Due to continuing IRS changes, here are a few FAQ that will hopefully answer some of your questions.

1.)    I received a letter from FINCEN regarding BOI requirements for my business. How do I proceed? This is a new reporting requirement as of 2024. You can log on to the FINCEN website or you can have our office process the report for you. Please contact brittney@wbsinc1.com for cost and additional information.

2.)    I received a child support letter for my business and I don’t know what this means: There is a new reporting requirement for businesses who hire subcontractors. If the subcontractor is using their social security number for the business, you are now required to fill out and submit a new hire form to the state of Oregon. Please email general@wbsinc1.com to request the new hire form.

3.)    I have received a bill from Wheeler Bookkeeping and I am unsure of what it is for. What do I do? Please contact Peggy at peggy@wbsinc1.com for any billing related questions.

4.)    I received a bill from IRS regarding interest and penalties for not paying quarterly estimates. Why am I receiving this? IRS has started charging interest and penalties for not repaying throughout the year, regardless of the source of income. To avoid/limit future interest and penalties we recommend you review your withholdings from all income sources to verify you are paying enough in. You can then make adjustments to your withholdings or work with a staff member to set you up on estimated tax payments.