Providing Professional Accounting & Tax Preparation Services
Helping keep your business in order!
Providing Professional Accounting & Tax Preparation Services
Helping keep your business in order!
WE ARE LOCATED IN THE LIVE OAK CENTER at Silver Hill -
Give us a call to schedule your appointment!
PLEASE SEND ALL MAIL TO:
SEMBCO, INC.
2011 ELK RD, SW UNIT 2
SUPPLY, NC 28462
SPRING 2025!!!
Thank you to all of you for the opportunity to work with you to meet your accounting and income tax needs! Tax season is in full swing and our goal is to provide you with excellent service. You can help by using the office phone line and voice mail. The office phone is not equipped for texting.
IMPORTANT INFORMATION
IMPORTANT DEADLINES
Individuals, Trusts, Estates and C-Corporation Return or extension
APRIL 15th
Forms 1040, 1041, and 1120.
ANNUAL REPORTS DUE TO SECRETARY OF STATE
Varies by State
Please check your state or contact our office for assistance.
First 2025 Estimated Tax Payment Due April 15, 2025
Important Reminders for S Corporations
Payments to shareholder-employees for services rendered
You must determine a reasonable salary when a shareholder-employee of an S corporation provides services to the corporation.
Payments to a shareholder-employee for services provided to an S corporation are wages and are subject to employment taxes.
The IRS may re-characterize distributions paid to a shareholder as salary if the distribution was paid in lieu of reasonable compensation. (Revenue Ruling 74-44).
We will be happy to assist you in establishing a reasonable salary and in compliance with the reasonable compensation requirement.
Stock and Debt Basis
All shareholders need to track their stock and debt basis in the corporation. A shareholder is responsible for calculating their stock and debt basis in the corporation. It is important for shareholders to know their stock and debt basis when the S corporation:
- allocates a loss and/or deduction item to the shareholder
- In order for a shareholder to claim this loss or deduction, they need to demonstrate that
they have adequate stock and/or debt basis.
- makes a non-dividend distribution to the shareholder.
- In order for a shareholder to determine if the distribution is non-taxable, they need to
demonstrate that they have adequate stock basis.
- repays a reduced basis loan to the shareholder.
- In order for a shareholder to determine if there is a gain on loan repayments,
the shareholder must know their debt basis.
OR
- When the shareholder disposes of their S corporation stock.
- A shareholder must know their stock basis in order to determine the gain or loss
upon disposition of their stock.
We can assist you in determining and tracking your stock and debt basis.
Payroll Services
If you have a corporation, you need payroll services. These services can be provided by a 3rd party, such as SEMBCO, Inc., or you can use any of the various apps or software options available. We will gladly help you choose the best option for you and your corporation.
IMPORTANT UPDATE ON BOI REPORTING REQUIREMENT
March 21, 2025 UPDATE
FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies
Immediate ReleaseMarch 21, 2025
WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”). FinCEN also exempts entities previously known as “domestic reporting companies” from BOI reporting requirements.
Thus, through this interim final rule, all entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners will be exempt from the requirement to report BOI to FinCEN. Foreign entities that meet the new definition of a “reporting company” and do not qualify for an exemption from the reporting requirements must report their BOI to FinCEN under new deadlines, detailed below. These foreign entities, however, will not be required to report any U.S. persons as beneficial owners, and U.S. persons will not be required to report BOI with respect to any such entity for which they are a beneficial owner.
Upon the publication of the interim final rule, the following deadlines apply for foreign entities that are reporting companies:
- Reporting companies registered to do business in the United States before the date of publication of the IFR must file BOI reports no later than 30 days from that date.
- Reporting companies registered to do business in the United States on or after the date of publication of the IFR have 30 calendar days to file an initial BOI report after receiving notice that their registration is effective.
FinCEN is accepting comments on this interim final rule and intends to finalize the rule this year.
