Spend your lunch hour downtown with us on Friday, Dec. 15th
Get best practices for wrapping up your business's books for 2023!
We are thrilled to once again be holding an in-person lunch & learn for our signature year-end educational offering: Wrap Up Your Books for 2023. Mark your calendars for noon on Friday, Dec. 15th, and please RSVP 'YES' so we know how many plan to attend this free event.
Why attend? Because you are responsible for closing out your business's books and want to feel confident you're completing all the necessary tasks and filing all the required forms. (Hello, 1099s & W-2s!) There's a lot to do this time of year, and we want to make it easier for you.
The location is downtown Port Townsend's new "micro-venue" meeting space, 821 Washington (right across the street from our offices, so convenient!). It is a ground-level meeting room with street parking. Doors open at 11:45 a.m.; we'll start at noon-ish. Coffee, tea, and treats will be provided, and there is no charge to attend.
This educational and social event is an opportunity to share best practices for year-end bookkeeping, and to discuss anticipated changes for Tax Year 2024.(Hello, 1099-Ks and FinCEN reporting!)
When you click on one of the RSVP links here, you'll be redirected to a Google Form to add your name(s) to the attendee list, and to submit your specific questions for our presenters, Lucianne Pugh and Shelly Randall.
If you can't attend, but have questions for our presenters, please reply to this email with them, and they'll be added to the event Q&A. Handouts and a written summary of key topics will be provided in a subsequent e-newsletter, along with a slideshow voice-over recording. (The in-person event will not be recorded; attend live for maximum socializing and fun!)
CAN'T ATTEND? Watch your inbox the week of Dec. 18th for a video recording and handouts.
The meeting space is right across Washington Street from our downtown offices.
If you have a dedicated bookkeeper for your business, we are holding a separate event for trained bookkeepers at 2:00 p.m. on the same day, at the same place. We have already invited the freelance and staff bookkeepers we're in regular contact with.
For more info on either class, or to request an invitation for your bookkeeper, email Shelly at shelly@thebusinessguides.com.
While you busily make your lists of must-do's, might-do's, and no-thank-you's for the end of the year, pause for a moment to ponder the newest item for 2024: Beneficial Ownership reporting with FinCEN (Financial Crimes Enforcement Network) – brought to us through the Corporate Transparency Act of 2021 as a continuation of Congress’ efforts to combat money laundering and other financial crimes.
Starting January 1, 2024, all "reporting entities" will be required to register with FinCEN to make their initial report. In broad terms, a "reporting entity" is any corporation, limited liability company, or other company created in the United States by filing a document with the Secretary of State or similar office. In this report, the business will provide information about its beneficial owners: individuals that own more than 25% of the business, or non-owners that exercise significant control over the company.
Know that the reporting portal is expected to be very busy in the first weeks after it opens, as people rush to cross this item off their to-do lists. While you will absolutely need to comply to avoid the very steep penalties for not filing, you have plenty of time to do so. Businesses that existed or were registered prior to January 1, 2024, have until January 1, 2025, to make their report. (But businesses that are created or registered between January 1 - December 31, 2024, have only 90 days from the day the Secretary of State issues their Certificate of Formation to report beneficial ownership information.)
In short, we recommend that you enjoy the holidays and vacuum the New Year's confetti out of your rug before you consider tackling this task. Take that time to explore FinCEN’s Beneficial Ownership landing page and familiarize yourself with the reporting process. Learn how to determine who the beneficial owners are for your company, and understand whether your company might qualify for an exemption from the reporting requirements. We're following this new rule on your behalf, so keep your eyes peeled for more updates from The Business Guides in 2024.
229 new birds, oh my!
Sarah's adventures in India
Firm owner Sarah Hadlock and her husband Justin have returned from their annual birdwatching expedition – this year they traveled to India!
Sarah reports they have added a whopping 229 new birds to their life list.
They were eluded by the pocket-sized, three-toed, black-backed dwarf kingfisher, but were treated to sightings of the gorgeous ruddy kingfisher (top) and blue-eared kingfisher (bottom). Who knew there were so many colorful variations on our local blue-and-white shorebird?
Upper photo of ruddy kingfisher by Sundarban Wildlife Tourism; lower photo of blue-eared kingfisher by Phil Robson on Unsplash.
Chat with Sarah about her India expeditions at our Dec. 15th client gathering. She'll be there, as will most of our team. Won't you join us?
These e-newsletters contain important and timely information for our clients and colleagues that is not replicated in other communications. We appreciate your attention to them!
In short, we recommend that you enjoy the holidays and vacuum the New Year's confetti out of your rug before you consider tackling this task. Take that time to explore 
Firm owner Sarah Hadlock and her husband Justin have returned from their annual birdwatching expedition – this year they traveled to India!
