NYM Bookkeeping & Accounting LLC

03/22/2025

Beneficial Ownership Information Reporting

[Updated March 21, 2025] All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from the date of publication of the interim final rule. For more information, see press release and alert.

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11/22/2024

Upcoming Sales Tax Changes!

Informational Bulletin FY2025-12, Sales Tax Rate Change Summary, Effective January 1, 2025

06/15/2024

Important Notice: IRS Glitch Affecting Tax Payment Notices

June 12, 2024

The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return.

Who is affected: Taxpayers who paid electronically or by check with their 2023 tax return, may show their accounts as pending, although the IRS has received and processed payment through their banking institution. The notice may have been initiated before the payment was processed on the account, or the payment may have been processed but contained errors and requires additional handling to address the error before updating the tax account.

No immediate action or phone call needed: Taxpayers who receive a notice but paid the tax they owed in full and on time, electronically or by check, should not respond to the notice at this time. The IRS is researching the matter and will provide an update as soon as possible.

Note that any assessed penalties and interest will be automatically adjusted when the payment(s) are applied correctly by the IRS.

Taxpayers who paid only part of the tax reported due on their 2023 return should pay the remaining balance or follow instructions on the notice to enter into an installment agreement or request additional collection alternatives.

For affected taxpayers, the IRS apologizes for the inconvenience this delay in processing your payment has caused.

June 12, 2024 — The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return.

06/10/2024

Please note our offices are closed June 10 to June 14th. We will resume normal business hours on Monday June 17th. Email will be checked but is limited. Please leave us a message if and we will return your call on June 17th. Elmwood office 309-742-6989 (Normal business hours 8-1pm M T TH F) or Bartonville office 309-713-1574 ( Normal business hours 8-1 M-F) Thank you and have a great summer!

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12/17/2023

*******ATTN ALL LLCS, CORPS, AND PARTNERSHIPS********

Starting on January 1, 2024, BOI reports must be filed electronically using FinCEN’s secure filing system. FinCEN will store BOI reports in a centralized database and only share this information with authorized users for purposes specified by law. The database will use rigorous information security methods and controls typically used in the Federal government to protect non-classified yet sensitive information systems at the highest security level.

Here is the link to the complete guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf

When do I need to file a report?
• Reports will be accepted starting on January 1, 2024.
• Reporting companies created or registered to do business before January 1, 2024,will have additional time — until January 1, 2025 — to file their initial BOI reports.
• Reporting companies created or registered on or after January 1, 2024, and before January
1, 2025, have 90 calendar days after receiving actual or public notice that their company’s creation or registration is effective to file their initial BOI reports. Specifically, this 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.
• Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports.

Where can I find additional information about BOI reporting?
• Additional information about the Reporting Rule and guidance materials are available at www.fincen.gov/boi.
• FinCEN has issued and will continue to issue frequently asked questions to address specific questions on the topic. They can be found here: www.fincen.gov/boi-faqs.
• In addition, if you have any questions regarding BOI reporting obligations, you should contact FinCEN at www.fincen.gov/contact.

11/28/2023

https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation

IR-2023-221, Nov. 21, 2023 — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organi...

11/09/2023

This week's Member Spotlight falls on: NYM Bookkeeping & Accounting! NYM Bookkeeping & Accounting LLC

11/09/2023

08/24/2023

Eligible Back-to-School Expenses Could Yield Tax Benefits for Parents & Educators

With the new school year upon us, you may be able to claim school expenses for K-12 students on your 2023 Illinois individual income tax returns.

Qualified educational expenses include:

Parents/Guardians
tuition

book and lab fees in excess of $250 paid to the school where the student is enrolled on a full-time basis

For home schooled students - book rental, and lab fees greater than $250 are eligible when attending a qualified home school program

Educators
classroom materials

Illinois Education Expense Credit
The Illinois Education Expense Credit allows parents or legal guardians of a full-time K-12 student under the age of 21 to take a 25% tax credit on qualified education expenses over $250. The total credit may not exceed $750, regardless of the number of qualifying students. Make sure you keep any receipts received from your student's school with your income tax records.

To learn more, please read IDOR Publication 132 (for public & non-public enrolled students), Publication 119 (for home schooled students), Publication 112 (for schools' rules and requirements), and the Schedule ICR Instructions.

Instructional Materials & Supply Credit
The Instructional Materials and Supply Tax Credit allows eligible full-time educators of K-12 students to receive a tax break for qualified expenses on classroom materials paid during the taxable year. The total credit may not exceed $500 for single filers. If spouses are both educators and are filing jointly, the maximum credit is $1,000.

To learn more, please read IDOR's Q&A on K-12 Instructional Materials and Supplies.

08/22/2023

ILLINOIS’ RETIREMENT MANDATE IS HERE. GET STARTED TODAY.
Illinois Secure Choice is the State of Illinois' retirement savings program for private-sector workers who do not have a way to save for retirement at work. It was created to ensure all Illinois workers can save for retirement through automatic payroll contributions deducted from their paycheck.

Employers are required by state law (820 ILCS 80 - Illinois Secure Choice Savings Program Act) to register and facilitate Illinois Secure Choice if they do not sponsor a qualified retirement plan, had five or more Illinois employees in the previous calendar year, and have been in business for at least two years.

Based on information your business submitted to the Illinois Department of Revenue (IDOR) for 2022, If you meet these requirements you are now subject to the state mandate and must either register for Illinois Secure Choice or request an exemption by November 1, 2023. If this is incorrect, please refer to the exemption information below to request an exemption for your business.
Here is what you need to get started.

Let us show you how it works. We recommend you start by familiarizing yourself with the program. Join a webinar or review the employer website and learn about your business requirements and how the program works.

Illinois Secure Choice Webinar session to learn about the program, your role, and other important deadlines. To see more event dates, visit our events page. https://employer.ilsecurechoice.com/home/employers/events.html

11/15/2022

2nd Annaul free photos with Santa....with 1 day only!!!! BARTONVILLE LIBERTY ... 2 to 5pm...