Breakaway Bulletin: Reminder: Required reporting for small biz by 12/31


Must Read

12/31 Deadline: Beneficial Ownership Information Reporting

In an effort to crack down on money laundering, financing terrorism, tax fraud, and other illegal acts via sketchy shell companies, Congress has enacted the Corporate Transparency Act. If you’re a small business owner, you and about 32 million other business entities have a part to play in fighting the bad guys...and the fines are steep for not complying.

Read more >

Quick hits

Stat of the Month: Can AI Streamline Compliance?

Gusto CEO Josh Reeves estimates that when he and CTO Edward Kim started Gusto in 2012, “40% of companies did payroll by hand and close to 30% got fined or penalized for making mistakes every year.” Read the full article in Fast Company.

Tax Tip of the Month

The IRS is ramping up tax audits and levy notices post-Covid, and navigating the complexities of the IRS can be extremely confusing. If you've gotten a notice and aren't sure what to do next, our tax resolution team can help.

Finance Tip of the Month

Have you created a 2025 business budget yet? Start with projected revenue, then who and what you'll need to attain that goal (people, technology, sales & marketing investments). Finally, project fixed/operating expenses based on last years and assuming 10% increases, and you've got a strategic management tool and benchmark to grow revenue and keep expenses low.

Essential Reads

Spotting Red Flags: 6 Financial and Tax Issues to Explore Before Buying a Business

Richard Pasquantonio and Gretchen Roberts recently joined Mary Ostafi from FractionX for a fireside chat on how to perform financial due diligence when acquiring a business. Watch the replay below and explore our M&A Due Diligence services from financial due diligence and tax structure to cash flow modeling and asset allocation. Watch the replay here >

Hurricane Update

Beyond our tax and bookkeeping services, we specialize in forensic accounting to assess and quantify economic damages for insurance claims. If you were affected by the hurricanes and have a business claim or need clarity on financial losses, we can help. Reach out to discuss how our expertise can support your financial recovery.

Client Story of the Month

For a client opening a new location with a lot of new equipment, we strategically took depreciation on new assets to put the client under the QBI threshold and get a $22K deduction, resulting in over $4K of tax savings.

A Question for You

Are you planning for 2025? How can we help?

Until next month,

Your Red Bike Advisors Team

About Red Bike Advisors

We're on a mission to equip small business owners with finance and tax insights that create exponential value for their companies, customers, employees, and families. From compliance to advisory, we take the confusion and scramble out of business finance and tax strategy and bring in clarity, growth, and peace of mind.

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1650 Military Cutoff Rd. Suite 104, Wilmington, NC 28403
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