Your small business & nonprofit checkpoint.

*

Your small business & nonprofit checkpoint. *

Welcome to our October newsletter! For those of us in the Tampa Bay area, it has been a tough past few weeks of picking up the pieces from Hurricanes Helene and Milton. Thankfully our state and federal governments have made available quite a bit of resources to help business owners and homeowners recover. We will share some of these below. We will also cover a crucial year end deadline that’s fast approaching and share some other insightful nuggets for your business and nonprofit.

FEATURED ARTICLES:

  • Hurricane Disaster Relief -There are several federal and state resources available to business and homeowners that have been impacted by the recent hurricanes (continue reading)

    The IRS is also offering tax relief to businesses and individuals impacted by the hurricanes (continue reading)

  • Beneficial Ownership Information(BOI) reporting deadlines - Effective January 1, 2024, many companies in the US have been required to report information about their beneficial owners to the Financial Crimes Enforcement Network(FinCEN), a bureau of the US Department of the Treasury. This not an annual reporting requirement, unless a company needs to update or correct information previously reported. Twenty three types of entities are exempt from beneficial ownership information reporting requirements. These include publicly traded companies, nonprofits and certain large operating companies. Reporting companies report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi. The reporting deadlines are as follows:

    a) If your company was created or registered prior to Jan 1, 2024, you will have until Jan 1, 2025 to report BOI;

    b) If your company is created or registered in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.

    c) If your company is created or registered on or after January 1, 2025, you must report BOI within 30 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.

    There are hefty fines for non-compliance with these reporting requirements. (continue reading)

  • Unlocking the benefits of CFO Advisory Services for your business - Small and medium sized businesses that are experiencing rapid growth, can benefit greatly from engaging CFO Advisory Services. These services offer unique advantages that help companies navigate financial complexities, enhance their financial strategy and make informed decisions to optimize cashflow and profitability. (continue reading)

  • Best Practices in Ethical Fundraising for Nonprofits - Many nonprofits rely on the generosity of donors for some or all of their funding. Beyond what the law requires, nonprofits can demonstrate commitment to ethical fundraising practices by incorporating certain best practices in their fundraising activities. (continue reading)

Motivational thought for the month:

Success is not final; Failure is not fatal; It is the courage to continue that counts (Winston S. Churchill)