Professional Accounting & Financial Services

This comment is for Georgia registered companies, who are registered with the Secretary of State (SOS of GA). A company is sending via snail-mail, a registration form that LOOKS like it is from the GA SOS, but it is NOT. This company goes by the name "C.F.S" with a post office address of "P.O. Box 16789, Atlanta, GA 30321". The document looks legal and is requesting a $150 annual Georgia registration fees, payable to C.F.S. DO NOT PAY THEM! The state of Georgia, Secretary ...of State sends a card and email directly to the owners of record each January "reminding" you to log in to your GA SOS account and pay the $50 annual registration fee. This company is NOT from the state of GA. In small print their form advises "the $150 price includes state fee and C.F.S. processing fee", however, the form does NOT advise you the state fee is $50 and you can pay it easily online. I have no idea if this company is legit, but the mere fact they went out of their way to make their "2021 annual registration instruction form" look like it is coming from the state of GA and not breaking down what amount is their processing fee, tells me they are a company one would NOT want to do business with. See more

IRS issues final regulations on the deduction for meals and entertainment https://www.irs.gov//irs-issues-final-regulations-on-the-d

Little Hump Day Fact For You! When both members of a married couple participate in an unincorporated business venture, must it be treated as a husband-wife partnership for federal tax purposes? Answer: maybe, or maybe not. Figuring out the answer is important because it can have a huge impact on the couple’s self-employment tax situation. Husband-wife partnerships must also file annual federal returns on Form 1065 along with the related Schedules K-1. As you know, partners...hip returns can be a pain. For these reasons, you generally want to avoid husband-wife partnership status when possible. Have a great Wednesday!

Quick Thursday Fact For Ya! You have the option of electing to treat a single-member LLC or multimember LLC as a corporation for federal income tax purposes. You do that by filing IRS Form 8832, Entity Classification Election, to change the default classification of the single-member LLC or multimember LLC to the new classification as a corporation. What's some of the benefits you ask?... --> Protected assets --> Pass-through taxation --> Tax-favorable characterization of income --> Straightforward transfer of ownership --> Cash method of accounting --> Heightened credibility Using this strategy for the right business can have a huge effect on cash reserves. We are talking THOUSANDS.