Sage and Betts, LLC

05/15/2026

06/03/2025

🚨DID YOU KNOW? The IRS will no longer issue or accept paper checks starting September 30, 2025🚨

Starting September 30, 2025, the IRS and U.S. Treasury will no longer issue or accept paper checks for tax refunds and payments. This change is part of a federal initiative to modernize financial transactions, aiming to enhance efficiency, reduce costs, and mitigate fraud risks.

🔹 What This Means for You:

All tax refunds will be issued electronically via direct deposit, prepaid debit cards, or digital wallets.

Tax payments must also be made electronically through methods like IRS Direct Pay, debit/credit cards, or digital wallets.

Paper checks will not be accepted for tax payments or issued for refunds after the deadline.

🔹 Why the Change?

Electronic payments are faster and more secure.

Paper checks are 16 times more likely to be lost, stolen, or altered compared to electronic payments.

Maintaining the infrastructure for paper check processing cost taxpayers over $657 million in 2024.

11/21/2024

This is a friendly reminder that Beneficial Ownership Reporting for existing entities is due by January 1, 2025.

If you are an LLC member or involved in another qualifying entity, please be sure to know your requirements and take action to remain compliant with this federal filing requirement.

If you have any questions, feel free to contact us.

Did you know that if you are an LLC in the US, you likely have a BOI filing requirement this year?

Beneficial Ownership Reporting: What You Need to Know!

📊 What is it?
Beneficial Ownership Reporting requires businesses to disclose key information about individuals with significant control or ownership. This helps combat financial crimes like money laundering.

👥 Who Needs to Report?
All corporations, LLCs, and similar entities must report their beneficial owners. There are some exclusions, and you may need to consult your lawyer to determine your exact requirements.

📅 When is it due?
• New entities (created/registered in 2024) — must file within 90 days
• New entities (created/registered after 12/31/2024) — must file within 30 days
• Existing entities (created/registered before 1/1/24) — must file by 1/1/25
• Reporting companies that have changes to previously reported information or discover inaccuracies in previously filed reports — must file within 30 days

🛡 What are the penalties for failure to file?
A person who willfully violates the reporting requirements may be subject to civil penalties of up to $591 per day and criminal penalties of up to two years imprisonment and a fine of up to $10,000.

You can view the FINCEN FAQs under the Documents tab on our website: https://sageandbetts.com/documents

06/26/2024

Did you know that if you are an LLC in the US, you likely have a BOI filing requirement this year?

Beneficial Ownership Reporting: What You Need to Know!

📊 What is it?
Beneficial Ownership Reporting requires businesses to disclose key information about individuals with significant control or ownership. This helps combat financial crimes like money laundering.

👥 Who Needs to Report?
All corporations, LLCs, and similar entities must report their beneficial owners. There are some exclusions, and you may need to consult your lawyer to determine your exact requirements.

📅 When is it due?
• New entities (created/registered in 2024) — must file within 90 days
• New entities (created/registered after 12/31/2024) — must file within 30 days
• Existing entities (created/registered before 1/1/24) — must file by 1/1/25
• Reporting companies that have changes to previously reported information or discover inaccuracies in previously filed reports — must file within 30 days

🛡 What are the penalties for failure to file?
A person who willfully violates the reporting requirements may be subject to civil penalties of up to $591 per day and criminal penalties of up to two years imprisonment and a fine of up to $10,000.

You can view the FINCEN FAQs under the Documents tab on our website: https://sageandbetts.com/documents

09/13/2023

Remember to file your 2022 extended tax returns and pay your Q3 estimated tax payments! Below are the due dates to keep in mind:

• Q3 Estimated Tax Payments are due 9/15/23
• Forms 1065 (Partnership) that were extended are due 9/15/23
• Forms 1120S (S Corp) that were extended are due 9/15/23
• Forms 1120 (C Corp) that were extended are due 10/16/23
• Forms 1040 (Personal) that were extended are due 10/16/23

Please reach out to us if you have any questions!

06/01/2023

Hey Brady, TX! Have you guys seen our new sign? Thanks, TByrd's Sign Shop for all your hard work on it.

We are so grateful for all our clients in and outside of Brady. Thank you for trusting and having confidence in us to help support your business.

01/09/2023

As we approach tax season, scammers are out more than usual. It's a good time to repost and remember to be aware of who you provide information to. Don't let criminals scam you out of personal information. The IRS does not use email, text, or social media platforms to request personal or financial information. The IRS will not leave threatening or demanding pre-recorded phone messages. When you receive an IRS notice in the mail, make sure it's legitimate before sending any personal information. Also, remember to always send documents that contain personal information securely.

If someone tries to contact you and you are questioning if it's real or a scam, do not give out personal information and hang up the phone. Contact the IRS directly or contact a trusted professional to help confirm your account status with the IRS and make sure you are in good standing. Remember, older individuals are more at risk for scams, so make sure you let everyone in your life know that IRS scams are common and not to fall prey to them!

www.sageandbetts.com
[email protected]
325-396-0933

11/29/2022

We work with many small business owners and we understand health insurance can be a huge burden! Open enrollment ends on 12/15, so if you are thinking about getting insurance it never hurts to put your info in and see what kind of rates you are eligible for. Depending on your income you may be eligible for the premium tax credit that would help reduce the price. The healthcare.gov website will help show you what your rates are with the credit.

Official site of Affordable Care Act. Enroll now for 2023 coverage. See health coverage choices, ways to save today, how law affects you.

09/15/2022

Q3 estimated tax payments are due today, 9/15! Make sure to get your check in the mail and postmarked today if you haven't already paid electronically.

If you file a Form 1120-S or 1065 and extended your 2021 business filing, make sure you or your tax preparer has filed your return. The extended deadline is today!

If you extended your 2021 1040, the deadline to file those is 10/15, but the sooner the better! Make sure you file your personal return or get your tax preparer everything they need to prepare your return in time.

Reach out to us if you have any questions!

[email protected]
325-396-0933

08/30/2022

The IRS is offering automatic penalty relief for certain penalties associated with specific 2019 and 2020 returns. For some returns, you must file them by September 30, 2022, to qualify for this relief. If you aren't sure if your return qualifies, reach out and we can help you better understand.

If you haven't filed your 2019 and 2020 tax returns, I would make sure you get those done before the deadline. This could save you a significant amount in penalties!

IRS provides an automatic penalty relief to most people who file certain 2019 or 2020 tax returns late. 1.6 million taxpayers who already paid penalties automatically receiving refunds. More on this relief at: http://ow.ly/zNjL50Krvs7