Reliance Accounting and Tax Services, LLC

02/25/2025

Important Update regarding the Corporate Transparency Act/Beneficial Ownership Information Reporting!!!

After much back-and-forth related to the filing requirements under the Corporate Transparency Act, on February 18, 2025, the nationwide injunction preventing the enforcement of the Beneficial Ownership Information Reporting requirements was lifted, meaning that reporting companies now have until March 21, 2025 to file their report with FinCen. Arguments regarding the constitutionality of the reporting requirements are still being heard in an ongoing court case. Companies required to report include any entity registered with the Wisconsin Department of Financial Institutions or Secretary of State for the state of formation.

To file a report:
https://boiefiling.fincen.gov/

FAQ's on Beneficial Ownership Information reporting can be found here:
https://www.fincen.gov/boi-faqs

FinCEN has prepared the following Frequently Asked Questions (FAQs) in response to inquiries received relating to the Beneficial Ownership Information Reporting Rule and Beneficial Ownership Information Access and Safeguards Rule.

01/27/2025

Happy Official Start to Tax Season. E-file opens today. The team here at Reliance is so excited as we get underway and would love to take care of your tax prep needs - whether you are an individual, small business, farm, have rental properties, or have trust and estate taxes to contend with. We would love to take care of you!

01/14/2025

Tax Talk Tuesday!

Did you know? If you sell your principal residence, you might qualify to exclude up to $250,000 of the gain ($500,000 if you are married and filing a joint return)? Did you also know that the exclusion is not a "one time thing"?
Knowing the rules around the exclusion and planning appropriately could save you paying taxes on the sale of your home.
Hiring a tax professional is an investment in your financial well-being and can help you to save money on taxes. We'd love to work with you!

01/13/2025

And... the countdown begins! Tax Season starts January 27th.
We are getting ready for another great season!!

01/04/2025

Happy National Trivia Day!

Did you know... The most misused Social Security Number of all time was 078-05-1120. In 1938 as part of a promotion to sell its wallets, the E.H. Ferree Company used a sample Social Security card to demonstrate how the cards fit into its wallets. They used the Social Security number of the company's secretary, Mrs. Hilda Schrader Whitcher (078-05-1120). The company created the sample cards half the size of a regular Social Security card, printed in red, with "Specimen" written in bold across the card. Many people confused the sample card as their own and used the Social Security number printed on that card. In 1943 there were 5,755 people using that number and in total approximately 40,000 people have reported Hilda's Social Security number as their own.

Source:

01/02/2025

Nothing is impossible, the word itself says "I'm Possible"
-Audrey Hepburn

Today is National motivation and inspiration day. I'm motivated to do better every day for my clients so that they can pursue their passions and live their best life. I'm inspired by each of them and by my amazing colleagues, family, and friends who support me through all of the joys and challenges of being a business owner and an accountant. I am so inspired by the people who surround me - you make it possible for me to do what I love.

01/01/2025

Happy New Year!
Wishing you a year of success, health, and happiness!

12/31/2024

We will be closing at noon today to ring in the New Year.
Wishing you a wonderful last day of 2024.
We'll see you in 2025!!

12/30/2024

We are pleased to announce that Lynn Stinski has joined our team. Lynn is joining us as Office Administrator here at Reliance Accounting and Tax Services. She brings a wealth of experience in office administration, client relations, and leadership. Lynn will be working Mondays, Tuesdays, and Thursdays here at our office. She is the friendly voice you hear when you call and the person you will likely talk to for scheduling appointments, billing, and keeping you informed about where your return is in our queue. Lynn has been a wonderful addition to the team and we are so excited to have her onboard. Lynn lives in Appleton with her husband and daughter. Outside of work she enjoys spending time with her family, taking trips to state parks, and anything outdoors.
Welcome to the team, Lynn!

12/27/2024

Year-end is a great time to make any last minute contributions to retirement accounts. Whether you are looking to add to that ROTH account with your Christmas bonus or perhaps get an extra tax savings by contributing some additional funds to a traditional retirement account, year-end is an excellent time to do so!

12/25/2024

From our family to yours, Merry Christmas!