Five Star Tax & Business Solutions

01/04/2025

FinCEN BOI reporting requirement on hold once again

Required filing of beneficial owner information (BOI) on FinCEN.gov continues its roller coaster judicial journey. On December 26th, the requirement to file is (for now) officially on hold once again pending further judicial review. Last week the injunction to halt the filing requirement was overturned leaving your business until January 13, 2025 to file your report. Now that ruling is suspended. Go to FinCEN.gov to learn more.

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...

01/04/2025

As a reminder, tax season is also tax scam season for savvy criminals. As you prepare to file your tax return, here are some things to know to reduce your risk of having your valuable personal information stolen. These tips are provided by the IRS and other experts.

Scam sources are typically over the phone, email and even in person!

The IRS DOES NOT initiate contact by email or request personal or financial information in this format.

The IRS typically initiates contact via mail.
On rare occasion the IRS will call. When this happens, get the IRS agent’s name and badge number. Then hang up and call the IRS independently (not the phone number they give you). Better still, call your tax professional!

Email phishing. If you receive a suspicious email DO NOT OPEN IT or any links. Do not reply or open attachments. Report it to [email protected].

Phone scams. Do not give personal information to unsolicited phone calls from the IRS. Even if it looks legitimate. Scammers are getting good at spoofing legitimate phone numbers on your caller id. Report the caller ID and call back number to the IRS using [email protected]. Put IRS phone scam in the subject line.

Payment. Only pay the US Treasury directly. DO NOT pay anyone else, even if they threaten you. No one is allowed to collect money directly from you.

12/23/2024

🚨 Important Tax Update for Businesses 🚨

Attention business owners! As of today, the Corporate Transparency Act (CTA) is back in effect, reinstating critical reporting requirements for many businesses. Originally posted previously, this law is now active again and mandates certain nonexempt businesses to disclose their beneficial owners and applicant information to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).

Key Details You Need to Know:

1️⃣ Who Must Report?
Most small businesses, corporations, and LLCs are required to comply, unless specifically exempt.

2️⃣ Deadline:
Reports must be submitted annually, with requirements beginning January 13, 2025.

3️⃣ Purpose of the CTA:
The Act is designed to combat financial crimes such as money laundering and tax fraud by increasing transparency in corporate ownership.

4️⃣ Penalties for Non-Compliance:
Failure to comply can result in significant fines and potential legal consequences.

💡 Please Note:
This information is provided for informational purposes only. Our firm will not be offering services related to CTA compliance due to guidance from our insurance provider, which has determined that assisting with these filings constitutes the practice of law in Missouri.

For compliance, businesses can file their reports directly online through FinCEN’s portal at https://fincen.gov.

Stay informed and prepared as this important regulation takes effect!

United States Department of the Treasury

12/23/2024

📢 Important Update from the IRS: Special Payments for 2021 Recovery Rebate Credits!

The IRS has just announced that special payments will be issued this month to over 1 million taxpayers who didn’t claim their 2021 Recovery Rebate Credit on their tax returns. This applies to taxpayers who were eligible but didn’t file or made errors on their 2021 tax return.

💡 What You Need to Know:
• Payments will automatically go out to taxpayers who qualify based on their return data.


🔗 Read the full IRS announcement here:

https://www.irs.gov/newsroom/irs-announces-special-payments-going-this-month-to-1-million-taxpayers-who-did-not-claim-2021-recovery-rebate-credit-encourages-non-filers-about-approaching-deadline-to-claim-credits

IR-2024-314, Dec. 20, 2024 — As part of continuing efforts to help taxpayers, the Internal Revenue Service today announced plans to issue automatic payments later this month to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns.

06/04/2024

As summer and warmer weather approach, do you find yourself spending more money? I know I do! I was excited to focus my June segment on creative ways to make extra cash this summer. We explored fun and flexible side hustles that can fit into even the busiest schedules. If you want to boost your income, check out the Hello Iowa segment for some ideas. This summer, we are enjoying life and making money! Video link in the comments.

