Strengthening Your Business Financially Starts Here

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RACHEL WRIGHT, CPA

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About Rachel

Welcome!

I’m Rachel, a dedicated Certified Public Accountant (CPA) and ​a proud working mom of three. My journey as a CPA has been ​interwoven with the joys and challenges of raising a family, ​and this unique blend of personal and professional ​experiences has shaped my approach to accounting in a ​profound way.


Balancing the Books & Life

As a mom and business owner, I understand the value of time, ​and as a CPA, I know the importance of accurate financial ​management. I've mastered the art of balancing both worlds, ​and I'm here to bring that same level of balance and efficiency ​to your business.


What Sets Me Apart

I’m passionate about helping business owners like you succeed ​by helping you understand your numbers and make better ​decisions to achieve remarkable growth. I stay up to date on ​the everchanging complexities and regulations of the ​accounting world so you don’t have to. I've seen firsthand how ​small steps in financial planning and strategy can lead to ​significant leaps in business success.


Partner With Me

When you choose me as your CPA, you're not just getting a ​financial professional; you're gaining a trusted partner who is ​genuinely invested in your success. Nothing makes me happier ​than seeing you win! I'm here to guide you through the ​intricacies of tax planning, financial reporting, and business ​strategy, ensuring that your financial foundations are strong ​and your growth potential is limitless.

LET’S PARTNER

Services for Businesses

What Can We Do For Your Business?


Business ownership isn’t a one size fits all approach, so why should our services be? We work with you to create a customized plan designed specifically for your business needs.

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monthly bookkeeping & accounting

  • Income & Expense Tracking
  • Financial Statement Preparation
  • Account Reconciliation
  • A/R & A/P Management
  • Payroll Processing
  • Sales Tax Compliance
  • Job Costing
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outsourced cfo Services & fp&A

  • Cashflow Management & Budgeting
  • Trend Analysis & Strategic Planning
  • Risk Management
  • Cost Reduction Strategies
  • Creating market analyses and plans
  • Business Consultation
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Other Services

  • Quickbooks Setup/Conversion & Training
  • HR Compliance
  • Business Formation
  • Seminars & Training for Accounting Updates, Best Practices, & Tips & Tricks

STILL HAVE QUESTIONS?

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Let's do this

TOGETHER

contact

(336) 681-8333

rachel@rachelwrightcpa.com

Well Isn’t That

INTERESTING....

IMPORTANT

New Reporting Requirement

for Small Business in 2024

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New Business Requirement

Business Ownership Information (BOI)

Effective January 1, 2024, small businesses must report Business Ownership Information (BOI) to the Federal Crimes Enforcement Network (FinCEN). Here’s what you need to know.

Business Ownership Reporting

Business Ownership Information (BOI) Reporting

What Is It?


Effective January 1st of 2024, small businesses will now need to file a Beneficial Ownership Information report with a the Federal Crimes Enforcement Network (FinCEN). This new reporting requirement was mandated by the Corporate Transparency Act (CTA) in attempt to deter money laundering, corruption and other illicit activities. Failure to comply can result in hefty civil and criminal fines, possibly even jail time.

Who Has to File?


If you are a corporation (S Corp or C Corp) or limited liability company (LLC), you are most likely required to file a BOI report. More than 32 million small businesses are expected to adhere to this new requirement, however there are some exemptions.

For instance, if you are a corporation or LLC that has more than 20 full-time employees, more than $5M in gross receipts, and an operating presence at a physical office in the USA, you may qualify for an exemption granted to a "large operating company".

Certain inactive entities that were in existence before January 1st of 2020 are also exempt.

Publicly traded companies, financial institutions, insurance companies, public accounting firms, tax exempt organizations, and regulated public utilities are already required to disclose their beneficial ownership information to the government, so they are also exempt from the new reporting requirement.

Unfortunately, most small corporations and LLCs will probably not qualify for an exemption.

When Do You Need to File?

If your reporting company was created or registered to do business before January 1, 2024, you must file your initial report by January 1, 2025.

If your reporting company was created or registered to do business after January 1, 2024 (last year), you must file your initial report within 90 calendar days of receiving your actual or public notice that its formation date is effective.

Reporting companies created or registered to do business after January 1, 2025 (next year), will have 30 calendar days after actual or public notice of its formation date to file its initial report.

How Do You File?

Your company will need to file its BOI report electronically and directly with FinCEN using their e-fling website. https://boiefiling.fincen.gov/


You will need certain facts and information about the reporting company--Legal name, DBAs, address, jurisdiction of formation, and taxpayer ID number. You will also need certain facts and information about each beneficial owner--anyone who, directly or indirectly, exercises substantial control over a reporting company or who owns or controls at least 25 percent of the reporting company. For each beneficial owner, you'll need to provide legal name, birthdate, home address, a copy of their driver's license, state ID, or passport as well as its identifying number.


IMPORTANT Note: If there is a change in ownership or any of the information about the company or beneficial owners changes, or if a correction to the initial report is necessary, the company has 30 days to file these changes and/or corrections with FinCEN.


What if You Don't Comply?

Penalties for willful noncompliance can result in criminal and civil penalties of $500 per day and up to $10,000 with two years of jail time. Potential willful noncompliance violations include willfully failing to file, correct or update a beneficial ownership information report or willfully filing false beneficial ownership information. Reporting companies, beneficial owners, and individuals who file reports on behalf of a reporting company can all be held liable.


Can We Help?

At this time, the determination on whether or not this reporting is considered the practice of law has not yet been determined. NCGS 93-1 prohibits ceritified public accountants or accountants from engaging in the practice of law unless duly licensed. Therefore, this is not a service I am able to currently assist you with at this time. However, the form is very straightforward so you can likely complete this without professional assistance. If you feel that you do need professional assistance, you will need to reach out to a licensed attorney or a site such as Legal Zoom.

Helpful Links

Small Entity Compliance Guide

Frequently Asked Questions

Yours Truly,

Rachel Wright, CPA

Your Business Bestie