Frequently Asked Questions

Corporate Transparency Act - Beneficial Ownership Information Report (BOIR)

The Corporate Transparency Act went into effect January 1, 2024 and requires disclosure of beneficial ownership information (BOI).  It's not part of the tax code, but part of the Bank Secrecy Act.  That means that the reports will be filed with the Financial Crimes Enforcement Network (FinCen) which is part of the Department of Treasury. Existing entities will be required to file by January 1, 2025. To file your BOIR online, please go here https://boiefiling.fincen.gov/ You should have the following information handy before you start:

  1. Company EIN

  2. For the company applicant filing the report; legal name, complete address, SSN, drivers’ license. In the case of single owner companies, this is the same as #3.

  3. For all beneficial owners (partners/shareholders); legal name, complete address, SSN, drivers’ license. In the case of single owner companies, this is the same as #2

What is the due date of my 2024 tax returns?

For 2023 tax returns, the due dates are as follows.

  • April 15, 2025 & extended due date October 15, 2025

    • Form 1040 individual income tax return

    • Form 1041 trust tax return

    • Form 709 gift tax return

    • Form 1120 C-corporation tax return

  • March 17, 2025 & extended due date September 15, 2025

    • Form 1065 partnership tax return

    • Form 1120 S-corporation tax return

    May 15, 2025 & extended due date November 17, 2025

    • Form 990 and Form 990-EZ nonprofit tax returns (calendar year filers only)

Where shall I go to pay my income taxes and estimated tax payments online?

https://www.irs.gov/payments/direct-pay

https://www.colorado.gov/pacific/tax/income-tax-individual-pay

What is the due date for my quarterly estimated income tax payments for 2025?

For 2024 taxes, the due dates for estimated payments are as follows:

  • 1st quarter = April 15, 2025

  • 2nd quarter = June 16, 2025

  • 3rd quarter = September 15, 2025

  • 4th quarter = January 15, 2026

What is the due date to make a contribution to my retirement account or health savings account for tax year 2024?

April 15, 2025 for the following:

  • Traditional IRAs

  • Roth IRAs

  • HSA’s

  • SEP IRAs and solo 401(k)s for sole proprietors (Schedule C) only

Important! If your business is an S-corporation (Form 1120-S) or a Partnership (Form 1065), the due date is March 17, 2025. If you extended either of these business tax returns, the retirement contributions due date is also extended until September 15, 2025.

How long will it take for me to receive my income tax refund?

Most refunds are sent within about 10 days after we electronically file your income tax returns. Requesting direct deposit into your bank account will help your refund to get there faster and is actually safer than having it mailed. You can check the status of your refund here:

IRS Business Mileage Rates

If you used your automobile for business purposes (not including commuting) you may deduct and 67 cents for mile for 2024 and 65.5 cents per mile for 2024. You must keep a mileage log (an app is fine) to record the date and business purpose for your trip.