charge if an annual registration filing is submitted in paper format. Please mail your completed annual registration form and payment to the following address: Office of Secretary of State, Annual Registration Filings, 2 Martin Luther King Jr. Dr., 313 West Tower, Atlanta, GA 30334. All checks must be pre-printed with a complete address in order to be accepted by our office for processing. Absolutely no counter or starter checks will be accepted. We cannot accept cash for payment. Failure to adhere to these guidelines will delay or possibly result in the rejection of your filing. Checks that are dishonored by your bank are subject to a $30.00 NSF charge. Failure to honor your payment could result in a civil suit filed against you and/or your entity may be administratively dissolved or revoked by the Secretary of State. [See. O.C.G.A. §13-6-15 and Title 14, respectively.]

Any person authorized by the entity to do so may sign and file an annual registration. Please be advised that a person who signs a document or submits an electronic filing he or she knows is false in any material respect with the intent that the document be delivered to the Secretary of State for filing shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished to the highest degree permissible by law. [O.C.G.A. § 14-2-129.]

We have provided a how to guide to help you navigate through the system and lead you through the annual registration process. You can access this guide on the Corporations Division’s website at https://sos.ga.gov. If you need additional assistance, we can be reached at corporationswebmail@sos.ga.gov, at 404-656-2817 or toll-free at 844-753-7825. We are expecting heavy call volumes and long wait times and encourage you to first review the how to guide. 

More information regarding annual registrations is available at our website.

Thank you very much for your business.

Corporations Division
Office of Secretary of State, Brad Raffensperger

Please do not reply to this email. This mailbox is not monitored and you will not receive a response.

ReplyForward

2021 - Changes to your bill...

Oh what a year that was! 2020 brought to us a year of massive change. We rolled with is and offered free or reduced help when we could. However, we are not able to sustain this in our current economy. We wanted to highlight a few things we’re proud of, and then tackle the possible rate increases.

We filed Partial Unemployment…

• On behalf of 17 Companies

• Covering 207 employees

• For 40 weeks in 2020

• over 3000 claimants (employees x weeks)

• Spending over 350 internal man hours creating spreadsheets, monitoring payroll for UI, and filing claims

• Over 350 man hours….for free

Would we do it again?

• absolutely

• in a heartbeat

• a million times over

Can we keep doing it for free?

• Unfortunately, no

We’ll be reaching out in the next few weeks to the remaining clients utilizing us to file their partial unemployment filings. We’ll either help you set up the ability to file on your own, or a nominal fee will be charged moving forward for this service.

———————————————————————————

Rate Increases

When we exit the first quarter of 2021, we’ll be reviewing all clients for possible rate increases. There will be a small across the board rate increase, as well as some larger adjustments on a few clients. You will have at least a 30-day notice of the rate increases.

We will first be looking at QBO clients, and increasing their invoices to reflect the QBO subscription fees. Although we get a discount via wholesale, we’ve been slack at getting this fee from the client over the last several years. As we see more and more clients move into QBO we’ve seen a sharp increase in the monthly subscription fees, and we’re now incorporating that into your monthly fees with us. Keep in mind this is a discounted rate from QBO since we host the file.

If you have any questions about this, please reach out to Kristen.

PPP: Part Deux

As information comes out to the banks, and your banks adjust their systems, we’ll continue to update this post with information. The first question everyone has:

Can I get the PPP again?

Eligibility Requirements for a PPP Second Draw include that the business

• employ not more than 300 employees;

• have used or will use the full amount of their first PPP loan; and

• demonstrate at least a 25 percent reduction in gross receipts in any quarter of 2020 relative to the same quarter in 2019 (subject to special provisions for businesses not in operation in 2019).

If this sounds like your business, our tentative answer is yes, you can. Nothing is available as of today, as soon as it is, we’ll let you know.

EIDL Loan to go away 12/31/2020

According to this documentation produced by the SBA, the EIDL (Economic Injury Disaster Loan) application window will be closing 12/21/2020.

Kristen was able to apply for one today, and we have heard elsewhere that it will remain open until 12/31/2020, although we have found no written proof of that.

If you have not applied, or been denied, for the EIDL this year, we suggest taking a moment to determine if you could use the funds.

