Mary Allen Consulting

02/13/2025

Necesitan ayuda a juntar tus datos financieras de tu negocio? Ya viene la hora de impuestos. Dejanos ayudarte! Llama a 541-570-2017 y pregunta por shanda!

01/16/2025

Estamos aceptando nuevos clientes de contabilidad y payroll! Hablamos Español! Llamanos hoy y pregunten per Shanda. 503-991-5652

01/16/2025

**Understanding the Trust Fund Recovery Penalty (TFRP) – A Crucial Guide for Business Owners and Financial Officers**

The Trust Fund Recovery Penalty (TFRP) can be a daunting term for business owners and financial officers. Here's what you need to know to avoid serious consequences:

- **What is the TFRP?**
- The TFRP is a severe penalty equal to **100% of unpaid trust fund taxes**.
- These trust funds include **federal income tax**, **Social Security**, and **Medicare taxes** withheld from employees’ wages.

- **Why the term "Trust Fund"?**
- The IRS considers these taxes as **"held in trust"** for the government, meaning they belong to the government, not the business.
- Employers are intermediaries, collecting these taxes on behalf of employees and remitting them to the IRS.

- **What happens if the funds are misused?**
- If the withheld taxes are used for other purposes (e.g., covering operational expenses or cash flow issues), it’s considered a serious **breach of fiduciary duty**.
- The IRS views this as **stealing money from employees**.

- **How is the TFRP triggered?**
- The penalty applies to individuals who are deemed **"responsible"** for failing to pay the taxes and who acted **"willfully"** in doing so.
- A simple act, like **ignoring IRS notices** (e.g., a 941 collection notice), can trigger the penalty.

- **Who can be held responsible?**
- Business owners, executives, controllers, bookkeepers, or anyone with the authority to manage financial decisions, including approving accounts payable or signing checks.

- **Why is this important for business owners?**
- The IRS is **aggressively enforcing** payroll tax compliance. Failure to comply can lead to **devastating financial and legal consequences**.
- It’s essential to treat payroll taxes as the **trust funds** they are to avoid this penalty.

- **How can you resolve a TFRP case?**
- There are several ways to address these issues without facing criminal charges, including:
- **Installment agreements**
- **Penalty abatement**
- **Partial-pay installment agreements**
- **Offers in compromise**

- **Final thoughts**
- Understanding the TFRP’s intent and consequences is critical. By treating payroll taxes with the seriousness they deserve, businesses can avoid the heavy financial burden of the Trust Fund Recovery Penalty.

If you are facing payroll tax challenges, take action now to ensure compliance and protect your financial future! We can help, give us a call today!

Call now to connect with business.

01/05/2025

🌟 **Exciting News!** 🌟
**Mary Allen Consulting** is now accepting new clients for **Bookkeeping** and **Payroll Services**! 🧾💰

Are you ready to streamline your finances and focus on growing your business? Let us handle the numbers so you can do what you do best!

✅ **Accurate Bookkeeping**
✅ **Timely Payroll Processing**
✅ **Customized Solutions**

📞 **Call us today** or 📩 **DM us** to schedule a FREE consultation! Let’s make 2025 your most organized and stress-free year yet! 🎉

🌍 **Hablamos español** 🌍
¡Clientes que hablan español son bienvenidos! **Pida por Shanda** para asistencia en español.

✨ Your business, our expertise. Together, we’re unstoppable! ✨

01/05/2025

As of January 5, 2025, the enforcement of Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) remains suspended due to ongoing legal challenges.

**Recent Legal Developments:**

- **December 3, 2024:** The U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction, halting the enforcement of the CTA and its BOI reporting requirements.

- **December 23, 2024:** The U.S. Court of Appeals for the Fifth Circuit granted the government's emergency motion for a stay, effectively reinstating the BOI reporting requirements.

- **December 26, 2024:** The Fifth Circuit vacated its previous stay, reinstating the nationwide preliminary injunction and once again suspending the BOI reporting obligations.

**Current Status:**

With the nationwide preliminary injunction back in place, reporting companies are not currently required to file BOI reports with the Financial Crimes Enforcement Network (FinCEN). FinCEN has acknowledged this development, stating that while the court order is in effect, there is no obligation to submit BOI reports, though companies may choose to do so voluntarily.

**Next Steps:**

The Fifth Circuit has set an expedited briefing schedule, with oral arguments scheduled for March 25, 2025. Until a final decision is reached, the injunction remains in effect, and reporting companies should stay informed about any changes to compliance requirements.

**Recommendations for Reporting Companies:**

- **Stay Informed:** Monitor updates from FinCEN and legal advisories to remain aware of any changes in the status of BOI reporting requirements.

- **Prepare Documentation:** Even though reporting is currently suspended, it is advisable to gather and organize the necessary information to ensure readiness if the injunction is lifted.

- **Consult Legal Counsel:** Seek guidance from legal professionals to understand the implications of these developments and to ensure compliance with any future requirements.

While the enforcement of BOI reporting requirements are presently on hold, it is crucial for affected entities to remain vigilant and prepared for potential changes pending the outcome of ongoing legal proceedings!

Follow for updates on this critical subject!

01/03/2025

Hard to believe another year has sprinted past and W2/tax season is upon us again!
For those clients already asking, W2s will be available in employee's Workforce accounts by January 30th! We've got quite a few things to verify for each employee to assure complete accuracy before we "just push a button" and file those bad boys!

10/24/2024

📢 **Attention All Businesses: New BOI Reporting Requirements!** 📢

Starting this year, all businesses must comply with new reporting requirements to the Bureau of Industry (BOI). The Beneficial Ownership Information Report (BOIR) is now required for all LLCs and Corporations under the Corporate Transparency Act (CTA).

**Don’t pay outrageous fees to third parties!** You can easily handle this yourself. Just follow the step-by-step guide on the website, gather the necessary documents, and get started.

**Documents to Prepare:**

✅ Business Registration Certificate
✅ Articles of Incorporation/Organization
✅ Tax Identification Number (TIN)
✅ Financial Statements for the past 2 years
✅ Details of Beneficial Owners (name, address, TIN)
✅ Proof of Address (utility bill, lease agreement)

🔗 For more information and to complete your report, visit: [FinCEN BOI Reporting](https://www.fincen.gov/boi)

It only takes about 15 to 30 minutes to complete your report. Stay compliant and avoid penalties! 💼✨

09/08/2024

Hey everyone!
Don't forget the deadline to comply with Beneficial Ownership Information filing requirements is coming up fast!

If you are required to report your company's beneficial ownership information to FinCEN, you will do so electronically through a secure filing system available via FinCEN's BOI E-Filing website (https://boiefiling.fincen.gov).

Check out requirements on the link...

10/02/2021

We've jumped into 4th Quarter already, time is flying!
Don't wait until January to "get your books in order", come see us today and be ahead of the curve this upcoming tax filing season!

08/29/2021

Hard to believe that August is drawing to a close so quickly! Now is a good time to check in with our expert tax consultant to ensure you are positioned for the best tax outcome for the year! Give us a call to set up a free consultation!
503.991.5652 Monday through Friday