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Full Service CPA Firm for Accounting, Payroll, and Taxes. Nice to meet you! We are a veteran-owned, family-oriented small business that deeply values our client relationships, considering them an extension of our own family. Our commitment to your financial well-being extends to every aspect of your taxes and business affairs. Being active members of the Crystal River, Inverness, Hernando, Pasco, Hillsborough, and Homosassa communities is a fundamental part of our identity. We are dedicated to giving back to the communities that have generously supported us. With our virtual capabilities, we can assist clients from any location, ensuring that your accounting and tax requirements are expertly managed, regardless of where you reside or work. Meet the Staff ROBERT ROSS Owner & Certified Public Accountant Robert hails from the Tampa Bay Area, where he grew up. He started his education at Jesuit High School and later joined the US Coast Guard, where he excelled and received top honors in his class. After his time in the Coast Guard, Robert decided to further his education at the University of Tampa, where he got his Bachelor's Degree in Entrepreneurship. His passion for learning didn't stop there, and he went on to earn a Master's Degree in Finance. Additionally, Robert expanded his knowledge by taking advanced courses in Accounting and Taxation at the University of South Florida. Robert is a proud father and a lover of the Florida Keys. WE ARE OPEN Monday - Thursday 9:00 am - 4:00 pm Friday 9:00 am - 1:00 pm FOLLOW US CONTACT OFFICE (352) 418 - 0829 FAX (352) 356-4047 info@accountingtaxadvisors.com ADDRESS 20 W NORVELL BRYANT HWY HERNANDO, FL 34442

Get personalized and dedicated service no matter how small and simple or complex your tax return or business accounting might be. Our CPA's are your resource to assist you in understanding your finances. EMPOWERING OUR COMMUNITY AND LOCAL BUSINESS ES WITH TRUSTED FINANCIAL GUIDANC E AN D TAILORED ACCOUNTING SOLUTIONS since 2022 Schedule a consultation Have a question? Text us! Bookkeeping Our financial statements are designed to be clear and easy to understand, providing you with valuable insights to help you effectively manage your business. Tax Planning & Preparation Maximizing returns, minimizing stress: Your pathway to seamless tax preparation and expert accounting. Payroll We handle your payroll processing, tax filing, and more - relieving you of the stress of handling these tasks independently. Small Business Consulting Our comprehensive consulting services provide tailored strategies to drive your success forward. Full-Service CFO Providing insight and business financial management of a full-time CFO, but without the expenses of a full-time salary. Business Startup Business success starts by forming the right type of business. We can assist with forming LLC's, PA's, S Corps, Partnerships, and many more. Beneficial Ownership Information We assist with document gathering, verifying beneficial ownership structures, and ensuring all information meets FinCEN’s standards for submission Minimize your stress and maximize your potential Check out what our clients have to say! Alyssa R. on Facebook "Robert went above and beyond helping me fix my business taxes and better prepare me for the future! 10/10 would recommend to anyone! Thank you so much Robert!" WE ARE OPEN Monday - Thursday 9:00 am - 4:00 pm Friday 9:am - 1:00PM FOLLOW US ADDRESS 20 W NORVELL BRYANT HWY HERNANDO, FL 34442 CONTACT OFFICE (352) 418 - 0829 FAX (352) 356-4047 info@accountingtaxadvisors.com

Full Service CPA Firm for Accounting, Payroll, and Taxes. FULL SERVICE CFO Specialized financial expertise and management services for your company. These services may include financial planning and analysis, budgeting, forecasting, cash flow management, financial reporting, risk management, strategic financial advice, and more. WHAT WE OFFER As businesses grow and evolve, they often reach a point where they require the expertise of a Chief Financial Officer (CFO) to manage their financial affairs. However, hiring a full-time CFO can be a significant investment for many small to medium-sized businesses. That's where the benefit of a virtual CFO