Welcome to the New Year and the 2024 tax season.
We are so excited to share our new Mission Statement:
AOB LLC will provide our professional services with compassion, empathy, and mindfulness. We will approach each client interaction with respect and kindness. We will endeavor to take a holistic approach to our clients’ tax and accounting needs. We will grow and adapt to the ever-changing business and technology landscape to provide the best service we can. We will also foster an atmosphere of respect and professional camaraderie among our coworkers. We will strive to show compassion, empathy and mindfulness with each other. We will work together to maintain a workplace that is kind, safe, encouraging and positive.
We introduced Content Snare in 2023 as a modern means to send your tax information and respond to due diligence questions. We took your feedback to heart and made changes to improve the process. While we are using more technology to share documents, we understand certain clients may need to bring in hard copies of your tax documents due to volume, but indicate via email and/or Content Snare if that is the case.
In an effort to streamline our services during our busiest time, we will no longer provide a hard copy of your return unless you indicate that in Content Snare and set up a firm time to pick it up after your tax return has been completed.
To keep our workflow as efficient as possible in the chaos that is tax season, if you need the entire prior years’ worth of bookkeeping completed, you will automatically go on extension and we will complete your bookkeeping and taxes in summer.
Our deadlines to deliver your tax documents to avoid an extension are as follows:
2/15/2024 for corporations and partnerships
3/1/2024 for personal tax returns
For those of you that we only see once a year, please understand that tax returns are a joint endeavor and by answering all the questions on the Content Snare, we are able to discern what tax credits and deductions are applicable. More information rather than less information is key.
We encourage you to reach out in the summer for a tax planning meeting should you have questions, comments, or concerns about the impact of current year changes in your life on your tax situation.
Here is a summary of some of the tax law changes.
Please indicate on Content Snare if you feel any of the law changes are applicable to your 2023 tax return:
- Meals are no longer 100% deductible beginning 1/1/2023. We will still report the full amount of the meals on the return but only 50% is deductible.
- If you are doing anything with energy upgrades for home or electric vehicles, you must keep all receipts, purchase agreements, contracts and certifications and provide us a copy as the IRS is requiring this now to claim the credits.
- There is now an annual limit instead of a lifetime limit on energy efficient home credits.
- Renters are now eligible for the home energy audit credit.
- There are new Electric Vehicle credit guidelines which we can discuss. Used EV purchases may qualify for the credit. Businesses or non profits may qualify for Clean Vehicle Credits.
Those of you with a corporation, LLC, or partnership, you are now required to file a Beneficial Ownership Information (BOI) report with FinCen (Financial Crimes Enforcement Network) beginning 1/1/2024.
It is easy to fill out and submit on www.fincen.gov. The process took Kim five minutes to complete including uploading a copy of her driver’s license as proof of identity. Per our insurance company requirements, we cannot file these for you but we can provide guidance. There should be no reason to pay an outside service or vendor to prepare these forms. We imagine there will be scams involving FinCen reporting so please use caution.
As always, the staff at AOB wish you a Happy New Year and a very smooth tax season!