As you work with business clients who sell their products and services over state lines, “nexus” is a little term with big implications. Recently, Milton Turcios, CorpNet’s VP of operations, hosted a Facebook Live event featuring Elisa Reyes, principal and CPA at the accounting firm HCVT, that addressed the topic of nexus. Below, we’ve assembled a list of helpful FAQs, inspired by the live event, to give you a go-to resource for answers to some of the questions you and your clients may have about nexus and how it affects a business’s tax responsibilities. For even more insight, I encour ..read more

Some business owners have expressed confusion over whether they must file a beneficial ownership information (BOI) report if their business entity ceased to exist before the BOI reporting requirements took effect on January 1, 2024. Fortunately, the Financial Crimes Enforcement Network (FinCEN) has finally provided some clarity on the topic! Here is a summary what you need to know about reporting for inactive businesses: If a business entity ceased to conduct business and formally dissolved before January 1, 2024, it was never subject to the BOI reporting requirement. Therefore, it does not ..read more

When you’re faced with the daily challenges of operating a business, details concerning compliance issues can easily be overlooked. You should be aware, however, that allowing that to happen can result in serious consequences. Once you’ve registered your Corporation, Limited Liability Company (LLC), or other business entity registered with the state, you’re responsible for complying with all applicable rules and regulations. Doing so is known as business compliance, or corporate compliance if your business is a corporation. Remaining in compliance enables you to run your business normally an ..read more

About 4.1 million Americans will turn 65 in 2024, signaling the start of what’s being called the “Peak 65” zone. By 2030, all baby boomers (people born between 1946 and 1964) will have turned 65, a common age for retiring. While many people view retirement as a goal to be achieved, not everyone is ready to stop working when they turn 65. Surveys show that many seniors are worried about having enough money saved to see them through retirement. A recent AARP survey revealed that 33% of respondents reported not having enough money saved for retirement, while another 31% are not sure if they’ll h ..read more

A Doing Business As (DBA) name—sometimes called a fictitious business name, assumed name, or trade name—is necessary when conducting business under a name other than a company’s legal name. DBA laws help protect consumers by ensuring the public has a way of knowing who the individual or company behind a fictitious name is. You might wonder…if you use your own personal name as your business name, do you need to register it as a DBA name? The short answer is: If the business owner’s name is considered the legal name of the company, then a DBA is not required. But when is that the case? Legal B ..read more

You probably know that your Limited Liability Company (LLC) can’t have the same name as another business in your state, but what about a business in a different state? That’s a question you’ll need to think about if you’re considering expanding your LLC into other states. An LLC is required to be registered in every state in which it conducts business, meaning you’ll need to perform a name availability search in each one. Remember that rules regarding business names vary from state to state, so it’s important to check with the Office of the Secretary of State or comparable agency’s website be ..read more

As a seasoned accounting professional, you have earned your clients’ trust and respect. Because your business clients know they can count on you to handle their accounting and tax matters, they may wonder about other ways you can assist them. For instance, someone might ask if you can help them set up an LLC or handle other business filings. Fortunately, that’s a perfectly feasible request for CPAs to fulfill. No legal requirement exists for business owners to ask an attorney to file their business formation or compliance documents. If entrepreneurs don’t feel confident about preparing and s ..read more

If you have a Limited Liability Company (LLC) or other business that’s registered with the state, you must have a registered agent designated to receive legal correspondence and other documents on its behalf. If your LLC operates in more than one state, you’ll need a registered agent in every state where you’re registered to conduct business. In this article, you’ll learn how to find a registered agent you can trust to accept and process important legal documents quickly and accurately. It’s important to have a registered agent you can rely on, as mishandling summonses, subpoenas, tax notices ..read more

For various reasons, people sometimes want to form a business while keeping their identities private. That can be accomplished by registering an anonymous LLC, sometimes called a private or confidential LLC. States that allow these types of LLCs do not publicly identify the names, addresses, or contact information for members, allowing them to shield their identities. An entrepreneur may want an anonymous LLC to hide a business from an employer who doesn’t know the employee is planning on leaving their position, or so as not to disclose the purchase of real estate.  Some people simply do ..read more

The CorpNet Partner Program allows CPAs, accountants, bookkeepers, and other financial and tax professionals to create an additional revenue stream for their businesses while building trust and loyalty with their clients. By enabling you to resell CorpNet business formation and compliance services — or get a commission when you refer clients to CorpNet — you can augment your income and maintain a steadier bottom line when the crazy-busy tax season has passed. As a Reseller, you collect the necessary information from your clients, and CorpNet prepares their forms and submits them behind the ..read more