services come in – providing businesses with access to high-quality financial management expertise without the expense of hiring a full-time CFO. Virtual CFOs, also known as fractional CFOs, are financial professionals who provide part-time CFO services to businesses on an outsourced basis. As your company's CFO, we work remotely, providing strategic financial advice, developing financial strategies, and overseeing financial operations. We can help your business manage cash flow, control costs, plan for growth, and ensure compliance with regulatory requirements. Call us to see if having a virtual CFO would benefit your company! Schedule a consultation Have a question? Text us! Browse More Services BUSINESS STARTUP PAYROLL TAX PLANNING & PREPARATION SMALL BUSINESS CONSULTING BOOKKEEPING

Stop in our office or just call to get quick service at Coastal Accounting & Tax Advisors. Payroll driving you postal? Call Coastal to get your payroll processed Lease or Buy a Business Vehicle How To Decide On a Business Vehicle Business Vehicle When we meet with clients, the question of business vehicles always comes up. There are two sides to this, actual cost vs mileage and lease vs own. Actual cost vs mileage will be covered in another article. When considering to lease or buy, there are a few things you will need to consider like out-of-pocket cost, your current cash available, tax laws, and the time value of money. Tax Laws and the time value of money is where we can assist you. Getting ready to walk into the car dealership, the one thing on your mind is who’s going to walk up first to greet me and start the fun of negotiating. The car salesperson can answer all your questions about the car, but I would suggest not asking what are the tax laws on my business purchasing or leasing this vehicle. Most people will tell you to buy the vehicle, take depreciation, write off your fuel cost, and be happy, but actually there are times when leasing is more beneficial. What’s the best way to compare buying vs leasing a vehicle for your business? The formula below will help you decide with lease or buy comparisons. You will need either a financial calculator or know how to use excel. As a Coastal Accounting & Tax Client, we do this for you. The goal is to get the present value of the vehicle If you Buy Down payment in cash Add PV of total monthly payments Add PV of tax savings from interest & depreciation – Yr 1 Subtract PV of tax savings from interest & depreciation – Yr 2 Subtract PV of tax savings from interest & depreciation – Yr 3 Subtract PV of cash from sale (FMV at time of sale) Subtract PV of tax savings if sold at a loss Subtract PV of tax due if sold at a gain Add Net Cash Paid (PV) Total If you lease Down payment in cash Add PV of total monthly lease payments Add PV of tax savings – Yr 1 Subtract PV of tax savings – Yr 2 Subtract PV of tax savings – Yr 3 Subtract PV of payment at end of lease Add Net Cash Paid (PV) Total A simple calculation would be: Total all payments to buy a vehicle then minus residual value VS Total all lease payments When you start the process with the car salesperson, you might be trading in your own personal vehicle for the new business vehicle. Be sure to let your tax preparer know this. This is considered the down payment of the leased vehicle and benefits you as the owner. As we will cover later, this trade in value is your prepaid rent/lease of that vehicle. You will want to use this, so make sure to inform your tax preparer of this down payment and all the monthly payments you made that year. Keep me in mind, that when you trade in your personal vehicle, you are technically selling your vehicle to the dealership at FMV, fair market value. You most likely sold this vehicle for a loss, and the government doesn’t allow you to take a personal loss. If you have a gain on your personal vehicle, then you will need to claim the capital gain on your personal tax return. Before deciding what to do, it is best to contact your tax professional to get their opinions. They will need to know what type of vehicle it is, how much or percentage of the time the vehicle will be used for business use, the weight of the vehicle, interest rate, leased monthly payment, and expected monthly cost of the vehicle.

