When it comes to reporting requirements, particularly in regulated industries, there are significant liabilities that individuals and companies must be aware of. These liabilities primarily fall into two categories: civil penalties and criminal penalties. Here’s a breakdown of each: Civil Penalties Civil penalties are monetary fines imposed for non-compliance with regulatory requirements. According to recent…
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Mastering Data Management for Winery Businesses: Tips for Compiling Business Data
In the intricate world of winemaking, where artistry intertwines with agriculture and business, data isn’t just a buzzword—it’s the lifeblood of sustainable growth. We, at Protea Financial, understand the unique challenges faced by winery businesses when it comes to managing data. That’s why we aim to help you navigate the complexities and harness the power…
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Protea Weekly – Episode 40 – The complex world of the CTA – with Jay O’Neil (CTASafe)
In this episode of Protea Weekly, Zane Stevens interviews Jay O’Neill, the CEO of CTA Safe, to discuss the Corporate Transparency Act (CTA). They highlight the confusion and lack of awareness surrounding the CTA, which was passed in 2021 but is still relatively unknown. The purpose of the CTA is to increase transparency in financial…
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Accelerating Innovation with R&D Tax Credits
Businesses must constantly seek ways to drive innovation and reduce costs, and this is especially true across the agriculture industry. One powerful yet often overlooked tool is the Research and Development (R&D) tax credit. Designed to foster innovation and support research investment, R&D tax credits offer significant financial relief by reducing both federal and state…
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Protea Weekly – Episode 39 – Why become an accountant?
In this episode, Zane Stevens discusses the importance of accountants and why becoming an accountant can be a great career choice. He emphasizes that accountants are more than just compliance professionals and play a crucial role in helping businesses make better decisions. Zane shares his own journey as an accountant and the opportunities it has…
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Generating and Preparing W9s and 1099s in 2024
Navigating the intricate world of tax forms can be overwhelming. At Protea Financial, we understand the importance of accuracy and timely filing, especially when it comes to generating and preparing W9s and 1099s. Let’s take a moment to explore these essential tax documents and how to handle them effectively. Understanding W9s: The Foundation of Tax…
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