Business Finances Archives - Neely's Accounting

Outsourced Accounting: A Great Idea for Your Business

When it comes to the tasks you absolutely must do to run a successful and profitable small business, the list is long.

Outsourcing accounting can be a smart, cost-effective move – but it’s normal to have a few concerns. For many small business owners, the idea of handing over their finances to someone else comes with a lot of questions: Will my financial data be secure? Can I trust someone outside my inner circle to care about my reputation and future? Will I lose control?

You can turn those worries into confidence when you choose a trusted partner like Neely’s when you need outsourced accounting services.

Keep control: With Neely’s cutting-edge and secure online platform, you keep real-time access to your financial data.
Security is never an afterthought: Keeping your data secure is foundational to everything we do.
We communicate: You can collaborate with us whenever you need us, in person, over the phone or through our online platform.
Only use the services you need: You bundle the services you need for a fixed monthly rate.
We put in the training time: Our top-notch accountants stay up to date on local, state, and federal regulations so we can be proactive in keeping your business compliant.

The Benefits of Outsourced Accounting

When you partner with a Roanoke accountant that you trust, you get peace of mind as well as a whole host of other benefits.

Cost efficiency: Outsourcing eliminates the significant expenses associated with hiring, training, providing benefits, and managing in-house accounting staff, software and security systems. Neely’s prides itself on efficient and expert accounting services at a fair price without hidden costs.
Access to expertise: Neely’s team has years of accounting experience as well as specialized business knowledge. We can do everything from prepare monthly financial statements and budget reports to advising on tax planning and general business consulting – and we’ll help you focus on the bigger picture of your overall financial health.
Increased ability to focus on core business functions: You know that billing, payroll, taxes, monthly reports and all the other accounting tasks takes time. With Neely’s at your side, you can use that time to focus on building your business and your profits.
Easy to scale: As your business grows, your accounting needs can change. Neely’s makes it easy to add or change services as you need them.
Risk reduction and greater security: With Neely’s outsourced accounting solutions, you get better oversight of your finances and accountability – that means protection from everything from silly errors to fraud.

Put Neely’s to Work for Your Business

Our team delivers big-city services with the warmth of a hometown connection. Let us take the burden of day-to-day accounting off your shoulders, so you can focus on growing your business. Contact Neely’s today to begin enjoying the benefits of outsourced accounting for your business.

Posted in Bookkeeping, Business Finances, Taxes

What to Do If You Need More Time to File Taxes

You have until April 15, 2025, to file your taxes with the IRS. But if you think you’re going to miss that deadline, you can request an extension.

Here’s what you need to know about the process and why it’s in your best interest to get your taxes done as soon as possible.

What happens if I file my taxes late?

The IRS will notice and send you a letter. Because the IRS already has copies of your W-2 and 1099 forms in its databases, its system will do some quick calculations to figure out if you owe money or are due a refund.

If you’re due a refund, you’ll just get a letter instructing you to file your taxes.

But if you owe money, that money was due on April 15 and you’ll be charged a Failure to File Penalty. That penalty is 5% of your unpaid tax liability for each month your return is late, up to 25% of your total unpaid taxes.

Filing taxes late is a better alternative to not filing your taxes at all.

What happens if I don’t file my taxes at all?

If you don’t respond to the IRS’s initial prodding, the consequences will start stacking up: more penalties, fines and interest and the IRS can assess tax liens and levies against you.

What do I do if I need more time?

File for an extension at IRS.gov/freefile or using Form 4868, Application for Automatic Extension of Time to File. Filing that before April 15 automatically will move your filing deadline to Oct. 15, 2025.

People request tax filing extensions for a variety of reasons: They are missing needed financial documents, they are dealing with a major life event, or they just need more time to make sure their taxes are done correctly. Filing an extension can give you peace of mind that a mistake isn’t going to lead to an IRS audit.

But remember: You must still need to pay any owed taxes by April 15. You’ll need to estimate the amount you owe and use Form 4868 to pay it. Otherwise, the IRS can still charge you interest and penalties.

Working with a tax professional also can give you peace of mind, whether you need to file an extension or not. When you use the services of a trusted professional, you tap into a wealth of expertise and experience with our ever-changing tax code — plus you may save more money and reduce your risk of audit.

What should I do if I miss the tax deadline?

You should file and pay as soon as possible. And if you’re unsure of how to do that, ask for help. A tax professional can help expedite this process so you avoid racking up fees.

