On March 21, FinCEN issued an interim final rule that removes the requirement for businesses registered in the U.S. and U.S. persons to report their beneficial ownership information (BOI) to FinCEN. This is a major change, as the previous Corporate Transparency Act required most registered businesses to file…
The Governmental Accounting Standards Board Statement 101 (GASB 101) addresses the accounting and financial reporting requirements for compensated absences. Compensated absences refer to leave benefits that employees earn, such as vacation, paid time off (PTO), and sick leave, which can be used in future periods or cashed out upon…
In the nonprofit sector, maintaining accountability and transparency is vital. Internal controls and separation of duties play pivotal roles in achieving this goal by safeguarding assets, ensuring accuracy in financial reporting, and complying with rules and regulations. Internal Controls These are typically written policies establishing procedures for people…
There have been major developments concerning Beneficial Owner Information (BOI) reporting in the last two days. The BOI report is once again required. The new deadline for filing the BOI report is March 21, 2025, for those businesses which were originally required to file by January 1, 2025. On February…
For the purposes of this article, we will refer to both farms and ranches and “ranch(es),” and farmer or rancher as “rancher(s).” I know a person who is a ranch employee for a large ranch and feedlot operation. Each fall, his employer pays him an annual bonus with a “load…
When I start with a new payroll client, I like to lay out the expectations of what the client can expect from me and my team, and what I will in turn expect from the client. It’s important to note that enlisting KT to handle your payroll services does not…
BOI Injunction Reinstated – Effective 12/26/24 There has been another update to the Beneficial Owner Information (BOI) reporting saga. Just three days after the nationwide injunction was lifted, on December 26th, the U.S. Court of Appeals for the Fifth Circuit reinstated the nationwide injunction. This means that as of December…
Staffing issues have become a struggle for many companies in the last few years. Because of this, you may be considering hiring temporary workers. Many of these visitors obtain work in the hospitality industry including hotels, restaurants, and tourism. But, if you are looking to hire a J-1 or…
Are you a household employer? If you have someone working for you as a nanny, caretaker, cook, housekeeper, or yard worker, they could be your household employee. There are a few factors to determine if the worker is your employee: The work is performed in and around your home. You…
If you have an established company or are planning on starting a new company in 2024 or beyond, please read this article carefully. What Is FinCEN BOI Reporting? BOI (Beneficial Owner Information) reporting is a mandatory NEW business filing requiring most U.S. companies to submit their BOI…