Some quick details about the loan:

• 30 year loan from the SBA

• 3.75% interest for businesses, and 2.75% interest for non-profits

• 1st payment isn’t due until 12 months after the initial date of the loan

• They are generally granting 6 months of Operating Costs (no promises)

• Your operating costs would be 2019 Revenue minus COGS divided by 2.

Contact us today if you’d like to try and apply for the EIDL before this window closes.

—-BKI (Kristen)

EIDL Loan Recipients: SBA Request

Did you receive an SBA Loan 7b during 2020? It is also referred to as the EIDL, Economic Injury Disaster Loan. It would have been directly paid to you from the SBA (not through a bank).

In your loan documentation it states that you had 6 months to submit a Resolution of Board Members to the SBA.

RESOLUTION OF BOARD OF DIRECTORS

• Borrower shall, within 180 days of receiving any disbursement of this Loan, submit the appropriate SBA Certificate and/or Resolution to the U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX 76155.

The SBA has now started reaching out to clients who have not yet submitted this documentation for this. As well as proof (coverage page) of their hazard insurance. The easiest thing is to fill out their form for this, located here.

DUTY TO MAINTAIN HAZARD INSURANCE

• Within 12 months from the date of this Loan Authorization and Agreement the Borrower will provide proof of an active and in effect hazard insurance policy including fire, lightning, and extended coverage on all items used to secure this loan to at least 80% of the insurable value. Borrower will not cancel such coverage and will maintain such coverage throughout the entire term of this Loan. BORROWER MAY NOT BE ELIGIVLE FOR EITHER ANY FUTURE DISASTER ASSISTANCE OR SBA FINANCIAL ASSISTANCE IF THIS INSURANCE IS NOT MAINTAINED AS STIPULATED HEREIN THROUGHOUT THE ENTIRE TERM OF THIS LOAN. Please submit proof of insurance to: U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX 76155.

Again, the SBA is reaching out via phone and then following up via email with this request for the Resolution and proof of insurance.

If you joined the COVID-19 Response program earlier this year, we’re helping you complete this task. Forward us any communications from the SBA and we’ll assist from there.

COVID-19 & GA DOL

The Georgia Department of Labor (GDOL) has adopted an emergency Rule 300-2-4-0.5 Partial Claims, effective March 16, 2020. The rule mandates all Georgia employers to file partial claims online on behalf of their employees for any week during which an employee (full-time/part-time) works less than full-time due to a partial or total company shutdown caused by the COVID-19 public health emergency. Any employer found to be in violation of this rule will be required to reimburse GDOL for the full amount of unemployment insurance benefits paid to the employee. Download the How Employers File Partial Claims Desk-Aid found on the GDOL Alert Page and follow the step-by-step instructions.

Filing partial claims results in your employees receiving unemployment insurance (UI) benefit payments faster, usually within 48 hours for claims filed electronically. Employees for whom you file a partial claim are NOT required to report to a Georgia Department of Labor career center, register for employment services, or look for other work.

Please continue to monitor our website at gdol.ga.gov for any updates to these guidelines.

The 2020 BKI Customer Update

Recently you may have received a request to complete a two-question survey. If you have not yet done so, please take a moment to do so below.

HERE

Monthly Sales Tax Filings...

Sales tax filing is for the birds. Outsource that headache, and spend more time growing your business!

Payroll doesn't have to drag you down

Need to pay your employees, but don’t want to be burdened with payroll tax filings? We can help you with the back end of payroll. From setup to filing, and everything in between, we can set you up with a payroll service that suits your needs.

Our Payroll Lite Service allows you the platform to manage your employees hours and process payments, without worrying about deadlines and tax payments.

With Full Service Payroll, we will take care of everything for you: paying employees, handling unemployment claims, and filing your payroll taxes. We can also assist you when it’s time to complete those labor and worker’s compensation audits.

You do the books, let us do the taxes!

Although our main tax clientele are our own monthly bookkeeping clients, we love extra clients during tax season. If you do your own books, have an in-house bookkeeper, or are just getting started, contact us today for more information!

Georgia Secretary of State Annual Registration

2020 ANNUAL REGISTRATION SEASON IS HERE!!!

Click here to file your 2020 annual registration.