Trust the Experts at Neely’s

Neely’s Accounting Roanoke CPA firm has been serving the community since 2007. When you’re struggling with your taxes, our tax professionals are here to save you time and stress. We can file your extension and your taxes to ensure you avoid fees and get the maximum deductions. Get in touch with us today.

Posted in Bookkeeping, Business Finances, Taxes

Neely’s Sponsors WSLS 10 News Educational Tax Series

As tax season approaches, Neely’s is partnering with WSLS 10 News to bring you a new series, “It’s Your Money.” Every Monday and Wednesday at 5 p.m. and 7 p.m. from March 5 through April 9, local ta experts – including our very own Chuck Neely – will answer tax questions on air.

Don’t miss your opportunity to get advice from the experts! Our discussion will cover everything you need to know to have a successful tax season. Tune in to hear all the details about:

Maximizing Deductions
Tax Credits and Reporting Changes
Filing and Deadlines
Tax Planning for the Future
And More!

Plus, you have a chance to shape the conversation! You can submit your tax questions online at WSLS. Our experts will share valuable tax tips to help you save money and be well-prepared for this tax season and beyond.

Watch live every Monday and Wednesday at 5 p.m. and 7 p.m. to get valuable advice and make the most of your tax return. Missed an episode?” No problem. We’ll continue to update our site with links to past episodes so you have all the information you need at your fingertips.

Neely’s Accounting Services provides expert tax preparation and accounting in Roanoke, VA. Our clients have trusted us with their business management, personal income tax, and outsourced accounting needs since 2007 because we deliver big-city service with hometown values. We’re proud to offer a full range of professional products at a fair price without sacrificing the individual attention you deserve. Our friendly, dedicated advisors are always ready to help you with personalized solutions that meet your needs. Work with Neely’s and take the stress out of taxes.

Posted in Bookkeeping, Business Finances

What to Look for When Choosing a Qualified Tax Preparer

Confusing forms. Changing tax laws. The fear of making a mistake. Filing your own taxes can be overwhelming.

You don’t have to go it alone. Working with a qualified tax preparer will save you time, preserve your sanity, ensure that your taxes are done correctly and build a professional relationship for the future.

Here are eight things to look for before you hire a Roanoke account, CPA, or tax preparer:

Know the tax preparer’s credentials. The IRS requires all paid tax return preparers to have a Preparer Tax Identification Number (PTIN). Ask what professional affiliations they have and what types of continuing education classes they attend.
Search online for any red flags, such as Better Business Bureau complaints or disciplinary actions by Virginia agencies or the IRS.
Don’t believe grand promises, including the ability to offer larger refunds than the competition.
Understand the fee structure and ask questions. Be aware of extra charges for any unexpected complications. Read the fine print of contracts. Avoid preparers who charge their fees as a percentage of the refund or who offer to collect your refund in their accounts.
Ask if your taxes will be filed electronically and using IRS e-file. The IRS requires this of professional tax preparers unless the client specifically requests that paper forms be filed.
Reputable tax preparers will ask for your records and receipts and take the time to ask you questions about your financial history. This helps them figure out the details of your income and what deductions and credits you may be eligible for this year.
A good tax preparer is available for your questions, even after your return has been filed.
Consider the long term. Do you plan to use a professional tax preparer next year and the year after? Invest in a relationship with an individual or firm who will be in business for years to come.

Above all, make sure you choose professional tax preparation. Neely Accounting Services has a team of qualified and professional tax preparers who meet all these standards and more. We’re Roanoke’s trusted local advisor because we’re real people you can talk to whenever you need us. Call us today to make an appointment to talk about your taxes.

Posted in Bookkeeping, Business Finances

Take Control of Tax Time: All the Must-Know Deadlines in One Place

A new year means that tax time is just around the corner. For some people, tax season is an exciting opportunity to get organized and tackle their annual finances. However, many others feel intimidated by taxes, pushing off filing taxes until the last minute or even missing important deadlines. If this sounds like you, don’t worry. You’re not alone. According to the IRS, 20-25% of US taxpayers wait until the last two weeks to prepare their tax returns.

As Roanoke’s trusted tax experts, we at Neely’s want you to have all the info you need. Knowing your deadlines is step-one in taking control of tax season. It helps you avoid a stressful, last-minute scramble or worse—missed deadlines and fines. To help, we’ve compiled all the season’s tax deadlines so you can face the 2025 tax season with confidence.

