Yes it does. I see this one often when new clients come to me. Sometimes they only have one bank account and credit card that they use for both personal and business expenses. Other times, they have a proper business account set up but still mix in personal spending, such as adding authorized cards forContinue reading “Separating Personal and Business Expenses: Does This Even Matter?”
Author Archives: lawleybookkeeping
Bookkeeping: From Ledgers to Tax-Ready Reports
Bookkeeping isn’t new, but it also isn’t the same bookkeeping your grandma knew. The role has existed since the first civilizations, and it’s changed more in the past 50 years than in the previous 200. Today’s bookkeeping looks pretty different than it did even a decade ago, but the goal is the same: To keepContinue reading “Bookkeeping: From Ledgers to Tax-Ready Reports”
What Is Barter, Really?
And Why It Needs to Be in Your Books Barter sounds old-fashioned, but it’s alive and well in the world of small business. Maybe you traded logo design for headshots. Or social media coaching for a free booth at an event. No cash changed hands—but real value did. Lately, I’ve seen more clients turning toContinue reading “What Is Barter, Really?”
Major Update: FinCEN Exempts U.S. Companies from BOI Reporting Requirements
If you’ve been tracking the ongoing developments around Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA), there’s been a big shift—and it’s good news for most U.S.-based businesses. As of March 26, 2025, the Financial Crimes Enforcement Network (FinCEN) has announced that domestic reporting companies—which include most U.S. corporations and LLCs—are noContinue reading “Major Update: FinCEN Exempts U.S. Companies from BOI Reporting Requirements”
FinCEN Update: Extension of BOI Reporting
Key Dates and Information at a Glance: FinCEN Extends BOI Reporting Deadline: What You Need to Know The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for reporting Beneficial Ownership Information (BOI) to March 21, 2025. This extension follows a court decision in the case of Smith et al. v. U.S. Department of theContinue reading “FinCEN Update: Extension of BOI Reporting”
8 Tax Organizing Resolutions Every Small Business Should Make
Tax season can be stressful for small business owners, but staying organized throughout the year can make it much easier. By adopting smart tax habits now, you can avoid last-minute panic, reduce errors, and even uncover potential tax savings. Here are eight tax organizing resolutions every small business owner should make in 2025: Separate BusinessContinue reading “8 Tax Organizing Resolutions Every Small Business Should Make”
Beneficial Ownership Information (BOI) Filing Deadline Temporarily Stayed: What You Need to Know
The U.S. Financial Crimes Enforcement Network (FinCEN) recently announced a temporary suspension of the mandatory filing deadlines for Beneficial Ownership Information (BOI) reporting due to ongoing litigation. This pause affects businesses that were preparing to comply with the Corporate Transparency Act (CTA), which originally required certain entities to report ownership details starting January 1, 2024.Continue reading “Beneficial Ownership Information (BOI) Filing Deadline Temporarily Stayed: What You Need to Know”
New BOI Law: Compliance Guide for Businesses
Most small businesses are now required to file a BOI (Beneficial Ownership Information) Report by January 1, 2025, or face hefty fines. Important Update: New Beneficial Ownership Information (BOI) Law Starting January 1, 2024, a new federal law went into effect requiring small businesses and corporations to file Beneficial Ownership Information (BOI) reports with theContinue reading “New BOI Law: Compliance Guide for Businesses”
Maximize Employee Morale with De Minimis Fringe Benefits
Offering benefits to employees doesn’t always have to mean breaking the bank. In fact, the IRS provides business owners with an incredible opportunity to boost morale and show appreciation through what’s known as de minimis fringe benefits. These are minor perks that, when given occasionally, can be tax-free to employees and easy to implement forContinue reading “Maximize Employee Morale with De Minimis Fringe Benefits”
What’s Not Included in De Minimis Fringe Benefits?
While de minimis fringe benefits are a fantastic way to show employees a little extra appreciation, there are some things the IRS doesn’t consider “small perks.” It can be a bit confusing, so let’s break down what doesn’t qualify, keeping things simple and clear. Cash and Cash Equivalents Frequent or High-Value Gifts Big-Ticket Perks RegularContinue reading “What’s Not Included in De Minimis Fringe Benefits?”
What is Form 1099-K, and Will You Get One in 2025?
If you sell products or services and get paid through PayPal, Venmo, Square, Stripe, Etsy, eBay, or even ride-share and freelance platforms, you may receive a Form 1099-K this year. It’s not a tax bill — but it is how the IRS tracks income you’ve collected through third-party networks. What is Form 1099-K? Form 1099-KContinue reading “What is Form 1099-K, and Will You Get One in 2025?”