Full Service CPA Firm for Accounting, Payroll, and Taxes. BOOKKEEPING Allow us to manage your bookkeeping, bank feeds, AP, AR, check writing, and accounting necessities while you focus on your business and clients. WHAT WE OFFER Looking for reliable bookkeeping solutions to streamline your business's financial operations? Look no further! Our seasoned experts are here to cater to your bookkeeping needs with unmatched precision and professionalism. Not sure if you need bookkeeping for you business? Here are some benefits: SIMPLIFY YOUR FINANCES : Let us take the hassle out of managing financial transactions, including sales, purchases, payments, and receipts, so you can focus on growing your business. SAVE TIME AND RESOURCES : Outsourcing your bookkeeping to our experts frees up your valuable time and resources. Maximize productivity and profitability while we handle the numbers. EXPERTISE YOU CAN TRUST : Our dedicated team of trained bookkeeping professionals is well-versed in accounting principles, tax laws, and financial reporting requirements. Rest assured, your financial records are in capable hands. COST-EFFICIENCY : Enjoy top-notch bookkeeping services at a fraction of the cost of hiring a full-time in-house bookkeeper. Say goodbye to payroll, benefits, and overhead expenses. STAY COMPLIANT : We ensure your financial records are accurate and compliant with the latest regulatory requirements, minimizing the risk of penalties and fines. INFORMED DECISION-MAKING : Access precise financial reports and analysis to make informed decisions that drive your business forward. FLEXIBILITY AND SCALABILITY : Tailored to meet your specific business needs, our customizable packages adapt as your business grows and evolves. Experience the peace of mind that comes with expert bookkeeping services. Contact us to unlock your business's financial potential and thrive in today's competitive marketplace. Schedule a consultation Have a question? Text us! Browse More Services BUSINESS STARTUP FULL SERVICE CFO TAX PLANNING & PREPARATION SMALL BUSINESS CONSULTING BOOKKEEPING

Stop in our office or just call to get quick service at Coastal Accounting & Tax Advisors. Payroll driving you postal? Call Coastal to get your payroll processed Tax Benefit of Employing Your Child Tax Cuts & Jobs Act Applied to Your Business Expenses Standard Deduction Benefit The Tax Cuts and Jobs Act changed expensing, depreciation, tax credits, deductions, and other tax items for taxable years after December 31st, 2017 and before January 1st, 2026. This tax reform eliminated personal exemptions, but there is a way that the TCJA might benefit you even more with your child. The quick answer on how this helps you and your child; the standard deduction was $6,350 in 2017 to $12,000 in 2018. This standard deduction increases every year too. The IRS has the tax inflation adjustments posted to their website. So, how does paying your child say you and your child taxes? I think the easiest way is to show you an example. You have two kids, eleven and thirteen years old. Both of them work part time in your office during the summer or after school, and you pay them a reasonable rate for employment. For 2022, the standard deduction is $12,950. This mean the first $12,950 that your child earns will be tax free of federal income tax. The business and your child will have to pay the FICA taxes, but the business gets their share of the FICA taxes as a business deduction. For your income, you are in the 35% tax bracket and just paid out $25,900 plus the business paid half of the FICA, so the total business expense is $27,881. By having the two children employees, you saved $9,758 in federal taxes on your personal 1040. Now you are thinking, isn’t there a Kiddie tax? Yes there is a kiddie tax, but the tax applies to unearned income and does not apply to earned income. Since you are paying your children with W2 earned wages, there isn’t a kiddie tax on this income. Compensation has to based on services actually rendered, actually paid, and reasonable in amount. Here are a few tips on building an Audit Proof Support Require a time sheet Hand written time sheet are a great way to show proof that your child was working. This time log would be weekly or bi weekly, depending on your payroll cycle, and turned in for the W2 wages paid to them. Written evidence is an excellence source for proving more than just a time sheet. Employer ID Make sure you have an Employer ID. The IRS will generate this number for you. If you need assistance, we provide this service for you. We will assist you with everything you need to be established and pay any of your employees. Document the Pay Rate Be sure to follow the federal and your local state minimum wage laws. For the federal wages, go to the Department of Labor and since we are located in Florida’s minimum wage laws . Pay with a W2 Payroll Check The expense has to be an actual transactions and not just an accounting journal entry . You will want to prove that the funds were paid. The W2 is what actually exempts the dependent child from paying the federal income tax and avoiding the kiddie tax. Showing the withdraw from your business checking account to the child’s bank account is the proof you will want to show. We provide the payroll service , and create year-end tax forms like the W2 for your business. Complete all Federal and State Payroll Forms We provide this service for all of our clients, so you don’t have to stress over extra tax forms throughout the year. The main forms are W4, , W2, IRS 941, IRS 940, and SUI . Enjoy the tax benefit! Now to learn about home office expenses .

