February 2024 Newsletter
Love and Work Are in the Air
One month down and 11 more to go! Yes, this is an election year. Yes, there are predictions of a soft landing for the economy. And yes, there are still predictions of a recession sometime in 2024. When asked: “Do these big concerns affect how you run your business?” the short answer is: not really. Our top priorities don’t change on a day-to-day basis. We have to deliver for our clients, take care of our employees, and invest in improving our business, regardless of what macro or geopolitical concerns are the new headline.
Since we have no control over the macro, all that we can do is focus on the micro and it begins with a laser focus on what our customers need. Throughout December and January, we asked many clients for feedback and what’s clear is that they care a lot about small but crucial things such as a fast response, quick turnarounds, and the ability to get a real person on the phone who carefully listens to their needs and then acts. This February, love is in the air but more than ever so is work, and we are excited to deliver for our clients because their priorities are our priorities.
As always, please reach out to our team with any questions.
Stay Safe & Healthy
Sandra James
Important Update
We Are Happy to Announce: PEEK Platform Enhancements of Updates
PEEK stands for Private Eyes Easy Knowledge Platform. Our application is now bilingual. When sending the candidate, a link you can choose English or Spanish! More updates coming soon!
News and Hot Topics
California law targeting small business lending fees goes into effect
The new law does not allow ACH fees, account statement fees, lien termination fees, document preparation fees, risk assessment fees and undisclosed prepayment penalties.
What businesses need to know about new federal transparency law in 2024
A new federal law that goes into effect next year will impact millions of small business owners and companies by mandating more transparency on information reported to the federal government.
CFPB issues two new FCRA advisory opinions on background screening reports and disclosure of credit files to consumers
On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two new advisory opinions: Fair Credit Reporting; Background Screening and Fair Credit Reporting; File Disclosure. The advisory opinions are part of the CFPB’s ongoing efforts to clean up what the CFPB describes in its press release as allegedly “sloppy” credit reporting practices and ensure credit report accuracy and transparency to consumers. As a reminder, advisory opinions are interpretive rules that provide guidance on the CFPB’s interpretation of a particular law or regulation.
Company Information
You Ask, We Answer!
Q: How can I best avoid 4506-C Form rejections?
A: The IRS now uses what is known as clean form standards, which means that it won’t accept documents that are smudged or that have white marks on them. It also means that the government won’t accept forms that have the wrong information in a given field. For example, if you put a taxpayer’s address in the phone number field, the form will be sent back to you.
You are also encouraged to check with your clients to ensure that their name, address and other information is correct and up to date. Otherwise, you may not be able to find an applicant’s transcript or run into other issues obtaining the information that you need.
To minimize rejections related to the top two issues—address and signature title—please carefully review the precise address provided on the tax return. The IRS may reject submissions lacking details such as suite numbers or apartment numbers.
Ensure you use the specific titles listed below for the corresponding form numbers:
For Form 1120/1120s:
- Managing Member
- President
- Vice President
- Secretary
- Treasurer
For Form 1065:
- Partner or Limited Partner
Do you have a question you would like answered? Reach out to us!
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