Entity Compliance in 2024 – Belk on Business – Episode 182

As we begin a new year, think about where you conduct business at the state and local level (physical location, on site sales, online sales, remote employees)

1) Register your business with any state you conduct business that requires registration (income tax, local tax, sales tax, payroll tax, etc.)

2) Annual report requirements with the Secretary/Department of State

3) Obtain licenses, permits, registrations with local municipalities

4) Corporate Transparency Act – Beneficial Ownership Reports with the FinCEN division of the Department of Treasury

5) Generate a list with timeline reports need to be filed and paid (payroll taxes, sales tax, federal tax returns, state tax or franchise tax returns, other state and local filings)

6) Know what triggers a compliance action (new employee, new type of revenue stream, new business location, locations where selling products or providing services, remote and online sales)

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