05/27/2024

Join us in showing our gratitude to the brave heroes who have selflessly served and protected our country. 🇺🇸

05/25/2024

I recently attended an advance planning tax seminar. We explored technology's roles in navigating tax laws and ways to enhance the tax planning process. I enjoyed the time with fellow tax pros from all over the country.
If you owe taxes or have unfiled tax returns, please do not hesitate to contact me. You can call me at 816-444-0004 or email me at [email protected].

11/30/2023

This St.Louis Tax Resolution event could be one of my most memorable achievements as President of the Missouri Society of Accountants. Despite numerous obstacles that attempted to hinder our progress, overcoming these challenges was undoubtedly worth it to reach our goal. The extensive planning for the community Tax Resolution event truly paid off, showcasing the incredible power of organizational partnerships.

Business owners had the opportunity to meet with Enrolled Agents, Tax Professionals, CPAs, and IRS Taxpayer Advocates to resolve their tax issues. The collaborative efforts of the St. Louis Urban League, Associated Bank, NAREB, Realist of St. Louis, and a host of dedicated Tax Professionals, including the amazing Five Star Tax Team, made a significant and impactful difference. Now, to see if we can duplicate these efforts in Kansas City, MO, in 2024.
(No crowd photos to protect the privacy of guests.)

11/23/2023

Happy Thanksgiving to you and your loved ones. We sincerely appreciate our clients, vendors, and partners and are thankful for your continued support and collaboration.

Five Star Tax & Business Solutions Team

11/11/2023

This session will cover the key elements entrepreneurs absolutely must know if they want to get attention for their business, differentiate in a crowded market, rise to the top of Google rankings, better connect with their target customers and scale. We've learned the hard way through building six- and seven-figure businesses and taking part in several $20k+ business masterminds. Now we want to share it with those who are building businesses now so they can experience high-level success.

Join us at this exciting event hosted by the talented business strategist Eze Redwood. Hear from Kim Newton, founder of Alexis Enterprises, as she shares her incredible journey from a top marketer to a successful seven-figure entrepreneur. Also, gain insights from Marquita Miller-Joshua, President of Five Star Tax & Business Solutions, and a Global Finance & Mindset Speaker, as she reveals her path to success. Don't miss out on this opportunity!

This event will also include a live case study with Cap Creations LLC, and a chance for select businesses to receive live on-the-spot advice to help scale their business.

11/04/2023

This past Wednesday, on my monthly Fox 4 segment as a business strategist, we examined the latest Forbes statistics indicating a downtrend in savings, with more people favoring immediate life experiences over investing in their future selves. My stance is that balance is essential. You shouldn't live for today without regard for tomorrow, but neither should you neglect the present's value by fixating solely on the future. Maintaining balance is crucial. Echoing the wisdom of one of my mentors: anything taken too far to one extreme or another can often lead to error. What is your viewpoint?

10/21/2023

Still recovering from the whirlwind of the 09/15 and 10/16 tax deadlines, I nearly missed mentioning my recent interview with CANVAS REBEL. A heartfelt thank you to my brother from another mother, Dr. Troy Nash, for recommending me. This was no ordinary interview. While we discussed business inception, funding, and strategy, we also ventured into the deeply personal realm of losing my late spouse, an irreplaceable business partner. Recounting this brought forth a flood of emotions. Listen! I had to gather myself a couple of times 😂. Caught me off guard.
When I approach these opportunities, I’m often unsure which segments of my journey will be highlighted. This particular time, however, took me back 23 years to when it all began. I found myself pausing for a moment of gratitude, reflecting on the journey from the inception of the business to where we stand today.
Needless to say, my foundational faith had to come up. Discussing this experience rejuvenated my soul. https://canvasrebel.com/meet-marquita-miller-joshua/
Perhaps sharing this article might inspire someone to start, persevere, or dream even bigger. If it touches the heart of even ONE individual, then Glory to God. I hope you find value in the article. I opted not to read it because, after all, it’s a chapter of my lived experience. I am pouring into my 2024 plans. We are under 75 days left in this beautiful year. If you fail to plan, then don’t be stunned by the lack of results.
(Here come the texts and DMs from my therapist friends about the real reason I won’t read it😂)

We recently connected with Marquita Miller Joshua and have shared our conversation below. Marquita , thanks for taking the time to share your stories with us today What were some of the most unexpected problems you've faced in your career and how did you resolve those issues? Losing a spouse while m...