Stop in our office or just call to get quick service at Coastal Accounting & Tax Advisors. Tax changes coming for 2023 due to inflation and the Inflation Reduction Act. 10 Changes for Tax Year 2023 How is inflation changing your taxes Tax Year 2023 Changes On October 18th, 2022, the IRS made an announcement on sixty tax provisions which include tax rate schedules and other various changes. The Inflation Reduction Act was signed into law in 2022, this this Act included various tax changes. The Inflation Reduction Act also included certain energy related tax breaks and commercial building deductions for being energy efficient. You can read the publication here: Revenue Procedure 2022-38 Here are some quick highlights: 1. Standard Deduction – The deduction will be going up by $1,800 to $27,700 for those of you that file married jointly. For single and married filing separate, your standard deduction will be going up by $900 for a deduction of $13,850. For Head of households, your standard deduction is going up by $1400 to $20,800. Majority of tax payers use the standard deduction, so this is a small help on reducing your taxable income. This also benefits your children’s tax liability if they are an employee of your small business. Read about hiring your kids . 2. Marginal Tax Bracket increased Here is the tax bracket just for married filing jointly. If single, HOH, or married filing separate, you can see all the tax brackets on the publication. The lowest rate is 10% if your make less than $22,000 for MFJ and $11,000 for single filers. Income: Not over $22,000 Tax: 10% of the taxable income Income: Over $22,000 but not over $89,450 Tax: $2,200 plus 12% of the excess over $22,000 Income: Over $89,450 but not over $190,750 Tax: $10,294 plus 22% of the excess over $89,450 Income: Over $190,750 but not over $364,200 Tax: $32,580 plus 24% of the excess over $190,750 Income: Over $364,200 but not over $462,500 Tax: $74,208 plus 32% of the excess over $364,200 Income: Over $462,500 but not over $693,750 Tax: $105,664 plus 35% of the excess over $462,500 Income: Over $693,750 Tax: $186,601.50 plus 37% of the excess over $693,750 3. Earned Income Tax Credit – The credit increased to $7,430 from $6,935, if you have three of more qualifying children. For the full table, please reference the above publication. 4. Health flexible spending arrangements increased to $3,050 5. Medical Savings Account – the deductible and max out of pocket amounts all changed. Single Annual deduction: not less than $2,650 but not more than $3,950. Max out of pocket: $5,300 MFJ Annual Deductible: not less than $5,300, but not more than $7,900 Max out of pocket: $9,650 6. Foreign Earned Income Exclusion: It is now $120,000, up $8,000 from $112,000 7. The exclusion for decedents of estates increased from $12,060,000 to $12,920,000 8. Gifting increased from $16,000 to $17,000 9. For 2023, student loans will start earning interest again. The $2500 maximum deduction for interest paid on qualified education loans will start to phase out at $75,000 ($155,000 for MFJ) and completely phased out once your AGI is over $90,000 ($185,000 for MFJ) 10. A business can’t use the cash method of accounting once you have an average of $29,000,000 in gross receipts. Remember that tax preparation is all about tax planning and not just tax preparation. Once it’s time to start tax prep, it’s too late to do the tax planning part. Tax years end mostly on 12/31, so be sure to get with your tax advisors prior to 12/31. You can schedule a consultation with Coastal’s Tax Advisors .