Personal Income Tax & Self-Employed Deadlines

January 15, 2025 – 4th Quarter 2024 estimated tax payment due. If you’re self-employed or have other income without any tax withholding, and you make quarterly estimated tax payments, this is the due date for your final quarterly payment for the 2024 tax year.
January 31, 2025 – Due date for employers to send W-2 forms, 1099 forms, and other important forms. The IRS requires employers to send W-2s no later than January 31 following the close of the tax year. January 31 is also the deadline to send 1099 forms, and forms 1099-NEC,1099-MISC, and 1099-K which are used to report payments that typically don’t come from an employer, such as income from work as an independent contractor, gig worker, or self-employed person or income like interest, dividends, prize winnings, rents, royalties, or brokerage account transactions.
February 28, 2025 – Due date to file 1099/1096s (excluding 1099-NECs) if you are paper filing. If you choose to paper file, and have income requiring a 1099, your deadline to file is a bit earlier than the standard, mid-April tax deadline.
April 15, 2025 – Tax day. Unless it’s a weekend or a holiday, the deadline to file your taxes is always April 15th. It’s also the last day to make HAS contributions and contributions to the majority of retirement plans and to pay your 1st quarter estimated taxes. You can also file for an extension if your documents are quite ready to submit.
June 16, 2025 – Second quarter 2025 estimated tax payment due. Quarterly estimated taxes aren’t quite evenly spread out in the calendar year. The first payment occurs 3 and a half months into the year. The second payment is five and a half months; the third payment is eight and a half months, and the fourth payment is due 12 and a half months after the year starts.
September 15, 2025 – Third quarter 2025 estimated tax payment due.
October 15, 2025 – Deadline to file your extended 2024 tax return. If you chose to file an extension request on your tax return, this is the due date for filing your tax return.

Businesses – Partnerships (including LLCs), C Corps (Form 1120), S Corps (Form 1120S), and Nonprofits (Form 990)

January 15, 2025 – 4th Quarter 2024 estimated tax payment due
Early 2025 – 2024 Tax season begins
January 31, 2025 – Employers send W-2s forms to employees and send 1099 forms
March 17, 2025 – Taxes are due for some business types (partnerships, multi-member LLCs, and S-Corporations). Businesses organized as partnerships, including multi-member LLCs, and S-Corporations need to file Form 1065, or 1120S by March 15, 2025, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of March 15.
April 15, 2025 – Taxes for C-Corporations are due. Businesses organized as C-Corporations need to file form 1120 by April 15, 2025, if they are a calendar year business. If your business uses a fiscal year, you need to file your tax return by the 15th day of the third month following the close of your tax year. For example, if your business uses an April 1 – March 31 tax year, your business tax return would be due June 15 instead of in April.
May 15, 2025 – Due date to file most nonprofit returns (Form 990). Most nonprofits have an extra month to submit their forms to the IRS. They will need to file a Form 990 by May 15.
September 15, 2025 – Deadline for extended partnership and S-corporation returns
October 15, 2025 – Deadline for extended C-corporation returns
November 17, 2025 – Deadline for extended nonprofit returns.

Contact Neely’s Accounting Services for Expert Tax Support in Roanoke

Whether you relish taxes or feel a bit nervous, having a trustworthy expert on your side can makes all the difference between complicated and stress-free. Neely’s Accounting Services has provided expert tax preparation and accounting in Roanoke, VA since 2007.

Our friendly, dedicated advisors are always ready to help you with personalized solutions that meet your needs. Let us take the stress out of running your business and filing income taxes. Contact us or visit today.

Posted in Bookkeeping, Business Finances

The Benefits of Outsourcing Your Small Business Accounting

Being a small business owner is a rewarding but demanding job that’s not for the faint of heart. You wear many hats and spend your days problem solving and making things happen. Because so many things vie for your attention, it’s easy for details to slip through the cracks.

One set of details you don’t want to overlook are financial ones. Ineffective financial management can cause a series of mounting issues from inaccurate payroll to huge tax penalties and fines. However, with a never-ending to-do list, it can feel impossible to stay on top of this critical component of your business. But the good news is there’s a simple solution: outsourced accounting.

What is Outsourced Accounting?

Simply put, outsourced accounting is when a business hires an outside accounting professional or firm to manage their accounting and finance tasks. Hiring an accounting professional or firm to handle your books is often an affordable and time-saving strategy for small business owners who need help with the financial side of their business.

