GEM Accounting Service, LLC

01/03/2026

**URGENT** TAX YEAR 2025

Form 1040 Schedule 1A:

Used to calculate and claim deductions for tip income up to $25,000, overtime compensation up to $12,000, interest paid on car loans, and people who are at least 65 years old, addtl. $6,000 deduction.

The deductions claimed on Schedule 1-A, which were created by the “One Big Beautiful Bill,” are only available for the 2025 to 2028 tax years.

02/05/2024

**URGENT**

To all business owners, whether Corporate, Partnership, Single Member LLC, this is for you. If you are registered as a business with the State of NH you are a business in the U.S., this is a requirement and due by 12/31/24. There are 23 types of businesses that are exempt from this filing. The penalties for non filing, filing late, missing documents, not reporting all business owners is $591.00 ea a day up to $10,000.00 and up to 2 years imprisonment.

Please follow the below link and read up on the requirements, how to sign up, what docs are required, etc. It will be better to try and file yourself as your Accountant will most likely attach a fee as the liability is great and can prove costly; insurance companies are not allowing this to be written in Errors & Omissions insurance policies because of the liability.

To all our clients if you have any questions that the website could not answer or unable to reach a representative, please reach out to me. I only ask you wait until after tax filing season.

A final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA) was issued in September 2022. These regulations go into effect on January 1, 2024. Beneficial ownership information will not be accepted prior to January 1, 2024.

11/14/2023

As of January 1, 2024 "all" Partnership, S-Corp, single member LLCs, registered with the State of NH; anyone doing business in the United States MUST fill out a B.O.I. (Business Ownership Information). All beneficial owners are required to report their information/legal docs to the Financial Crimes Enforcement Network (FinCEN). Failure to comply with the new requirements will result in fines and potentially criminal charges. Check with your Accountant/Tax Preparer for assistance of this form if unable to do on your own. As an entity, this is your responsibility. There is a
$591.00 a day per owner fine if not done within the time period required and could face criminal charges. The responsibility does not lie on your Accountant/Tax Preparer. You as the business owner are the responsible parties. Talk with your Tax Preparer.

Why? The Corporate Transparency Act (CTA) created this new reporting requirement for the above referenced entities. Our Government is targeted to eliminate all money laundering and counterfeiting. These illegal practices have risen exponentially.

Please go to the following below link. You'll have to copy and paste in your search bar.

https://www.eisneramper.com/insights/tax/boi-reporting-begins-1123/

WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2...