Full Service CPA Firm for Accounting, Payroll, and Taxes. SMALL BUSINESS CONSULTING At Coastal Accounting & Tax Advisors, we understand that small businesses are the backbone of our economy. WHAT WE OFFER FINANCIAL ANALYSIS : Gain a clear understanding of your business's financial health, identify areas of improvement, and make informed decisions for growth. TAX PLANNING & COMPLIANCE : Minimize tax liabilities while staying compliant with ever-changing tax regulations. BUSINESS STRATEGY : Develop a tailored business strategy to set clear goals and achieve long-term success. BOOKKEEPING & ACCOUNTING : Streamline your financial processes, save time, and ensure accurate financial records. BUDGETING & FORECASTING : Plan for the future with confidence by creating realistic budgets and financial projections. PROFITABILITY IMPROVEMENT : Identify opportunities to increase profitability and optimize your operations. CASH FLOW MANAGEMENT : Ensure you have the cash you need when you need it to keep your business running smoothly. SUCCESSION PLANNING : Plan for the future of your business and ensure a smooth transition when the time comes. Beneficial Ownership Information : Reporting information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Schedule a consultation Have a question? Text us! Browse More Services BUSINESS STARTUP FULL SERVICE CFO TAX PLANNING & PREPARATION PAYROLL BOOKKEEPING

Full Service CPA Firm for Accounting, Payroll, and Taxes. BLOG CHECK BACK FOR UPDATES AND INFO! Our site is currently under construction Small Business Payroll Payroll driving you postal, call Coastal to assist you in all of your HR & payroll needs. Business Entertainment No more business entertainment in the corporate stadium box while I entertain a possible client and their family? Learn what is required and what you can and can't do. BOI Filing We assist with document gathering, verifying beneficial ownership structures, and ensuring all information meets FinCEN’s standards for submission Employing Your Child TCJA removed some tax deductions that benefited the tax payer, but the tax act also added in some beneficial tax deduction that can benefit you and your child. Learn how here. Home Office Deductions Have a place to live? Have your own business? Work on admin and managerial duties from your home office, then learn how this home office is a deduction and driving to your other locations is considered mileage. Business Vehicle Looking to get a new business vehicle, read this quick article to compare the two options. Inflation Changing Taxes Know what your standard deduction, tax bracket, and 8 other major changes coming to your tax return for 2023. Employee Retention Credit How to apply for ERC and what is it. Business Startup Business start up cost and how to expense them. Business Vehicle Looking to get a new business vehicle, read this quick article to compare the two options. Actual Vs. Mileage Compare the tax benefits of actual vehicle cost vs mileage. Employee Retention Credit How to apply for ERC and what is it. Business Startup Business start up cost and how to expense them.

Stop in our office or just call to get quick service at Coastal Accounting & Tax Advisors. Payroll driving you postal? Call Coastal to get your payroll processed TCJA Affects Business Entertainment Tax Cuts & Jobs Act Applied to Your Business Entertainment Expenses Business Entertainment Entertainment Deductions Post TCJA The Tax Cut & Jobs Act tax reform affected the tax deductions for business entertainment. This took away directly related and associated business entertainment expense like football games, golf, sporting events, and other similar business building activities. Is there any good news? Yes, the TCJA tax reform didn’t totally eliminate tax code Section 274(e). Here are a few things that survived the tax reform; Entertainment, recreation expenses, and amusement that you treat as compensation to the business’ employees Expenses for social, recreational, or other similar activities that are primarily benefiting the employees Business meetings of employees, stakeholders, shareholders, agents, officers, or directors Expenses for attending a business meeting, expo, or convention that are hosted by business organizations, chamber of commerce, or trade companies. Year End party for customers Team building recreational event for all employees Entertainment’s “no deduction” tax rules avoidance 1099 Immunity allows you to take 100% of the entertainment facility expense since you are claiming it as compensation to a taxable entity for services rendered or the value of the award or prize to the winner. This allows the business to deduct the entertainment facility expense for the year and the recipient is getting the compensation value of the entertainment expense. If the value is over $600, the business will need to issue a 1099 to this recipient. If the value is below the $600 valuation, than no IRS form 1099 is required at the end of the year. Planes, Trains, and Automobiles. Everyone travels one way or another. Horseback, boat, car, plane, and trains can all be a business expense. If the cost is directly related to business events of the items listed above, then the cost is an expense to the business and not considered entertainment. The facility or type of travel has to be used for more than 50% business. If you fly your plane 70 percent for personal vacation or hobby and then only 30% for business meetings, the plane and the expenses would not be a business expense. If it was reverenced, 70% for business and 30% as a hobby, then 70% of the expenses and the plane would be a business expense that you could deduct from your business income. In Florida, many realtors have boats as part of their business expense. The realtor needs the boat to show houses on the water to potential clients. This is a business expense. If the owners or realtor is using the boat less than 50% for this business expense, then the cost and expenses are not deductible. If the boat is used 100% for this, then the full cost of the boat and it’s expenses would be a deduction. Employee Fringe Benefit is another form of entertainment that can be a business deduction. The business is providing a facility for it’s employees as a general employee welfare benefit. Having facilities like a baseball diamond, bowling alley, swimming pool, or golf course would be deductible as long as the activity doesn’t discriminate in favor of certain employees, officers, stakeholders. Basically, it has to be open to all employees and not just certain ones. Enjoy spending time with your fellow coworkers and clients, but you need to remember what is and isn’t an allowable business deduction.

