Frederick Dean Jr LLC

FinCEN BOI – New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners — the individuals who ultimately own or control the company — to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Filing is simple and secure. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.

We will provide information to each client entity who must file a BOI report and will begin filing these reports in early August.

IRS Online Account Access

Taxpayers who want to check their account information including balance, payments, tax records and more, can log into their IRS online account. It’s a simple and secure way to get information fast.

Taxpayers can view:

• Their payoff amount, which is updated for the current day
• The balance for each tax year for which they owe taxes
• Their payment history
• Key information from their most current tax return as originally filed
• Payment plan details if they have one
• Digital copies of select IRS notices
• Economic Impact Payments if they received any
• Their address on file

Taxpayers can also use their online account to:

• Select an electronic payment option.
• Set up an online payment agreement.
• Access tax records and transcripts.
• Approve and electronically sign Power of Attorney and Tax Information Authorization requests from their tax professional.

Taxpayer’s balance will update no more than once every 24 hours, usually overnight. Taxpayers should also allow 1 to 3 weeks for payments to show up in the payment history.

IRS IP PIN

An Identity Protection PIN (IP PIN) is a six-digit number that prevents someone else from filing a tax return using your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN). The IP PIN is known only to you and the IRS. It helps us verify your identity when you file your electronic or paper tax return. Even though you may not have a filing requirement, an IP PIN still protects your account.

If you are a confirmed victim of tax-related identity theft and we have resolved your tax account issues, we’ll mail you a CP01A Notice with your new IP PIN each year.

If you don’t already have an IP PIN, you may get an IP PIN as a proactive step to protect yourself from tax-related identity theft. Anyone with an SSN or an ITIN can get an IP PIN including individuals living abroad.

Complete Tax & Financial Solutions

Whether it’s finding every tax deduction you are entitled to, helping you resolve IRS issues, or developing your long-term investment strategy, we work as hard to safeguard your savings as you did to earn them. Let us help you save money now and reap greater returns later.

Integrity & Responsibility

Trust is the cornerstone of a successful business or financial relationship. From providing honest advice based on sound analysis to saving trees with paperless options, we hold ourselves to the highest standards of client service. That means peace of mind for you.

Business Expertise with a Personal Touch

Your business needs help tracking numbers, but that doesn’t mean you should be treated like one. We have the expertise to handle a wide array of business accounting and financial issues, but we keep our team small enough to greet you by name and tailor our approach to your unique needs.