by dmaadmin | Oct 22, 2024 | Accounting, General Tax and Accounting Information, IRS, Tax Planning
The last quarter of the year is exciting and can also be a bit daunting. The weather is cooling, leaves are falling, the holidays are approaching. And then there are all the loose ends to tie up in our businesses that can feel a bit stressful or overwhelming. But what if we told you it doesn’t have to be that way? By doing a little each day, you can set yourself up for success so that you can relax and enjoy one of our favorite times of the year. As we near the end of 2024, there are several tax updates to be aware of and prepare for. And don’t worry, it’s nothing that your tax professional can’t handle but do we kind and give them plenty of time to support. 😉 1. New BOI Filing Requirement (Beneficial Ownership Information): What’s changing: Starting in 2024, certain small businesses will need to file Beneficial Ownership Information with the Financial Crimes Enforcement Network (FinCEN). This regulation aims to prevent money laundering by requiring companies to disclose the personal information of their beneficial owners. Who it affects: Small businesses, especially LLCs, corporations, and partnerships created in the U.S. or registered to do business in the U.S., are impacted. Some businesses, like publicly traded companies and sole proprietors, are exempt—but check with your tax professional to be sure it is required for you or not. Action: Small businesses should ensure they’re in compliance by gathering the necessary owner information before filing deadlines to avoid penalties. Want more detailed information about BOI filing requirements? Check out this recent blog post full of resources...
by dmaadmin | Aug 26, 2024 | Client Features
“Quality work ensures that every car goes back to its owner better than when it came to us.” – Mark Quelle, Owner In a world full of franchises and corporate entities, it can be tough for a ‘Mom and Pop’ small business to keep up. Yet, that is not the case for our featured client, Sparkle Auto Body. We recently had the pleasure of interviewing the owner and founder, Mark Quelle, who tells us more of their story and what he loves most about leading his team at Sparkle Auto Body. A Brief History of Sparkle Auto Body Mark Quelle first acquired Sparkle Auto Body in 2002 with the assistance of a Small Business Association (SBA) loan. And thanks to growing demand, they were able to expand to a second location in 2020. Opening a second location and during the start of the pandemic may have been seen as a risky move, yet for Sparkle Auto Body, it was an opportune time. Quality Over Quantity While many shops seek to gain numbers (the more cars to service quickly, the better), Sparkle Auto Body seeks to maintain its high level of quality – quality collision and body repairs, quality customer service, quality products. As owner Mark Quelle puts it, “We do great repairs and often find that customers come to us for a second opinion or to ‘fix’ a repair from another body shop. Quality work ensures that every car goes back to its owner better than when it came to us.” And that quality expands to employees as well. While they have expanded to a second location, they are...
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