Need help filing your BOI Report? Call, text, or email us to assist you with the filing before the deadline. FinCEN's Standards Document gathering, verifying ownership structures, and FinCEN’s standards for submission Beneficial Ownership Information In an increasingly complex financial landscape, transparency and accountability are critical to ensuring a well-regulated economy. One significant development in this regard is the Corporate Transparency Act (CTA), which mandates the disclosure of Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The goal of this legislation is to prevent illegal activities such as money laundering, terrorist financing, and tax evasion by increasing transparency around who controls and benefits from U.S.-registered legal entities. At Coastal Accounting & Tax Advisors, we understand that new regulatory requirements can be challenging, especially for small businesses and corporations with limited resources. This is where we come in, helping our clients navigate the complexities of BOI reporting to FinCEN, ensuring compliance while allowing them to focus on what they do best: running their businesses. What Is Beneficial Ownership Information (BOI)? Beneficial ownership refers to the individuals who either own or control a company, even if they do not appear on official company paperwork like stock certificates or board meeting minutes. According to the Corporate Transparency Act, most corporations, limited liability companies (LLCs), and other similar entities in the U.S. must disclose their beneficial owners. A beneficial owner is anyone who: Directly or indirectly exercises substantial control over the entity. Owns or controls at least 25% of the entity’s ownership interests. This information is crucial for regulatory bodies and law enforcement to track suspicious financial activities, thus preventing the misuse of shell companies and other legal entities for illegal purposes. Why Is BOI Reporting Necessary? BOI reporting is part of the government’s broader efforts to strengthen anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. Before the CTA, the U.S. lacked a unified system for tracking beneficial ownership of legal entities, which made it easy for bad actors to hide behind anonymous corporations. The Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of the Treasury, is responsible for enforcing BOI reporting requirements. Once companies file their BOI with FinCEN, the information is maintained in a secure database that can only be accessed by authorized government agencies. Who Needs to Report BOI? Not all entities are required to file BOI with FinCEN. However, the CTA covers a broad range of businesses, meaning that many entities will be required to comply. Companies required to file include: Corporations Limited liability companies (LLCs) Limited partnerships and other similar entities registered in the U.S. or conducting business in the U.S. Exemptions exist for certain types of entities, such as publicly traded companies, banks, credit unions, investment firms, and other highly regulated businesses, which already report beneficial ownership through other channels. The BOI Filing Process Beginning January 1, 2024, entities covered by the CTA will have 30 days to submit their BOI report after incorporation or registration. Entities formed or registered before this date will have until January 1, 2025, to comply. The report must include: The full name, date of birth, address, and identification number (from a U.S. government-issued ID or passport) of each beneficial owner. Any changes in beneficial ownership must be updated within 30 days of the change. Failure to comply with BOI reporting requirements can result in civil or criminal penalties, including fines of up to $500 per day and even imprisonment. For more details on reporting and compliance, you can visit the FinCEN website and the Corporate Transparency Act FAQ page . How Coastal Accounting & Tax Advisors Can Assist At Coastal Accounting & Tax Advisors, we are committed to providing our clients with expert guidance in navigating new financial regulations, including BOI reporting. Here are a few ways we can assist: 1. Evaluation of Reporting Requirements Understanding whether your business needs to report BOI is the first step in ensuring compliance. Our team can help assess your entity’s structure and ownership to determine whether you are subject to the CTA’s BOI reporting requirements. 2. Preparation of BOI Reports Collecting and organizing the necessary information for BOI reporting can be time-consuming, especially for businesses with complex ownership structures. We can handle the preparation of your BOI reports, ensuring that all the required information is complete and accurate before submission to FinCEN. 