Unbehagen Advisors

03/04/2025

Mardi Gras! It’s Fat Tuesday and it’s a tax season tradition at Unbehagen Advisors to have a king cake with a hidden little plastic baby Jesus inside. This year Pamela Wilson, our VP of Tax and Advisory, picked the lucky slice! 

01/07/2025

It’s Bri’s birthday today! Our awesome client and his lovely daughter dropped by to surprise her with a wig, costume, guitar, speaker and birthday celebration song!!! Thanks Total Entertainment by Matt Winter! You’re the best! Happy birthday Bri!

12/04/2024

Congratulations to our firm, Unbehagen Advisors, for winning the Tax and Accounting Industry Padgett Leader’s Club Award for 2023. We appreciate all of our clients and the opportunity to work with them and grow through their referrals of small businesses clients.

11/23/2024

We just wrapped up an entire week of IRS tax updates in Atlanta at the best tax update conference in America! Our tax team attended a full week of tax updates and continuing professional education in Atlanta this week as we do each year.

Many topics were covered, including IRS managers which were present to speak to us about the inside information of what’s going on at the IRS, tax changes, and what they currently look for. Other topics included many recent tax changes from professional tax research teachers that we will use to impact our clients. We go to the best so we are able to advise and implement cutting edge tax strategies so that our clients keep as much of their money in their pockets as legally possible. Why give more than you should to the IRS?

We’ve got our client’s back!

11/18/2024

Support local small business this holiday season!

Small business entrepreneurs are the kindling that makes America’s future economic prosperity turn hot on fire. We should all support them with all of our “fuel (money) and energy (positive reviews)!”

The outcome will benefit not only local families, but also provide for the early support for some of our next home grown big international leading businesses!

11/09/2024

Would you like to speak with us? Provide your contact info in the link below, and we'll reach out soon:
https://unbehagenadvisors.com/contact-unbehagen-advisors/

02/20/2024

The Corporate Transparency Act (CTA) and filing the Beneficial Ownership Information (BOI) report to FinCEN for your business

This important resource including links below is being provided courtesy of Unbehagen Advisors to small business owners so they may further understand and comply with this new statute to avoid possible serious civil penalties of up to $500 per day and criminal penalties of a $10,000 fine and/or up to two years of imprisonment.

This is not an IRS or tax related requirement. It is a new Federal requirement for certain small businesses to report their Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) of the US Government. FinCEN estimates that this will impact an estimated 33 million US small businesses.

Effective January 1, 2024, the Corporate Transparency Act (CTA) initiated a new era of disclosure and transparency for businesses. This legislation, geared towards combating financial crimes and enhancing national security, holds significant implications for small business owners. By mandating businesses to disclose information about their beneficial owners through the BOI report, the legislation seeks to deter the misuse of companies for criminal purposes.

Who is required to report under the CTA's BOI reporting requirement?

• All domestic and foreign entities (eg. LLC's and Corporations, among others) that have filed formation or registration documents with a US state (or Indian tribe), UNLESS they meet one of twenty-three (23) reporting exemptions (see Section C.2. of FinCEN FAQs for a full summary list of exemptions). One of the exemptions is for larger US businesses -- if all apply: If a business employs more than 20 "full time" employees in the US, had gross receipts or sales of over $5 million on the prior year's US tax return, and had a physical office in the US. FinCEN FAQs: https://www.fincen.gov/boi-faqs
• For a detailed explanation and checklist of all twenty-three (23) reporting exemptions go to Section 1.2 of the FinCEN BOI Small Business Compliance Guide:https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
• Note: If a company is required to file the report they are called a 'reporting company'.

When must companies file?

• New entities (created/registered after December 31, 2023) -- must file within 90 days of creation/registration.
• Existing entities (created/registered before January 1, 2024) -- must file before January 1, 2025.
• Reporting companies that have changes to previously reported information or discover inaccuracies in previously filed reports -- must file within 30 days. This means in the future if any information that was previously reported changes it must be updated within 30 days to FinCEN.

