As the world watches the athletes compete in Paris, we're inspired by their dedication and drive to win gold. At our firm, we're also reaching for new heights, from launching our advisory and group tax planning services to enhancing how we serve you with our new client feedback survey. Just like the athletes preparing for their events, we're gearing up for big changes on the horizon, including potential shifts in tax policy tied to the upcoming presidential election. Stay tuned for a winning lineup of updates and insights in this month's newsletter!

Table of Contents

• Deadlines Looming

• Celebrating Our Summer Interns!

• Introducing Our Newest Team Member: Jazmin Rodrigu …

• A Reminder About Beneficial Ownership Information …

• Legislative Update: The Bill That Didn't Pass

• Announcing Our New Advisory Service Line

• We Value Your Feedback: New Client Feedback Survey

• Coming Soon: Presidential Election and Tax Policy …

Deadlines Looming

Hello, tax athletes! If you missed the 7/15 deadline for business filings (1065, 1120S), it's not game over—you can still get your documents to us. Just know that late fees will apply, and you'll be at the back of the lineup. With only six weeks until the September 15th finish line, you're cutting it close!

The August 15th deadline for personal filings (1040, 1120) is our way of setting you up for victory. It's not just for our benefit; it's to protect you from a last-minute sprint. By getting your info in on time, you help us ensure your returns are handled with the precision of a gold-medal performance.

So, let's keep our eye on the prize and avoid any last-minute hurdles. Send in your documents as soon as possible, and if you have any questions, reach out to Alexceia Smith at 817-261-2582. Don't forget, you can upload everything to your customized portal here. Thanks for being part of our winning team and helping us cross the finish line smoothly!

Celebrating Our Summer Interns!

We were thrilled to have Ty and Aarish join Porter & Company CPAs for the summer, and they truly impressed us with their work. From tackling complex tax returns to managing financial statements, and even organizing our internal password file structure, they handled it all with ease. They also played a key role in updating our practice management software, making our operations smoother than ever.

Ty and Aarish didn't just work behind the scenes—they actively participated in client calls, asking insightful questions and providing valuable feedback. Their contributions made a big impact, and we're super grateful for their hard work. We can't wait to see where their careers take them next!

If you know a bright young mind—be it your child, a friend, or anyone else—who might be a good fit for interning at our firm, we'd love to hear from you! We're always on the lookout for innovative talent to join our team in the future. Thanks again, Ty and Aarish, for an amazing summer!

Introducing Our Newest Team Member: Jazmin Rodriguez

We're excited to welcome Jazmin Rodriguez as the newest member of our family firm! Jazmin will be joining us as an Administrative Assistant in the Accounting Department, led by Melissa Armstrong. If you use our Accounting services and haven't met her yet, you soon will. Jazmin is set to be the face of the department, playing a key role in our team's success.

She'll be handling important tasks like downloading statements and gathering the documents we need from you, along with other administrative duties. If you receive an email or a call from Jazmin, know that she's a part of our team and she's fantastic. Please help us make her feel at home in our growing firm by providing her with the information and access she needs. This will help us serve you more efficiently and quickly. Welcome aboard, Jazmin!

A Reminder About Beneficial Ownership Information (BOI) Requirements

We've noticed an uptick in questions about Beneficial Ownership Information (BOI) requirements, and we're glad to see your interest in staying compliant. As a quick reminder, we've covered these topics in previous newsletters, which you may find helpful:

• Understanding BOI Requirements

• Staying Ahead of IRS BOI Reporting

And for a fun twist, we also wrote a lighthearted piece titled Breaking BOI that was inspired by our very own Rachel Dillard.

After careful consideration, we've decided not to directly handle BOI filings for our clients. However, we've partnered with a trusted firm that can assist you with this process online. To file your BOI report, please use the following link: CLICK HERE to eFile your BOI Report

Legislative Update: The Bill That Didn't Pass

Do you remember how we were anxiously waiting to see what Congress would do with that bill, as it had significant implications for many of our clients? We wrote about it here - Legislation Update: What It Means for You. Well, it made it through the House back in January but hit a wall in the Senate and didn't pass here in late July. We anticipated this outcome back in June and adjusted our approach accordingly. Turns out, we were right!

The bill included several promising economic incentives, such as restoring Bonus Depreciation to 100%, adjusting the rules for Interest Expense and R&D deductions for businesses, and expanding the child tax credits. These measures have strong bipartisan support, and we're hopeful they can be reconsidered after the November presidential election, with a possible enactment date of January 1, 2024.

Rest assured, we'll keep you updated on any tax legislation changes that could impact you. Stay tuned, and we'll navigate these legislative twists and turns together!

Announcing Our New Advisory Service Line

Last month, we teased our new advisory service line, and now we're excited to officially announce its launch on November 1st! We understand that while staying compliant with tax returns and financial reporting is crucial, what you really need are timely, accurate answers to your pressing questions. Our new service line is designed to be more accessible than ever, ensuring you get the advice you need, when you need it.

By joining our advisory service line, you'll be at the top of the queue to consult with our expert staff. Whether you're asking, "Should I write off my car for the business?" or "Is an LLC the right structure for me?" or even "I just got this notice from the IRS; what do we need to do?"—we're here to help.

The advisory service subscription includes regular check-ins with our team, live Group Q&A calls with the partners, and educational sessions on topics like:

• "How to Read Your Financial Statements"

• "What KPIs Are Best for You and How Often You Should Review Them"

• "The 8 Cash Flow Drivers of Profit"

• "Tax Projections for Estimated Payments and Year-End Planning"

• "Avoiding Tax Penalties"

And much more!

In addition to the advisory service line, we are also rolling out a group Tax Planning service. This new offering will focus on teaching a range of tax planning topics in a group setting, making it a more economical option while still covering essential concepts. It's perfect for clients who aren’t ready for a fully personalized, strategic tax plan. Of course, we will continue to offer one-on-one tax planning for those who can benefit from a customized approach.

If you're interested in being the first to know & join this service when we roll it , let us know here. We're excited to provide you with even more support in navigating your business and financial landscape!

We Value Your Feedback: New Client Feedback Survey

We've just rolled out a new client feedback survey using the Net Promoter Score (NPS) system because we want to be the very best we can be for you. To achieve that, we need to know what you think of us—whether it's praise for things we're doing well or constructive suggestions for areas we can improve. We would be thrilled to hear from you!

We're providing a link to the survey in all our deliverables, whether it's a tax return or a financial statement. However, if you have something to share at any time, you can use this link: https://forms.office.com/r/XcWHveXgxK. We really encourage you to share your thoughts, as we will base future decisions on how we serve you on your feedback. Please bookmark the link and let us know how we're doing—we can't wait to hear from you!

Coming Soon: Presidential Election and Tax Policy Insights

Stay tuned for future newsletters where we'll dive deeper into the presidential election and what it could mean for tax policy. This is a key focus for us as we navigate the potential impacts on our clients. While neither candidate has formally announced their plans, we've seen hints: Trump wants to make his TCJA provisions permanent, and Harris seems aligned with some of Biden's proposals.

We’re eagerly waiting for the candidates to lay out their detailed tax policies. Once they do, we’ll provide you with all the insights and analysis you need to understand how these proposals could affect you. Keep an eye out for these updates in our upcoming newsletters!

And just a friendly reminder: please submit your tax documents promptly so we can help you cross the finish line smoothly and on time. You can send your docs here. Finally, if you know someone who would enjoy this newsletter or benefit from our services, we’d love for you to forward it or recommend us. Your referrals are the highest compliment we can receive from our clients!