FEBRUARY 18, 2025 UPDATE
FinCEN Extends Beneficial Ownership Information Reporting Deadline by 30 Days; Announces Intention to Revise Reporting Rule
–– With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury (Treasury) recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies. Notably, in keeping with Treasury’s commitment to reducing regulatory burden on businesses, during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses. Updated Deadlines • For the vast majority of reporting companies, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided. • Reporting companies that were previously given a reporting deadline later than the March 21, 2025 deadline must file their initial BOI report by that later deadline. For example, if a company’s reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline, not the March deadline. • As indicated in the alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.
Reporting companies can report their beneficial ownership information directly to FinCEN, free of charge, using FinCEN’s E-Filing system available at https://boiefiling.fincen.gov. More information is available at fincen.gov/boi. Background On January 7, 2025, the U.S. District Court for the Eastern District of Texas issued an order staying FinCEN’s regulations implementing the BOI reporting requirements, precluding FinCEN from requiring BOI reporting or otherwise enforcing the CTA’s requirements. On February 5, 2025, the U.S. Department of Justice—on behalf of Treasury—filed a notice of appeal of the district court’s order and, in parallel, requested a stay of the order during the appeal. On February 18, 2025, the court agreed to stay its January 7, 2025, order until the appeal is completed. Given this decision, FinCEN’s regulations implementing the BOI reporting requirements of the CTA are no longer stayed. Thus, subject to any applicable court orders, BOI reporting is now mandatory, but FinCEN is providing additional time for companies to report.
About Us
SEMBCO, INC.
PLATINUM LEVEL QUICKBOOKS PROADVISOR
PLATINUM LEVEL QUICKBOOKS PROADVISOR
Approved IRS E-File Provider
Annual Filing Season Program Participant
Specializing in the needs of self-employed or small business clients.
QuickBooks Proadvisor
Certified in QuickBooks Online and
Desktop
PLATINUM LEVEL QUICKBOOKS PROADVISOR
PLATINUM LEVEL QUICKBOOKS PROADVISOR
PLATINUM LEVEL QUICKBOOKS PROADVISOR
Do you need assistance getting control of your bookkeeping? Do you need assistance or training working with QuickBooks? We can help you with that! Gives us a call today to schedule an appointment!
How to Contact Us
Deborah Ballas, President, CEO
Main Phone: 910-230-5696 Ext. 1001
Fax: 910-502-6994
About Us
Accounting & Bookkeeping
Accounting & Bookkeeping
Accounting & Bookkeeping
We can replace your back office with accounting, payroll, and bookkeeping support. We also provide training and support to your back office staff. We customize our service to your needs.
Your Taxes, Simplified
Accounting & Bookkeeping
Accounting & Bookkeeping
We’re dedicated to our clients. We are an approved IRS e-file provider and Annual Filing Season Program Participant. We keep current on tax law with continuing education through IRS approved providers. Strategic planning is important to minimize your tax liability.
Your Business is Ours
Accounting & Bookkeeping
Your Business is Ours
We develop strategies for both business and individual clients. We are a small family business, established in 2007. We strive to identify and fill the specific needs of each client. We serve clients across the US as well as abroad. Our job is to take care of the paperwork so you can focus on generating revenue! We are here to guide you throughout the year.
About Us
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QuickBooks
Access iFirm Portal
Access iFirm Portal
Would you like to have QuickBooks Desktop functionality but the convenience of cloudbased software? Would you like to have QuickBooks accessible from your smartphone? Contact us to discuss the options.
Payroll Services
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Payroll Services
We offer payroll services including direct deposit. We can also provide direct deposit options for your subcontractors.
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SEMBCO, INC.
PHYSICAL ADDRESS: 2011 Elk Rd. SW Ste 2, North Carolina 28462, United States
Main Phone: (910) 230-5696 Ext. 1001
Hours
Monday - Friday: 10am - 6pm
Evenings: By appointment
Saturday: By appointment
Sunday: By appointment