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Accounting
They professional, well versed and educated to address my needs. I feel very comfortable moving forward with their services.
Business Accounting Services
Amazing service! Called right away and provided so much information and support!
Tax Sherpa by far is the best in fulfilling your tax needs. They provide top notch customer service and are always willing to help.
Neal is exceptional at the work he does and always looks out for the best interest of his clients. Serena is amazing and keeps communication line open at all time. Thank you Tax Sherpa for your service.
Tax sherpa has been quite good in helping me with my monthly accounting and understand tax saving strategies and has been very low effort on my end compared to tax services I have used in the past.
If you own your own business Tax Sherpas can really switch the extra tax burden on it head for you and save you thousands, while charging very fair fees for service.
The Tax Sherpa Mission
At Tax Sherpa, our mission extends beyond the numbers. We are passionately committed to empowering solopreneurs and small business owners by saving them tens of thousands on their taxes. We firmly believe that prosperity thrives when individuals retain more of their hard-earned money. It's not just about good business sense; it's about fostering a world where people's pockets, not the government's, hold the key to positive change.
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Hop on a call with one of our tax experts to go over your individual situation.
Personalized tax assessment
Expert strategies tailored for you
Potential to discover significant tax-savings opportunities
Pick any available time on our calendar to start saving today.
Our Services
Learn a little more about the core services we offer:
Tax Advisory
Unlock your path to significant tax savings with our Tax Advisory services. Our experts craft, implement, and consistently update tailored tax strategies that not only align with your unique business needs but also pave the way for maximum tax efficiency.
Tax Filings
Realize your tax savings annually without the hassle. With our Tax Filings service, we meticulously handle the paperwork, ensuring every tax advantage is captured when submitting to the government. Experience peace of mind, knowing that every deduction and saving is realized for you.
Bookkeeping
More than just numbers on a ledger, our Bookkeeping service helps you maintain a clear picture of your revenue and expenses. By seamlessly integrating tax strategies into your books, we ensure that your records not only stay organized but also accurately mirror your financial blueprint, keeping you aligned with your tax-saving goals.
About Us
Neal McSpadden,
Chief Tax Strategist
I went from owing the IRS over $1,300,000 to Zero, and in the process of fixing my own mess I discovered the hidden world of tax planning.
Over the years, I've worked on over 50,000 tax returns covering billions of client earnings and have helped save clients hundreds of millions of dollars.
What I discovered through this whole process is that:
The large companies (that can afford to pay 6-figure fees) get great tax advice.
The simple W-2 earner with no other activities end up filing for themselves or go down to the corner tax preparer office. They generally get mediocre advice, but it's good enough for now.
The people in the middle, solopreneurs and small business owners, can't afford the fees of the big companies and are unable to get good service from the corner preparers.
Those people are who we aim to serve.
Our Core Values
Our Philosophy
Our core philosophy is that the solopreneurs and small business people are the backbone of our entire society. Without them, nothing else works.
The current system that places undue tax burdens on this group needs to be changed and defunded.
Our Promise
Our promise to you is to craft an individualized plan for your individual situation. All taxes are personal, and everyone's life is different.
Our Guarantee
We guarantee you will save multiples of our advisory service fees.
When we create your custom tax blueprint we will show you exactly how much you might save based on your current circumstances.
Our Blogs
The BOI Reporting Rollercoaster: A Cautionary Tale for Small Businesses
Navigating BOI Reporting in 2025: What Small Businesses Needed to Know
Navigating government regulations is never easy—but the Beneficial Ownership Information (BOI) reporting saga has been nothing short of a rollercoaster ride. One moment, you're gearing up for a new filing requirement, and the next, breaking news suggests you might not have to file at all. 🤯
If you're a small business owner, this constant back-and-forth can be frustrating. So, let’s break it all down—what happened, what’s changing, and, most importantly, what it means for your business in 2024 and beyond.
What Is BOI Reporting?
Before diving into the timeline of chaos, let's clarify what BOI reporting is and why it matters.
BOI reporting was introduced as part of the Corporate Transparency Act (CTA) to combat financial crimes by increasing transparency in business ownership structures. The Financial Crimes Enforcement Network (FinCEN) was tasked with enforcing this rule, requiring businesses to disclose their beneficial owners.
However, recent legal battles and regulatory shifts have thrown this requirement into question—leaving small business owners confused about their obligations.
BOI Reporting Timeline: A Legal Rollercoaster 🎢
Early 2024: Initial Compliance & Legal Challenges
At the start of 2024, FinCEN rolled out the BOI reporting rule for newly formed businesses, setting strict deadlines for compliance. However, a major lawsuit quickly challenged the rule's constitutionality.
🔹 Key Legal Challenge: A small business association filed a lawsuit, arguing that the rule was unconstitutional. The court’s decision raised serious concerns, questioning whether the rule could be selectively enforced.
🔹 Treasury’s Response: Despite the ruling, the Treasury Department claimed that the decision only applied to the lawsuit's plaintiffs, creating even more uncertainty.
Mid to Late 2024: More Legal Twists and Turns
Just as businesses were adjusting to the BOI reporting requirement, more legal challenges emerged:
🔹 Mid-2024: Courts across different jurisdictions raised constitutional concerns about the Corporate Transparency Act (CTA), the legislation behind BOI reporting.
