Lisa Johnson, CPA, Tax Director, FintechForce


A Checklist For Your Startup

Lisa Johnson, Director of Tax, FintechForce

Another year is coming to a close! It’s a good time to take stock of your company’s past 12 months and get your ducks in a row for 2024. Year-end reporting is always more involved due to annual filing requirements. Businesses must look at financial “housekeeping” every month, but the end of the year demands a closer look at the financial reports and performance assessments before diving into a new year.

All U.S. entities are required to report worldwide transactions which include those conducted in digital currency and through foreign accounts. Neglecting to report these can result in substantial penalties, so here are some highlights of the transaction reporting requirements to stay compliant in the coming year.

Year-End Reporting

Tax information returns for the calendar year are due to recipients by January 31st, 2024. Forms 1099 for Nonemployee compensation and other Miscellaneous Payments are due if a business pays at least $600 to a U.S. recipient for services or events other than sales of tangible assets. A best practice to comply with this requirement is to ensure that all recipient information including name, address, and tax identification numbers are up to date in your files before the reports are due. Form W-9, Request for Taxpayer Identification Number and Certification, is used to request this information from vendors throughout the year.

The U.S. government attempts to keep companies honest about worldwide transactions by requiring any U.S. individual or entity who has financial interest in accounts outside of U.S. borders to report information via the Foreign Bank and Financial Accounts Report (FBAR). This report is required for entities with accounts of an aggregate balance of $10,000 at any time during the calendar year. The report is due by April 15th and must be submitted electronically through the FinCen system. Filing late or not at all is subject to civil and/or criminal penalties. It is important to note that if an individual has signature authority over a business account outside of the U.S., both the individual and the business must file this annual report.

Additional Year-End Reporting For Corporations

Corporations have additional filing requirements for information returns when specific stock transactions occur with U.S. employees. When an employee exercises an Incentive Stock Option, Form 3921 is due to the recipient and to the IRS. When an employee becomes owner of an Employee Stock Purchase Plan, Form 3922 must be filed and delivered to recipients by January 31st. The sooner this is handled, the sooner you can go from looking back to looking ahead.

Continuous Reporting

Any business who accepts physical cash payments over $10,000 has an important filing which is due year round. The Report of Cash Payments Over $10,000 (Form 8300) is filed electronically through the FinCen system within 15 days of receiving these funds in a single cash payment or a series of related payments by a trade or business. The business must also provide a statement to each party included on a report during the calendar year by January 31st of the following year. Beginning January 1st, 2024, this requirement is extended to include virtual currency transactions.

These are just some of the things to keep in mind as you wrap up 2023. As the end of the year approaches, it’s natural to reflect upon how far you’ve come and look at where you’re headed. Whether you’re handling matters yourself or reaching out for assistance, getting your year-end financials and reporting ready now for the new year deadlines will put you one step closer to starting 2024 on a high note.

Devin Bissessur


Don’t Get Spooked By The Complexities

Devin Bissessur, Assistant Director, Corporate Accounting

Technical accounting can be a very complicated subject, especially for a startup business.  New entrepreneurs have innovative and inspiring ideas on how to improve their businesses with a laser focus on decisions that can take their company to the next level, and they may overlook this critical component.  

However, poor technical accounting can derail the future plans of a great business.  Recognizing revenue too early, a lack of proper internal controls and improper recognition of financial instruments can result in significant costs, legal charges, and overall stress for the management of a company.


The lack of technical accounting and planning has resulted in numerous issues for both startup and mature businesses.  The result of U.S. Securities and Exchange Commission (SEC) charges can significantly impact the future success of a business and the founder’s reputation in their industry.  Below are some recent examples of charges due to the lack of technical accounting oversight and governance:


A startup can avoid costly adjustments, audit fees, and general stress if the right technical guidance is provided from the beginning.  Technical accounting includes the following functions:

Investment into technical accounting can be a tremendous benefit to a business of any size who has strong growth plans.  Early recognition and compliance with accounting guidance can avoid costly mistakes and keep startups on track, ensuring the management team can focus on their business and be a leader in their industry.