September Newsletter

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Bimonthly Newsletter

Volume 3, Issue 4 | September 2023

U.S. Treasury Implements New Reporting Requirement for 2024

The United States Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) will require most business owners to abide by the Beneficial Ownership Information Reporting Rule beginning on January 1, 2024. The rule, which is used to gather information about those who own or control a business, is meant to protect genuine U.S. businesses from the ever-expanding corruption of shell corporations.

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This has been an ongoing effort since the birth of the Corporate Transparency Act, which was ratified by Congress in 2021. By sharing collected data with law enforcement and financial institutions, FinCEN has greatly impacted the ability for citizens to benefit from unethical practices.

You can find more information regarding the Beneficial Ownership Information Reporting Rule on FinCEN's website or click the link below to view their Q&A page, which includes deadlines and qualifications. As always, if you are unsure of your requirements, please contact your consultant.

IRS Releases Administrative Transition Period for New Roth Catch-Up

The IRS announced a two-year administrative transition period for the new Roth catch-up requirement. This rule applies to employees who participate in an employer or government retirement plan with Social Security wages that exceed $145,000 the previous year. The IRS has stated that the transition period will help "facilitate an orderly transition for compliance with that requirement". The transition period will extend until 2026.

The Treasury Department and the IRS plan to issue future guidance to help taxpayers, and the notice describes several positions that are expected to be included.

In addition, the notice invites public comment on the matters discussed in the notice and suggestions for the future. The notice provides details on how to submit comments.

Contact your consultant for questions or concerns regarding the new Roth catch-up requirement. You may also click on the link below to learn more.

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Don't Forget!

3rd Quarter Estimated Tax Payments Due 9/15

If you owe estimated tax as an individual and/or corporation for either federal or state, the third installment is due by September 15th! Both the IRS and NCDOR offer easy and convenient ways to pay online directly through your bank account or a credit/debit card.

IRS: https://www.irs.gov/payments

NCDOR: https://www.ncdor.gov/file-pay

Tax Tip: Donating to Legitimate Charities

It's no surprise that scammers can pose as mock charities that steal from disaster victims, children in need, and underprivileged communities. The IRS provides information that can protect you and others from con-artists.

The Tax-Exempt Organization Search is a great tool that can find and substantiate any certified charity. Money given to these organizations may be tax deductible.
Keep a record and receipt of your donation.
Research charities before donating to ensure legitimacy.

Accredited charities will not ask for gift cards, cash, or electronic transfers of funds. Scammers will pose as a real charity and even set up fake websites or phone numbers in order to obtain your personal information. If you suspect a con or fraud, please report it to The Federal Trade Commission.

To view the full list of tips and tricks, click the link below!

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✨Be sure to check out our HELPFUL RESOURCES section below for information on important tax due dates, record retention, retirement contribution limits and more!

⭐Staff Spotlight⭐

Allison Gallegos

Account Analyst

Allison joined PMHCC in 2020 in the administrative department but recently moved to the accounting department as an account analyst where she provides monthly accounting services for our clients.

Allison was born and raised in Madison, Connecticut but relocated to the Raleigh area in March 2020. She graduated from Virginia Tech in 2016 with a bachelor’s degree in business management and double major in Spanish. She has spent time living and studying abroad in Ecuador as well as giving back to her community through various programs such as Teach for America, Best Buddies and Special Olympics. Outside of work, she enjoys spending time with her 8-month-old daughter, watching soccer and visiting family.

“My favorite thing about working at PMHCC is the positive and collaborative culture as well as my wonderful coworkers! I am dedicated to providing an excellent experience for our clients and helping them in any way I can!”

Helpful Resources

2023 Tax Due Dates Guide

Record Retention Guide

2023 Quick Facts Data Sheet

Tax Withholding Estimator

2023 Retirement Plan Limits

IRS: Where's My Refund?

Client Referral Program

Contact your consultant today to learn how you can earn $500 cash for referring a friend or colleague to us! *Reward contingent upon referee maintaining PMHCC services for 3 months minimum.

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Professional Management Healthcare Consultants, Inc

Raleigh Office

9207 Baileywick Road

Raleigh, NC 27615

Phone (919) 876-9711

Wilmington Office

(By Appointment Only)

1213 Culbreth Drive

Wilmington, NC 28405

Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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