🔹 Late 2024: A federal judge in Texas ruled the CTA unconstitutional, issuing an injunction that temporarily halted BOI reporting nationwide.
🔹 Appeals Court Drama: In a dramatic back-and-forth, an appeals court lifted the injunction—only to reinstate it just days later.
This legal whiplash left many small business owners scrambling for answers. Were they still required to file? Were penalties still in play? The lack of clarity was a compliance nightmare.
New Deadline Announced: March 21, 2025 (Or Is It?)
After months of legal battles, FinCEN attempted to regain control by setting a new BOI reporting deadline:
📅 March 21, 2025 – The date businesses were given to comply with BOI reporting.
The goal? To establish a clear compliance deadline while the government sorted out the rule’s long-term future. But this "final" deadline didn’t last long...
Breaking News: No BOI Reporting for U.S. Entities! 🚨
Just when businesses started preparing for the March 21, 2025 deadline, the Treasury Department dropped a bombshell:
✅ BOI reporting will NOT apply to U.S. citizens or domestic entities.
https://x.com/USTreasury/status/1896348155522039985
Yes, you read that right! If your small business is based in the United States, you are no longer required to file BOI reports.
🔹 Why the sudden change? The government is shifting its focus to foreign entities, meaning that small businesses operating domestically are exempt from BOI reporting requirements.
What This Means for Small Business Owners
So, what should you take away from this regulatory rollercoaster? Here’s the TL;DR version:
✔️ No BOI Filing Needed – If your business is U.S.-based, you don’t have to worry about submitting BOI reports anymore.
✔️ No Fines or Penalties – Since domestic entities are exempt, you won't face penalties for not complying.
✔️ Already Filed? No Problem – If you preemptively filed your BOI information, consider it a proactive move—no further action is needed.
✔️ Stay Informed – While this exemption is great news, regulations can change. If your business has international ties, keep an eye on future updates.
✔️ Focus on Growth – With this compliance burden lifted, redirect your energy to what really matters: growing your business. 🚀
Final Thoughts: The Ever-Changing World of Business Regulations
The BOI reporting saga is a textbook example of how quickly government regulations can shift. One day, a rule is set in stone, and the next, it’s completely overturned.
For small business owners, the key takeaway is to stay informed and adaptable. While you’re off the hook for now, the regulatory landscape is always evolving.
👉 Want to stay updated? We’ll continue tracking this issue—so check back for the latest insights on small business compliance and regulatory changes.
For further reading, explore the full Treasury announcement and our additional resources on navigating government regulations as a small business owner.
📌 Have questions about BOI reporting? Drop them in the comments or reach out—we’re here to help!
Frequently Asked Questions
Q:
What's the difference between tax advisory and just filing my taxes?
Filing your taxes each year is a necessary task, but it is always backwards looking. Tax advisory works with you throughout the year to make sure that you are on the right track when it comes to your taxes and have strategies in place to save money now.
Q:
I've heard about tax write-offs for small businesses. What exactly can I write off, and how does it benefit my business?
Tax write-offs, also known as tax deductions, are expenses that a business incurs that can be subtracted from its revenue to reduce the amount of taxable income. Common write-offs include office supplies, mileage, rent for a business location, and advertising expenses, among many others. By writing off legitimate business expenses, you can significantly reduce your taxable income, which can lead to a lower tax bill. It's essential, however, to maintain proper records and ensure that the expenses are truly business-related.
Q:
What's the difference between a tax deduction and a tax credit?
A tax deduction reduces the amount of your income that is subject to taxation, which in turn can lower your tax liability. Common deductions include expenses like mortgage interest, student loan interest, and business expenses. A tax credit, on the other hand, is a direct reduction of your tax bill. This means if you owe $1,000 in taxes and have a $200 tax credit, your tax due would be reduced to $800. Some popular credits include the Child Tax Credit, the Earned Income Tax Credit, and credits for energy-efficient home improvements.
Q:
I'm thinking of hiring an independent contractor instead of an employee. Are there different tax implications for each?
Yes, there are significant tax differences between hiring an employee and an independent contractor. When you hire an employee, you're responsible for withholding federal and possibly state income taxes, Social Security, and Medicare taxes from their paychecks. You also typically pay unemployment taxes on wages paid to employees. Independent contractors, on the other hand, are responsible for their own taxes. As a business owner, you'd provide them with a Form 1099-NEC (if you pay them $600 or more during the year) instead of a W-2, and they would be responsible for their own self-employment taxes. It's important to correctly classify your workers, as misclassifying can lead to penalties.
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Have questions? Use the form here and one of our knowledgable staff will get back to you as soon as possible.
(678) 944-8367
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2302 Parklake Dr NE Ste 675
Monday - Friday, 10:00 am - 5:00 pm
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Disclaimer: The content presented on this website is intended for informational purposes only and is not tailored to the needs of any specific individual or entity. It should not be considered as financial, investment, or tax advice. The information provided is general in nature and does not account for individual circumstances or financial positions. Before making any financial or tax-related decisions, we strongly advise consulting with a qualified professional who can provide guidance tailored to your individual situation. All information on this site is provided in good faith, but we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information on the site. Use of this site and reliance on its content is solely at your own risk.
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Contact Us
office@taxsherpa.com
(678) 944-8367
2302 Parklake Dr NE Ste 675
Atlanta, GA 30345
Monday - Friday, 10:00 am - 5:00 pm
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