3. Timely Submission and Updates Deadlines are critical to avoiding penalties. Coastal Accounting & Tax Advisors will ensure that your BOI report is filed on time and that any changes to beneficial ownership are updated within the 30-day window required by law. 4. Guidance on Exemptions and Special Cases Certain entities may be exempt from BOI reporting. If you believe your business may qualify for an exemption, we can help evaluate your status and advise on the appropriate course of action. 5. Ongoing Compliance Monitoring As regulations evolve, staying compliant can be a moving target. Our team offers ongoing compliance monitoring to ensure that your business remains in good standing with all applicable reporting requirements. Required Information to File your BOI Report 1. Identifying Information of the Legal Entity Every legal entity subject to BOI reporting must provide: Legal Entity Name: The full legal name of the entity as it is registered. Principal Business Address: The primary business address where the entity conducts its activities. Jurisdiction of Formation: The U.S. state or foreign country where the entity was formed or registered. Taxpayer Identification Number (TIN): Typically the entity’s EIN (Employer Identification Number) issued by the IRS or, for foreign entities, another identification number. 2. Information on Each Beneficial Owner For each beneficial owner—any individual who owns or controls at least 25% of the entity or exercises substantial control—the following information must be provided: Full Legal Name: The complete name of the individual as shown on government-issued identification. Date of Birth: The individual’s exact date of birth. Residential Address: The individual's home address, not a business address. Identification Number and Document: A unique identification number from one of the following documents: U.S. Passport or foreign passport. U.S. state or tribal government-issued driver's license. U.S. state or tribal government-issued identification card. Foreign-issued identification document, if applicable. The image (copy) of the identification document provided. 3. Information on the Company Applicant (for newly formed entities) For entities formed after January 1, 2024, the person responsible for registering the entity, known as the company applicant, must also be reported. For this individual, the same information as the beneficial owner is required: Full Legal Name. Date of Birth. Residential Address. Identification Number and Document (same as for beneficial owners). 4. Key Documents Needed Government-issued identification documents for all beneficial owners and, if applicable, the company applicant (e.g., passports, driver’s licenses, or other approved forms of ID). Entity formation documents (e.g., Articles of Incorporation, Certificate of Formation), though these are typically needed to confirm details like jurisdiction of formation. Conclusion FinCEN BOI reporting represents a new era of corporate transparency aimed at preventing financial crimes. However, for many businesses, complying with the new requirements can feel overwhelming. That’s where Coastal Accounting & Tax Advisors can help. We work closely with our clients to ensure they meet their obligations under the Corporate Transparency Act, protecting them from penalties and keeping their focus on business growth. If you need help with your BOI reporting or have questions about the new regulations, contact Coastal Accounting & Tax Advisors today, and let us take the burden off your shoulders!

Full Service CPA Firm for Accounting, Payroll, and Taxes. BUSINESS STARTUP Allow us to help you establish a new business venture or enterprise, which involves identifying a business idea, conducting market research, developing a business plan, securing funding to launch the business, and more. WHAT WE OFFER Starting a business is an exciting and rewarding endeavor, but it can also be challenging and overwhelming. We can help! We'll help you navigate the intricate world of business finances, ensuring you make informed decisions every step of the way. TAILORED BUSINESS STRATEGIES : Your vision is unique, and so is our approach. We tailor our strategies to suit your specific needs, crafting a roadmap that ensures your startup's growth and sustainability. COST-EFFECTIVE SOLUTIONS: Save valuable time and resources by entrusting your financial matters to us. We'll help you maximize your financial efficiency, identi fying opportunities for savings and profitability. COMPLIANCE ASSURANCE: Staying compliant with tax regulations and financial reporting requirements is crucial. Our experts keep you on the right side of the law, avoiding costly penalties and hassles. SUPPORT & GUIDANCE: We're not just service providers; we're your partners in success. We're committed to your startup's growth and prosperity, offering ongoing support and guidance. Don't let financial challenges hold you back from achieving your business dreams. Let us help you to make it happen! Schedule a consultation Have a question? Text us! Browse More Services PAYROLL FULL SERVICE CFO TAX PLANNING & PREPARATION SMALL BUSINESS CONSULTING BOOKKEEPING