The term “beneficial ownership” refers to identifying information about individuals who directly or indirectly own or control a company. This information is vital for transparency and to combat financial crimes such as money laundering and fraud. Every LLC has at least one beneficial owner, defined as an individual exercising substantial control over the company or…

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In an era where data security is of paramount importance, accounting and tax firms must adhere to regulatory mandates such as the IRS Written Information Security Plan (WISP) to ensure the protection of clients’ sensitive information. However, compliance is a collaborative effort. This article outlines a comprehensive set of recommendations for clients to actively contribute…

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In the intriguing legal case of Med. Practice Solutions, LLC v. Comm’r of Internal Revenue, the intricate issue of employment classification takes center stage. The case revolves around the operations of Med. LLC, a medical practice predominantly owned by a single individual – a doctor. Delving into the composition of the workforce, the practice enlisted…

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Dear Value Customers, We would like to provide you with an important update regarding the recent issue involving fraudulent text messages falsely claiming to be from White and Associates. Our investigation has revealed that after engaging in communication with an individual who answered the phone at the provided contact number (470-357-6003), we learned that she…

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Dear valued customers, We regret to inform you that scammers are attempting to deceive individuals by sending out fraudulent text messages claiming to be from White and Associates. These messages inform recipients that they owe money to the IRS and provide a call-back number, 470-357-6003, for payment or resolution. Please be aware that these text…

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A small business should consider getting bookkeeping help as soon as it starts operating. Bookkeeping is essential for the financial management of a business, and it involves tracking the company’s income and expenses, managing invoices, paying bills, reconciling bank statements, and preparing financial reports. Here are some specific situations where a small business might need…

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The report found that the majority of the tax gap is due to underreporting of income, particularly from businesses and self-employed individuals. The IRS estimates that underreporting of business income accounts for about $125 billion of the tax gap, while underreporting of self-employed income accounts for about $74 billion. The report also found that non-filing…

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