What information do companies need to report?

• Full legal name of the reporting company and any trade or DBA names
• Business address
• State or tribal jursidiction of formation or registration
• IRS TIN
• Details on its "beneficial owner(s)" and, for newly created entities, its company applicant(s). This includes their name, birthdate, home address, unique identifying number and issuing jurisiction from an acceptable indentification document (an image of such document). Meaning, you would upload a image of a drivers licence or passport, etc.

Who is a "beneficial owner" of a company according to the filing requirement?

• A beneficial owner is ANY individual who, directly or indirectly: Exercises substantial control over a reporting company; OR Owns or controls at least 25 percent of the ownership interests of a reporting company.
• A further explanation and more detailed definition of a "beneficial owner" is provided in Section 2 of the FinCEN Small Business Compliance Guide:https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf

Where do companies file the FinCEN BOI report online?

Go to BOI E-FILING (fincen.gov) to file a "BOIR" online here: https://boiefiling.fincen.gov/

What are sources of information?

• FinCEN.gov Small Business Compliance Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
• FinCEN.gov FAQs: https://www.fincen.gov/boi-faqs
• About the Corporate Transparancy Act (CTA): https://home.treasury.gov/news/press-releases/jy1974
• FinCEN BOI Fact Sheet: https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet

Please review the links and resources provided carefully to determine your specific filing requirements. This information is for general purposes only and every specific situation may vary.
This information is current as of February 20, 2024 and any updates that may impact this information are not current after this date.

www.UnbehagenAdvisors.com

09/01/2023

We were recently awarded two impressive accolades by our affiliates at Padgett with over 200 successful accounting and tax offices in North America. Our firm was recognized as an American leader again, in 2022, in our industry, and as also having sustained healthy client growth and remarkable positive client retention. Our client’s business and personal financial success is why we do this. We appreciate all of our clients and the referrals we receive. Our entire team here at Unbehagen Advisors has worked especially hard for this special recognition.

07/18/2023

https://unbehagenadvisors.com/unlock-success-with-unbehagen-advisors-your-perfect-accounting-solution/
Personal attention to your needs ~ When you partner with Unbehagen Advisors, you become part of our family. We are dedicated to building lasting relationships based on trust and personalized attention. We take the time to understand your unique circumstances, goals, and challenges. By doing so, we can tailor our services to align with your specific needs and provide you with the individualized support you deserve. With Unbehagen Advisors, you can rest assured that you will never be treated as just another client but as a valued member of our community.

In today’s fast-paced and ever-changing business landscape, it’s essential to have a reliable and efficient accounting system in place. Whether you’re a small business owner or an individual seeking financial guidance, making the right choices when it comes to your accounting needs can signifi...

08/29/2022

Get ready for many more of these tax reporting forms coming to your business soon! What should you do? Prior to calendar year 2022 the threshold for a reporting agency to remit Form 1099-K to the seller and the IRS was either $20,000 or more per calendar year in gross transactions or 200 or more transactions per calendar year per business or individual selling items through third-party networks and via credit and other payment card transactions.

Read the full article on our website: https://unbehagenadvisors.com/new-form-1099-k-reporting-requirements-be-ready-for-many-more-of-these-forms/

04/04/2022

Growing! We are an establised accounting firm (this year is our 30th anniversary) looking for a motivated bookkeeper and staff accountant to join our award winning team of small business focused bookkeepers and accountants! Apply at the link below:

03/15/2022

YOU ARE RECEIVING IRS LETTERS NOW – WE NEED THEM FROM YOU: If we are preparing your 2021 1040 individual income tax return, please make sure that we receive any new IRS letters that you may be receiving. If you received the Advance Child Tax Credit in 2021 you will be receiving the IRS Letter 6419. If you received the Stimulus Payments and Recovery Rebate Credit in 2021 you will be receiving the IRS Letter 6475. If you did not receive these letters, and received these IRS payments in 2021, then please review your bank account for these deposit amounts and dates.