Typical outsourced accounting tasks can include bookkeeping, payroll processing, accounts payable and receivable management, tax preparation and more. Outsourced accounting is that it can be tailored to your needs and look differently for each client. If you’ve ever wished for more hours in the day, then outsourced accounting could be the solution you’re looking for.

Benefits of Outsourced Accounting for Small Businesses

Outsourced accounting offers a host of benefits for small business owners from time savings, to accuracy, to peace of mind. Let’s dive into the ways outsourced accounting can improve your operations and transform your day-to-day.

Outsourced accounting saves you time: Outsourced accounting solves the ever-present problem small business owners face: too much to do and not enough time. You won’t spend hours sweating over accounting tasks, instead a seasoned professional can handle your financial needs efficiently freeing you up to focus on your strengths.
Outsourced accounting saves you money: Typically, outsourced accounting services cost less than hiring and training a full-time employee. When you outsource your accounting needs, you’ll save on salaries, benefits, onboarding investment, and even office space!
Outsourced accounting gives you instant expertise: No more sifting through resumes and hoping you hire reliable person to handle sensitive information. Outsourced accounting gives you instant access to experienced experts who have seen it all. They can get to work on your accounting needs right away and always stay updated on the latest tax laws and industry standards.
Outsourced accounting gives you access to data security: Reputable firms use secure systems to protect your sensitive financial information. When you choose outsourced accounting, you’ll gain access to these systems and your cybersecurity will immediately enjoy a boost.
Outsourced accounting gives you peace of mind: Working with seasoned professionals through outsourced accounting means that you’ll get top-notch accuracy and compliance. You’ll reduce accounting errors and gain peace of mind

Choose Neely’s for Your Outsourced Accounting Needs

Since 2007, Neely’s has been helping small businesses stay on top of their finances through our outsourced accounting services. Our professional, Roanoke CPAs pride themselves on offering big-city services with a hometown feel.

Choose what services you need and none of what you don’t. Plus, we’ll never surprise you with unexpected fees. Our services are bundled at a fixed monthly rate to give you an efficient, well-maintained accounting system at a fair price. At Neely’s we can handle the day-to-day accounting so you can focus on running your business. Contact or visit us today.

Posted in Bookkeeping, Business Finances

Preparing for the Year-End: Essential Accounting Tasks

With less than three months until the end of 2024, now is the time to focus on year-end accounting tasks that will help your business stay organized and ensure compliance with financial regulations.

Not sure where to start? We’ve rounded up a list of essential accounting tasks to help you stay on top of your finances and end the year strong.

Tax Planning

Now is the time to start planning for tax filing so the process is smooth and straightforward. Stay informed on any changes to the tax codes and make any final adjustments to ensure your business is ready to take full advantage of any relevant tax changes for the 2024 cycle.

The fourth quarter is your last chance to offset your tax burden with the purchase of any assets or supplies needed for the coming year. Prepaying for needed services in the coming year is also an option. Be sure to document any purchases and save your receipts. Neely’s Roanoke CPAs are ready to help you make any last-minute tweaks to maximize your tax strategy.

Financial Statement Preparation

After Jan. 1, be prepared to create three key financial statements: A balance sheet, an income statement and a cash flow statement.

To get ready before the year’s end, you can start reviewing your records. Some questions to ask yourself to stay on track: Do you have all invoices from vendors used in the last year? Did you issue all necessary invoices to customers? Have you reconciled all bank accounts? Taking care of this ahead of time will help you avoid a scramble in the new year.

Inventory Valuation

Inventory valuation calculates the value of any unsold product, and the calculation is needed for year-end balance sheet. The information will also help inform purchases during the coming year, ensuring you don’t overbuy but also have the inventory you need.

There are three ways to do this; each has a different method of addressing changes production costs throughout the year. Neely’s CPAs are skilled at helping you choose the option that makes the most business sense for your unique needs.

Budgeting

Annual budgeting is critical to the health of your business and will help you meet your key business goals for 2025.

Start with a review of recent year-end income statements, including the one for 2024, to assess regular revenue and expenses as well as how inflation affected those numbers from year to year. Then, factor in any known large expenses expected in 2025, including any needed capital expenditures. Understanding your cash flow will help you choose the perfect time to make those big purchases.

Neely’s Is Ready to Help

Feeling a bit overwhelmed at prepping for the new year? The great news is that you don’t have to do it alone! Neely’s Accounting Services has supported Roanoke-area individuals and business since 2007 by offering big-city financial services with a hometown feel. Contact us today to see how we can help you.