GA SOS Mobile App Users – Be sure to update your mobile app before filing!

If you have already filed your annual registration, please disregard this Notice.

If your entity has already filed for 2020 as part of a multi-year annual registration, take a moment to review your entity to ensure that all information is still up to date. If there are changes that need to be made, an amended annual registration may be filed.

Click here for an important Annual Registration announcement.

Georgia Secretary of State’s annual registration season for calendar year 2020 is from January 1, 2020 to April 1, 2020. Your annual registration must be postmarked by April 1, 2020. If your annual registration and payment are not postmarked by the April 1st deadline, you will be assessed a $25.00 late filing penalty fee and/or your entity may be administratively dissolved or revoked by the Secretary of State.

To keep your entity in “Good Standing” with the Office of Secretary of State, we encourage you to file your annual registration online with a credit card at https://ecorp.sos.ga.gov, as soon as possible. The Corporations Division accepts Visa, MasterCard, Discover, American Express and ATM/Debit Cards with the Visa or MasterCard logo for online filings only.

Use our intuitive website that allows you to file your annual registration from the One Click Annual Registration or the Annual Registration portions of the website.

The One Click Annual Registration button allows you to pay the annual registration quickly without a login if there are no changes required to the entity. (You must be current on all annual registration fees.)
 

The Annual Registration button allows you to file an annual registration with or without making changes after logging into eCorp.sos.ga.gov.  If you need to make changes to the entity, then you must login. A logged in filer will be able to review all filings and receipts in the filer’s dashboard, and the annual registration and receipt will also be emailed to the filer.
 
The Bulk One Click Annual Registration option allows logged in customers to process up to 100 annual registrations without any changes at one time with one credit card payment.
 

PLEASE NOTE THAT THIS NOTIFICATON MAY BE SENT TO MORE THAN ONE EMAIL ADDRESS ASSOCIATED WITH THIS ENTITY; PLEASE CHECK WITH ALL PARTIES ASSOCIATED WITH THIS ENTITY TO AVOID MULTIPLE FILINGS.  ANNUAL REGISTRATION FEES ARE NON-REFUNDABLE.
 

The annual registration fees are: $50 for profit corporations, LLCs, and LPs; $30 for nonprofit corporations; and $25 for foreign LLPs. If the amount listed for your entity is more than the stated fees, then the total reflects amount(s) due from previous year(s) and any applicable late fee(s) and/or service charge if filing in paper format.  

Annual registrations not processed online may be filed by mail and require a printed annual registration form and payment with a check, certified bank check or money order. A paper form may be printed from our website at https://ecorp.sos.ga.gov. There is an additional $10 service charge if an annual registration filing is submitted in paper format. Please mail your completed annual registration form and payment to the following address: Office of Secretary of State, Annual Registration Filings, 2 Martin Luther King Jr. Dr.,  313 West Tower, Atlanta, GA 30334. All checks must be pre-printed with a complete address in order to be accepted by our office for processing. Absolutely no counter or starter checks will be accepted. We cannot accept cash for payment. Failure to adhere to these guidelines will delay or possibly result in the rejection of your filing. Checks that are dishonored by your bank are subject to a $30.00 NSF charge. Failure to honor your payment could result in a civil suit filed against you and/or your entity may be administratively dissolved or revoked by the Secretary of State. [See. O.C.G.A. §13-6-15 and Title 14, respectively.]

Any person authorized by the entity to do so may sign and file an annual registration (including online filing). Please be advised that a person who signs a document or submits an electronic filing he or she knows is false in any material respect with the intent that the document be delivered to the Secretary of State for filing shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished to the highest degree permissible by law. [O.C.G.A. § 14-2-129.]

We have provided a how to guide to help you navigate through the system and lead you through the annual registration process. You can access this guide on the Corporations Division’s website at https://sos.ga.gov. If you need additional assistance, we can be reached at corporationswebmail@sos.ga.gov, at 404-656-2817 or toll-free at 844-753-7825. We are expecting heavy call volumes and long wait times and encourage you to first review the how to guide. 

More information regarding annual registrations is available at our website.

Thank you very much for your business.

Corporations Division
Office of Secretary of State, Brad Raffensperger

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