Walling’s Accounting & Tax Service

02/03/2026

MORE NEWS YOU CAN USE:

Old rule: You had to issue a 1099-NEC or 1099-MISC if you paid a non-employee $600 or more in a year. New under HR-1/OBBBA: These thresholds will increase from $600 to $2,000, starting with payments made after December 31, 2025 (i.e., tax year 2026)

01/18/2026

NEWS YOU CAN USE:

To help avoid identity theft, consider freezing your credit with the 3 major credit bureaus:
Equifax
Experion
TransUnion

It's easy to do and only takes a few minutes. And it's FREE!

12/30/2025

Standard Mileage Rates 01.01.26

Business Rate $.725 per mile
Charitable Rate $.14 per mile
Medical & Moving Rate $.205 per mile

06/10/2025

2nd quarter individual income tax payments are due June 16th!

04/07/2025

Walling's Accounting - Upcoming Deadlines:

Monthly payroll tax deposits 4/15
Monthly sales tax returns 4/21
Quarterly sales tax returns 4/21
Some business licenses 4/30
Quarterly payroll tax reports 5/1
PT 100s 5/1
Individual, partnership, s-corporation tax returns 5/1
1st quarterly estimated income tax payment 5/1

04/02/2025

I have been keeping a secret and it’s not a joke:

SC residents we have until May 1, 2025 to file and pay our taxes! This includes estimated income tax payments.

01/30/2025

ATTENTION: WALLING'S ACCOUNTING CLIENTS!

Every year, 1099 Forms are due January 31st. However, every year I feel like I have to beg for information. Please keep up with this task during the year to make January an easier month for all of us! Staying compliant during the year makes things so much better! Get those W-9s from vendors who provide a service for your company! Update in Quickbooks also!

01/30/2025

ATTENTION CLIENTS:

Income tax organizers are being mailed today!

01/10/2025

Jason Walling

FIRST ALERT// Very slick around I-26 and I-95… bottom line… expect icy roads into the late afternoon across interior SC away from the coast. Winter Weather Advisory continues until 4 pm for inland Colleton, Dorchester and Berkeley counties. tracking. 📸: Jeff Greaves

01/10/2025

If your car begins to slide on icy roads, remember these tips 💡

1. DON’T panic. Take your foot off the gas and don’t slam on your brakes.
2. DO turn gently into the slide; being careful not to overcorrect.
3. Breathe and proceed with caution 👍

If you go off the road/into a snowbank, STAY in the vehicle! Call or signal for help, access your car emergency kit and know the symptoms, signs and treatments of frostbite and hypothermia.

Learn more at https://oklahoma.gov/oem/readyok/be-aware/winter-weather.html

12/28/2024

UPDATE ON BOI REPORTING 12.30.24 NOW IT'S BACK OFF!

ATTENTION REPORTING ENTITIES: All domestic reporting companies that are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States must file!

IT'S BACK "ON" AND DUE JANUARY 13, 2025. WEBSITE TO REPORT IS FINCEN.GOV (HAVE YOUR DRIVER'S LICENSE READY). IF YOU DO NOT WANT TO FILE THIS YOURSELF PLEASE CALL OUR OFFICE AND WE CAN FILE THESE REPORTS FOR YOU.

THERE ARE SEVERE PENALTIES FOR NOT FILING ($591 PER DAY). CIVIL AND CRIMINAL PENALTIES MAY APPLY TOO!

WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2...

12/20/2024

FinCEN Deadline

Here is the latest information from FinCEN’s website in connection with a recent District Court ruling. We have copied FinCEN’s information below verbatim.

BEGINNING QUOTE
“In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
The Corporate Transparency Act (CTA) plays a vital role in protecting the U.S. and international financial systems, as well as people across the country, from illicit finance threats like terrorist financing, drug trafficking, and money laundering. The CTA levels the playing field for tens of millions of law-abiding small businesses across the United States and makes it harder for bad actors to exploit loopholes in order to gain an unfair advantage.
On Tuesday, December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.), a federal district court in the Eastern District of Texas, Sherman Division, issued an order granting a nationwide preliminary injunction that: (1) enjoins the CTA, including enforcement of that statute and regulations implementing its beneficial ownership information reporting requirements, and, specifically, (2) stays all deadlines to comply with the CTA’s reporting requirements. The Department of Justice, on behalf of the Department of the Treasury, filed a Notice of Appeal on December 5, 2024.
Texas Top Cop Shop is only one of several cases in which plaintiffs have challenged the CTA that are pending before courts around the country. Several district courts have denied requests to enjoin the CTA, ruling in favor of the Department of the Treasury. The government continues to believe—consistent with the conclusions of the U.S. District Courts for the Eastern District of Virginia and the District of Oregon—that the CTA is constitutional.
While this litigation is ongoing, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports.”
END QUOTE
We suggest you check FinCEN’s website often for any updates.