Posted in Business Finances, Taxes

Financial Best Practices for Nonprofits

Nonprofits are big on heart and impact. Comprised of people dedicated to solving problems where they live, nonprofits are part of the pulse of any community. But don’t let the name “nonprofit” fool you. As anyone working in nonprofit knows, it still takes funding to carry out a mission.

Nonprofits typically acquire their funding from donors and grants who want their money to make a difference. That’s why financial transparency and compliance are critical components to nonprofit management. If you run a nonprofit or are thinking of starting one, it’s important to have systems in place that keep your finances organized, stable, and transparent. Keep reading for our roundup of best practices for nonprofit finances.

Nonprofit Finances 101

Nonprofits pull together many different stakeholders–including donors and granting organizations–to move the needle on their mission. That’s why financial stewardship is key to the long-term sustainability of any nonprofit. Here’s our top tips for maintaining transparency, sustainability and integrity for your nonprofit.

Create a Budget

Develop an annual operating budget that accounts for revenue and expenses. Regularly review budget and compare it to actual financial performance to stay on track.

Keep Accurate and Consistent Records

Maintain detailed, up-to-date records for all financial transactions. This includes keeping track of donations, grants, and any expenses.

Use Accounting Software

A nonprofit accounting software such as QuickBooks Nonprofit or Blackbaud is a great way to track income and expenses, generate reports, and maintain donor records. These tools are designed to handle the specific needs of nonprofit organizations, such as fund accounting and grant tracking.

Generate Regular Financial Reports

Your accounting software can help you easily create a statement of financial position (similar to a balance sheet in for-profits) that tracks your organization’s assets, liabilities, and net assets and cash flow.

Comply with IRS Regulations

Nonprofits are required to file IRS Form 990 annually, which provides financial information to the IRS and the public. Keeping strong records will help you stay accurate and timely when filing to maintain tax-exempt status.

Conduct Regular Audits

Hire an independent auditor annually or biannually to review financial statements and internal controls. Many nonprofits are required to have external audits depending on state laws or donor/grant requirements.

Transparent Financial Communication

Publish annual financial reports and share financial information with stakeholders like board members, donors, and the public to build trust.

When to Hire a Professional Accountant for Your Nonprofit

Running a nonprofit requires flexibility, resourcefulness and creativity. Employees often have multiple areas of expertise and wear a lot of different hats. The work is never boring, but the demands can make finding time and space for healthy financial practices a challenge.

If you’re struggling to stay on top of your financial tasks while running your nonprofit, it might be time to reach out to a professional accounting firm for help. At Neely’s we specialize in helping individuals, small businesses and nonprofits with their accounting needs. Our friendly team of experts brings over 20 years of experience to each project and delivers professional results every time. We have a variety of solutions to work with your unique needs and budget:

Outsourced Accounting: Get support with account reconciliation, expert advice, tax preparation, payroll, and bookkeeping all for a fixed monthly rate at a fair price.
Bookkeeping: We can provide a full menu of services including daily transaction classification, expense tracking, payroll, bill payment and invoicing, tax planning and prep, and reporting.
Payroll: Let us handle your payroll so you can focus on running your nonprofit. Our Roanoke CPAs will take care of everything including, scheduled payrolls, filings, employee setup, time tracking, W2 and 1099 processing, and more.
Business Taxes: Don’t go it alone during tax season. We offer customized and convenient services to make tax time a breeze.

Let Neely’s support you while you cultivate a better world through your nonprofit. Give us a call or visit us today to learn more about how we can help.

Posted in Business Finances

8 Tax Deductions Every Small Business Owner Should Know About

Running a small business takes a lot of time, effort, and the ability to juggle multiple responsibilities—often including bookkeeper. While owning a small business can be rewarding and creatively fulfilling, the extra work of tax time can feel daunting.

Keeping detailed records, knowing the latest laws and regulations, and understanding which deductions you’re eligible for on top of keeping operations running is no small feat. To help you navigate your small business taxes, we’ve compiled a list of 8 deductions so you can maximize your efforts and keep more of your hard-earned money.

8 Tax Deductions for Small Business Owners

The US tax code is notoriously complex and there are so many deductions it can be hard to know where to start. Here are 8 tax deductions that every small business owner should be aware of:

1. Home Office Deduction If you use a portion of your home exclusively for business, you may be able to deduct related expenses such as a portion of mortgage interest, insurance, utilities, repairs, and depreciation.

