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
Tax Notice? No Problem!
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CCMG has a new tax notice specialist and enrolled agent, Kathryn Edgemon. An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee. Kathryn passed the exam! Individuals who obtain the elite status as an enrolled agent have the highest credential the IRS awards.
Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.
Happy Holidays!
CCMG will be closed for Thanksgiving, Wednesday November 27th- Friday November 29th.
Additionally, we will be closed December 23rd- December 27th for Christmas and New Year's Day, January 1st.
We Wish you a Merry Christmas
Our Company Christmas Party was such a great way to wrap up the year! From good food to great company, we shared plenty of laughs and festive cheer. Thank you to everyone who came and made it a memorable evening. Here’s to another amazing year ahead!
Community Involvement
CCMG 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.
Articles and Resources
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Important Dates to Remember
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December 31, 2024 - Required minimum distributions have to be taken for individuals age 73 or older by the end of 2024. After taking your first RMD (for 2023) by April 1, 2024 if you turned 73 in 2023, you also need to take your 2024 RMD by the end of the year. This is also the deadline if you are otherwise required to take an RMD for 2024.
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January 15, 2025 - Fourth quarter 2024 estimated tax payment due. This represents the final quarterly estimated tax payment due for 2024. If you choose the option to pay 100% of your previous year’s tax liability, any unpaid taxes will be due when you file your 2024 individual tax return by the April 2025 deadline.
IRS Identity PIN
Please be on the lookout for your 2024 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.
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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.
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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.
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.