A monthly newsletter brought to you by your Pratt and LeFevre Corporation Team
VOL. 2, ISSUE 11 October 2023

 
TALK MONEY WEEK: A NATIONAL CONVERSATION ON FINANCIAL WELL-BEING
 

Talk Money Week, celebrated in the UK during the first week of November, is an annual event that encourages open discussions about personal finances, from budgeting to investments. The initiative aims to promote financial literacy and create a culture where talking about money is not considered taboo. It also acknowledges the efforts of organizations working to improve financial well-being. Talk Money Week has successfully impacted the UK, fostering financial conversations among families, friends, and colleagues, ultimately leading to better financial decision-making.

The relevance of Talk Money Week extends beyond the UK to the US, emphasizing the importance of financial literacy and open dialogues about money. Small business owners, in particular, can benefit from this initiative by seeking professional guidance and discussing their unique financial challenges. By breaking the silence around financial matters, Talk Money Week sets the stage for a financially secure future, empowering individuals to make informed financial decisions.

Your team of professionals at Pratt and LeFevre is here to help you make sense of your finances. Contact your Corporate Strategic Advisor, CFO or Account Executive to schedule an appointment.


HAVE YOU HEARD ABOUT THE CORPORATE TRANSPARENCY ACT? NOT MANY HAVE!

On January 1st, 2024, the bi-partisan Corporate Transparency Act goes into effect. This Act has the potential to affect your business with stiff penalties. That is, if you don’t follow the reporting requirements. Here's what your professional team at Pratt and LeFevre has been able to learn.

Reporting Requirements

As of January 1st, 2024, businesses must file a Beneficial Owner report to FinCEN. If you don't know them, FinCEN is a government agency. They track and prosecute financial crimes. The Beneficial Owner report must list anyone who owns 25% or more of a business. The business must also list anyone with "substantial control." That could include anyone who directs or runs the business, even if they have no ownership.

Reporting Deadline

Businesses formed before January 1st, 2024 have a whole year to file their report.

Business formed after January 1st, 2024 will have 90 days to file their report.

Reporting Penalties

Failure to report on time could result in civil penalties of up to $500 for each day. Or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000.

Reporting Exemptions

There are some businesses that are exempt. Refer to FinCEN's website for details.

You can research the Corporate Transparency Act yourself at this website: https://www.fincen.gov/boi


MAXIMIZING TAX EFFICIENCY: YEAR-END STRATEGIES FOR SMALL BUSINESSES

Small business owners are on the brink of a critical financial moment as the year-end approaches. It’s time to explore the vital world of year-end tax planning for small enterprises. Pratt and LeFevre offers a range of strategies to minimize tax liabilities and keep more of your well-earned profits. Year-end tax planning isn't just an annual chore; it's a golden opportunity to strategically manage your finances.

At this time of year, there are essential steps, from assessing your current financial situation and capitalizing on tax deductions and credits to optimizing employee benefits and keeping an eye on timing. By employing these strategies and staying informed about evolving tax laws, small business owners can not only reduce their tax burdens but also position their businesses for continued success in a tax-efficient manner. Don't miss this chance to secure your financial future as we delve into the world of year-end tax planning for small businesses.

Reach out to your Corporate Strategic Advisor or CFO to schedule a year-end planning session.


Have you been to our website lately?

Meet our team specialists at https://prattandlefevre.com/our-specialists/

Each of our specialists follow the O.N.C.E. (Own Nothing, Control Everything) Process in their own business. Our team has their own successful business and contracts with Pratt and LeFevre Corporation to work with clients, bringing their expertise in business, accounting, taxes, financing, marketing and more. Visit our website today to learn more about Pratt and LeFevre Corporation team of specialists ready to work with you.

In addition, you can read all of the back issues at www.prattandlefevre.com/newsletters-2/


DISCLAIMER: Pratt and LeFevre Corporation has several attorneys on retainer. Any information contained herein should not be considered legal advice. The above is only an explanation of instructions given to Pratt and LeFevre Corporation by our attorneys which we have been given permission to explain from a lay-person’s point of view only. Any clarification or questions must be answered directly by an appropriate attorney.

Pratt and LeFevre Corporation
https://prattandlefevre.com/contact-us/
450 Simmons Way, Suite 760,
Kaysville, Utah 84037
833-772-8848

Memberships & Affiliations

NATIONAL SOCIETY OF ACCOUNTANTS

AMERICAN COLLEGE OF FORENSIC EXAMINERS, INTERNATIONAL

UNIVERSAL ACCOUNTING

BYU MANAGEMENT SOCIETY

Get In Touch

    Corporate Headquarters:

    Pratt and LeFevre Corporation 450 Simmons Way, Suite 100 Kaysville, Utah 84037 (By appointment only) 833-772-8848 info@prattandlefevre.com