2. Using Your Vehicle for Business

If you use your car for business, you can deduct the costs related to that use. This can be calculated using either the standard mileage rate or actual expenses. Be sure to note that this does not include commute time from your home to place of business as that is considered a personal expense.

3. Supplies and Equipment

Did you buy anything this year that helps you run your business? Supplies and equipment necessary for running your business, including computers, software, and office supplies, can be deducted.

4. Salaries and Wages:

The same rule applies to the valuable people who make running and growing your business possible. The cost of their salaries, wages, bonuses, and other forms of compensation given to employees can be deducted.

5. Professional Services:

Did you hire a professional to assist you with your business this year? Fees paid to lawyers, accountants, consultants, and other professionals directly related to your business operations are deductible.

6. Rent Expenses:

Great news: if you rent space for your business, the rent paid is deductible. This deduction encompasses both office space and equipment rentals!

7. Utilities and Internet:

You do everything you can to keep the lights on and that electricity is tax deductible. If you use any utilities such as electricity, water, heat, internet service, and phone lines for your business, they are deductible.

8. Travel and Meals:

Do you travel for work? Business travel expenses such as transportation, lodging, and meals can be deducted. Be advised thought that meals are generally limited to 50% of the cost.

Get Every Deduction You’re Eligible for With Neely’s Accounting Services

These deductions can significantly reduce your taxable income, but it’s essential to maintain detailed records and receipts so you can show proof of your activity and business expenses throughout the year.

The best way to ensure you’re maximizing your deductions while remaining compliant with tax laws. is to work with a tax professional. At Neely’s our knowledgeable Roanoke CPAs have been helping small business owners with their taxes since 2007. We pride ourselves on offering big city services with a hometown feel. And, as a small business ourself, we’re experts in small business taxes. It’s never too early to start preparing for tax season. Contact us to get help with your small business taxes today.

Posted in Business Finances, Taxes

New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

If you’re a small business owner, you should be aware of critical new reporting requirements that went into effect on Jan. 1, 2024. They may require your business entity to report its beneficial ownership information to the Federal government. We’ve covered the important details you need to know. Keep reading to learn if you’re affected by the new requirements and how to fulfill them.

New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

Beginning on Jan. 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.

Do I Need to Report?

Most businesses are small businesses that may need to file. Your company may need to report information about its beneficial owners if it is:

A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

When Do I Report?

Reports will be accepted starting on Jan. 1, 2024.

If your company was created or registered before Jan. 1, 2024, you will have until Jan. 1, 2025, to report BOI.
If your company is created or registered on or after Jan. 1, 2024 and before Jan. 1, 2025, you must report BOI within 90 days of notice of creation or registration.
If your company is created or registered on or after Jan. 1, 2025 you must report BOI within 30 days of notice of creation or registration.
If there is any change to the required information about your company or its beneficial owners in a BOI report that your company filed, your company must file an updated BOI report no later than 30 days after the date on which the change occurred. The same 30-day timeline applies to changes in information submitted by an individual in order to obtain a FinCEN identifier. A reporting company is not required to file an updated report for any changes to previously reported personal information about a company applicant. Furthermore, if Neely’s prepares your report, the following must be reported to our office no later than 10 days after a particular change so we can file the update report within 30 days to FinCEN.

How Do I Report?

Reporting companies will have to report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi.

It’s important to note that this will be a free filing that companies can complete themselves. However, Neely’s is providing a service in which we will prepare your BOI report based on the information you provide. Please note that services for preparation of your return do not include auditing or verification of the information you provide.

What Could Happen if I Don’t Report?

There are significant penalties for missing filing deadlines, including criminal (fines and/or imprisonment) or civil (monetary) penalties. There is a $500 per day penalty, up to $10,000, and imprisonment of up to two years for the WILLFUL failure to timely file initial or updated reports.

Taxpayer Responsibilities

Finally, we wish to emphasize that we are making you aware of these new current reporting requirements, and associated risks. Neely’s Accounting will assume no liability stemming from your neglect on not filing this BOI report. If you choose to engage BOI services from Neely’s our firm assumes no liability stemming from your neglect on not providing applicable information as detailed above for filing the BOI report.

For more information about BOI reporting, and our reporting preparation services, please contact us or stop by our office.

Posted in Business Finances