This week we will be highlighting S-Corporations! What is an S-Corporation? 🤔 An S-Corp is a business structure that combines tax perks with personal asset protection. You avoid double taxation by passing profits (and losses) straight to shareholders. ✨ Key Facts: • No corporate taxes 💰 • Limited liability 🛡️ • Max 100 shareholders 👥 Thinking about an S-Corp for your business? Check back tomorrow for the pros and cons! 👇

💼 Resources for Filing Your FinCEN Report If you need assistance with your Beneficial Ownership Information report, consider using services like Doola, Fondo, or Accountalent. Some payroll providers (like Gusto) may also help. There’s a YouTube video available that walks through the process step-by-step: YouTube Link. Non-compliance can lead to penalties of $500/day, so it’s worth completing on time.

👥 FinCEN Compliance: Required Information To comply with FinCEN’s new rule, businesses must report “Beneficial Owners” (anyone with at least 25% ownership or control) and, for 2024 registrations, information on “Company Applicants.” Be prepared to upload a U.S. passport or driver’s license for these individuals. This is a one-time filing, though any changes in ownership or company details will need to be updated within 30 days.

📢 New FinCEN Reporting Requirement for Corporations and LLCs If you own a Corporation or LLC (including Partnerships, S-Corps, or Single-Member LLCs), FinCEN now requires that you register your business by January 1, 2025. Most business owners will need to file, with limited exceptions, like large companies with 20+ employees and $5M+ revenue or certain tax-exempt entities. Filing can be done on the FinCEN BOI website. Make sure to check if this applies to you.

Bitcoin Tax Tip of the day. Bitcoin held over a year is taxed at a lower rate in the US. Even the IRS wants you to Hold.

Satoshi Pacioli wrapped up another successful tax season this year (with an few non-profit still to go next month). We completed 125 returns between individuals, partnerships, S & C Corp. A humble 4X from or first year of tax services last year. That's for 4 times as many bitcoiner we got to connect with and establish a long-term partnership with the goal to minimize the amounts they have to pay the IRS. We haven't done a deep analysis, but can safely say that collectively we've saved our clients $100k plus in IRS payments. And this is just the beginning. Special props to @seth who lead the way and spent more time talking to the IRS than any one human ever should.

Do you know where your accountant is? Because ours are at bitcoin meetups. @Bitcoin Park celebrated Open House #21 tonight. The same night that @The Space in Denver opens its doors. Congrats to everyone involved in building these communities! @seth, @Joyful Joey, @Michael Leonardi

Thanks @TFTC and @Marty Bent for the shout out! #Bitcoin may be decentralized, but taxes are still a reality. Our team of experienced accountants is here to guide you through the intricacies of #Bitcoin finance, ensuring compliance, and minimizing stress. Reach out to us and enjoy the peace of mind that comes with strategic tax planning with a #Bitcoin Focus. #accounting #tax #bookkeeping #CPA #CFO

Anyone with Proton Mail need an invite to try out Proton Wallet? Just message us. 5 invites remaining.

We are pleased to announce the addition of @Michael Leonardi to the Satoshi Pacioli team as a Senior Advisor! Michael is a passionate bitcoiner, CPA, and experienced fractional CFO. Welcome @Michael Leonardi!!!

SATOSHI PACIOLI ACCOUNTING SERVICES | ACCOUNTING SERVICES FOR BITCOINERS

Satoshi Pacioli adds Senior Advisor | SATOSHI PACIOLI ACCOUNTING SERVICES

Satoshi Pacioli Accounting is pleased to announce the addition of Michael Leonardi to the team as a Senior Advisor. Michael is a CPA and Fractional...