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# Tax Update: Reminder – Beneficial Ownership Reporting Requirements
To Our Valued Clients:
The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department that is separate and distinct from the IRS, has implemented new beneficial ownership information (BOI) reporting requirements for certain types of entities that were created in or are registered to do business in the US and for organizers of these entities. These new BOI reporting requirements were established under the Corporate Transparency Act (CTA) and are designed to identify the ultimate owners or the individuals who control companies. While we previously alerted you to this information in our newsletter last year, we are providing you additional information as a reminder of the filing requirements.
The following are some key dates and timing aspects to consider for the reporting requirements that became effective January 1, 2024:
* If you created or registered your company prior to January 1, 2024, you have until January 1, 2025, to report.
* If you created or registered your company in 2024, you must report within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
* If you create or register your company on or after January 1, 2025, you must report within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
* Any updates or corrections to BOI that you previously filed with FinCEN must be submitted within 30 calendar days.
There are 23 types of entities exempt from beneficial ownership information reporting requirements, including banks, publicly traded companies, nonprofit organizations, and certain large operating companies. Refer to FinCEN’s website for a complete list.
Reporting beneficial ownership information to FinCEN under the CTA and providing BOI to financial institutions in connection with federal customer due diligence requirements are done for different reasons. Under the CTA’s requirements, entities report information to FinCEN, which then may provide to authorized agencies and institutions to receive this information for several specified purposes, such as combating money laundering and other illicit activities that involve shell companies. Beneficial ownership information collection requirements for financial institutions, in contrast, are primarily intended to ensure that financial institutions know their customers and thus can prevent themselves from being used to facilitate illicit activity. Reporting to FinCEN and reporting to financial institutions are separate, and reporting to one does not fulfill the requirement to report to the other.
Though the information necessary to comply with the CTA requirements may overlap with information that we request from you to satisfy your income tax and other compliance requirements, the CTA reporting requirements fall outside the scope of tax compliance and other permissible services for Snodgrass to provide. As a result, Snodgrass is restricted from assisting or advising you regarding these new rules.
It is strongly advised that you familiarize yourself with these new rules. FinCEN has issued a set of FAQs that explains them. However, these BOI reporting requirements are complex, and we encourage you to consult with your attorney to ensure that you are in compliance with these new requirements.
If you wish to discuss any of the matters in this update in more detail, please contact Danelle Stewart or Charles Marston or call 724-934-0344 (Cranberry Township, PA office) or 304-233-5030 (Wheeling, WV office).
Sincerely,
S.R. Snodgrass, P.C.
d/b/a S.R. Snodgrass, A.C. in West Virginia
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# Security Update – Palo Alto Firewall Vulnerability
## Security Update: Palo Alto Firewall Vulnerability
**Vulnerability Name:** Palo Alto Firewall Vulnerability
**Platform or Software Package(s) Affected:** PAN-OS (CVE-2024-0012 and CVE-2024-9474)
**Criticality:** Highly Critical (9.3/10)
**Recommended Action:** Verify the next-generation firewall management interface is not accessible from the internet. Also, review and enforce Secure Administrative Access by ensuring only authorized personnel with secure and unique passwords, as well as multifactor authentication, can access the administrative console. As always, monitor all security logs for suspicious activity.
**Overview of Concern and Overview of Remediation:**
Over 2,000 devices were hijacked/compromised last week just one day after Palo Alto Networks released patches for known security holes in their PAN-OS operating system. An attacker with network access to the administrative interface can exploit the above two vulnerabilities to escalate privileges and gain administrative access, allowing for arbitrary code execution and administrative functions. Anyone utilizing a Palo Alto Firewall is highly encouraged to immediately take the above-noted recommended action.
Please contact Jeremy Burris at S.R. Snodgrass, P.C. with any questions (jburris@srsnodgrass.com).
The Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department that is separate and distinct from the IRS, has implemented new beneficial ownership information (BOI) reporting requirements for certain types of entities that were created in or are registered to do business in the US and for organizers of these entities.
# Accounting and consulting firm opens Eastern PA headquarters in Conshohocken
Serving Conshohocken, Lafayette Hill, Plymouth Meeting and West Conshohocken since 2009.
*October 8th, 2024 | By Kevin Tierney*
S.R. Snodgrass, P.C., a full-service accounting and consulting firm, has announced the opening of its Eastern Pennsylvania headquarters at 161 Washington Street in Conshohocken.
Snodgrass Eastern Pennsylvania Principal Brendan Whalen said, “For the past decade, we’ve continued to expand our presence throughout Eastern Pennsylvania and New Jersey, serving a wide range of financial institutions, nonprofits, and other businesses. Our new Eastern Pennsylvania Headquarters gives us a base for continued growth, providing services in Risk Advisory, Audit and Assurance, Tax, and more.”
“This move represents a significant step forward for our firm, and personally speaking, for our professional staff,” added Snodgrass President Chuck Marston. We expect to accelerate our growth with a wide variety of clients in the days ahead.”
The firm will have approximately 30 employees at the headquarters with space to grow.
Learn more about S.R. Snodgrass at .
# Audit & Assurance: A Conversation with Brendan Whalen | S.R. Snodgrass Podcast Episode 11
## In this  from S.R. Snodgrass, HR Director, Lenore Seifer and Brendan Whalen, Principal in the Audit & Assurance Group, discuss how the firm’s focus on team development and client relationships drives success. Watch and listen as they reveal how Snodgrass maintains a positive culture, adapts to industry changes, and supports ongoing growth and collaboration.
In this latest podcast from S.R. Snodgrass, HR Director, Lenore Seifer and Brendan Whalen, Principal in the Audit & Assurance Group, discuss how the firm’s focus on team development and client relationships drives success. Watch and listen as they reveal how Snodgrass maintains a positive culture, adapts to industry changes, and supports ongoing growth and collaboration.
**Takeaways:**
* Snodgrass prioritizes the well-being and professional development of its team members.
* Continuous learning is a core value, with team members constantly growing their skills.
* The firm maintains excellent workplace balance and effectively manages busy periods.
* Snodgrass enjoys long-term relationships with clients, some spanning over 40 years, alongside a steady influx of new clients.
* The national average turnover rate for CPA firms in 2023 was 15-20%, but Snodgrass has achieved a low 4% turnover in the Philadelphia office.
* The firm’s culture is a key factor in its low turnover rate, avoiding rigid billing requirements and micromanagement.
* Flexibility is a priority, with options for flexible schedules, half-day Fridays during non-peak seasons, and a focus on professional accountability.
* The firm has an open-door policy, allowing everyone to interact with senior leaders and gain valuable insights.
* Employees value the collaborative office environment, choosing to be present not out of necessity, but because they enjoy working together.
Get started with  at S.R. Snodgrass today.