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Coastal Consulting Management Group Introduces CCMG Capital Partners

In addition to our core services, we are proud to introduce our partner company, CCMG Capital Partners. As a reputable brokerage firm, they specialize in buying and selling businesses and commercial real estate in the Savannah area. We'll share valuable market insights, industry trends, and expert tips on navigating the dynamic world of mergers, acquisitions, and real estate transactions.

 

Join the blog for regular posting of engaging articles, practical guides, case studies, and expert interviews. Whether you're a business owner, entrepreneur, or financial enthusiast, our blog is designed to empower you with the knowledge and tools you need to make informed decisions and achieve your financial goals. Let's embark on this journey together and unlock the path to your success.

Coastal Consulting Management Group (CCMG) Announces Maclain Caldwell as Partner

The Competitive Edge

A Note from the Partners

Welcome to our client newsletter, The Competitive Edge. With a new approach to accounting and financial management, our goal is to create client interaction, providing you with the latest information relevant to the growth and success of your personal and business finances. For the latest CCMG happenings, we've also included information and announcements pertaining to our firm.

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CCMG  Happenings

Congratulations!

A special congratulations to our Staff Accountant, Haley Woodruff, on passing her CPA exam and becoming a Certified Public Accountant! This accomplishment not only reflects her expertise and skills but also adds value to our team. We are proud to have such a talented and motivated individual on board.

CCMG's Annual Christmas Dinner

Hosted at the The Olde Pink House, team members of CCMG gathered with spouses and significant others for a nice evening of holiday cheer. Pictured here are team members of CCMG

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Volunteer Day

Each holiday season CCMG volunteers at America's Second Harvest of Coastal Georgia. This year our team was in the kitchen and each member took part in sending out about 4200 meals to children in our local schools.

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Community Involvement

CCMG was awarded Small Firm Winner in America's Second Harvest, GA Accounting Food Fight. America’s Second Harvest provides over 21,000 meals to families in need. This is the first year CCMG has participated and has set the bar high for years to come.

 

CCMG Also participated in the America's Second Harvest annual golf tournament, sponsoring a hole on the course! Partner, Miller Glover, serves on the board of this great organization and it is a great way for CCMG to give back to the community. The team will also be volunteering in the kitchen this December.

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Articles and Resources

Important Dates to Remember

  • March 15, 2024 - Due date for filing a tax return for businesses organized as partnerships, including multi-member LLCs, and S-Corporations (Form 1065, or 1120S)

  • April 1: Due date of BBPT Tax Return

  • April 15: Due date of filing an individual tax return (Form 1040) and C-Corporation (Form 1120) or to request an extension for most of the nation.

  • September 16: Deadline for extended partnership and S-corporation returns.

  • October 15: Deadline for extended individual and C-corporation returns.

IRS Identity PIN

Please be on the lookout for your 2023 Tax Year Identity PIN in the mail. If you have an Identity PIN with the IRS, CCMG will need this to file your return. A new PIN is issued each year, so it's important to have the latest PIN number on file.

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 or Individual Taxpayer Identification Number. The IP PIN is known only to you and the IRS. It helps the IRS verify your identity when you file your electronic or paper tax return. Even though you may not have a filing requirement, an IP PIN protects your account.

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.


If you want to request an IP PIN, please note the following:
-You must pass a rigorous identity verification process.
Spouses and dependents are eligible for an IP PIN if they can pass the identity verification process.

 

Get an IRS PIN here
 

New FinCEN Filing Go into Effect on January 1 

New FinCEN Filing Go into Effect on January 1

For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited partnerships and on certain other business entities.

 

No later than December 31, 2024, all non-exempt business entities must file a beneficial owner information report (BOI report) with the Financial Crimes Enforcement Network (FinCEN)—the Treasury Department’s financial intelligence unit.

 

The BOI reports must disclose the identities and provide contact information for all of the entity’s “beneficial owners”: the humans who either (1) control 25 percent of the ownership interests in the entity or (2) exercise substantial control over the entity.

 

Your BOI report must contain all the following information for each beneficial owner:

 

·       Full legal name

·       Date of birth 

·       Complete current residential street address 

·       A unique identifying number from either a current U.S. passport, state or local ID document, or driver’s license or, if the individual has none of those, a foreign passport 

·       An image of the document from which the unique identifying number was obtained

 

FinCEN will create a new database called BOSS (Beneficial Ownership Secure System) for the BOI data and will deploy the BOSS to help law enforcement agencies prevent the use of anonymous shell companies for money laundering, tax evasion, terrorism, and other illegal purposes. It will not make the BOI reports publicly available.

 

The CTA applies only to business entities such as corporations and LLCs that are formed by filing a document with a state secretary of state or similar official. It also applies to foreign business entities that register to do business in the United States.

 

Some businesses are exempt from the CTA, including

 

·       larger businesses with 20 or more employees and $5 million in receipts, and

 ·       businesses already heavily regulated by the government, such as publicly traded corporations, banks, insurance companies, non-profits, and others.

The CTA does not apply to sole proprietors or general partnerships in most states. But it does apply to single-member LLCs, even though the tax code disregards such entities and taxes them on Schedule C, E, or F of Form 1040.

 

The initial BOI report filing does not expire, and you don’t need to renew it. But you have an ongoing duty to keep the BOI report up to date by reporting any changes to FinCEN within 30 days of occurrence.

 

Failure to comply can result in hefty monetary penalties and up to two years in prison.

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