At Blue Fox, we believe time is one of our most valuable assets—and when protected, it can be a powerful driver of innovation, clarity, and meaningful progress.


That’s why we created Focus Fridays: a dedicated space on our weekly calendar to unplug from distractions and plug into deep, purposeful work.

💡 What Are Focus Fridays?

​Focus Fridays are designed to help our team lean into what matters most. Every Friday, we set aside intentional time to concentrate on high-impact tasks—without interruptions, back-to-back meetings, or the usual digital noise.

This time is meant to:

🔹 Support deep work and creative flow

🔹 Boost productivity with fewer distractions

🔹 Encourage ownership and momentum on key initiatives

🛠️ How It Works To make Focus Fridays a success, we follow a few simple guidelines:

📣 Share Your Focus Time: Each team member communicates their Focus Friday hours early in the week so colleagues know when they're heads-down.

🚫 No Meetings: Meetings are off-limits during designated focus hours. This time is sacred for solo work and big thinking.

🎯 Why It Matters Here’s what we’re already seeing from Focus Fridays across Blue Fox:

• Higher Output, Higher Quality: With space to concentrate, we’re getting more done—and doing it better.
• Happier Teams: The ability to truly focus is boosting morale and reducing the stress of always being “on.”
• Better Team Flow: When we respect focus time, our collaboration outside those hours becomes sharper and more effective.

🔁 Making Focus Fridays Work for You This is your time—use it wisely. Whether you’re mapping out a new strategy, diving into research, or finally tackling that big idea, Focus Fridays are here to help you make real progress.


Let’s protect our time and fuel our best work—together.

As we wrap up another year (and our holiday presents!), we're here to help you put a bow on your 2024 finances. Pour yourself some hot cocoa, and let's dive into some timely tips and updates.
 
For Business Owners
​

• Review your business structure: Has your business outgrown its current form? The new year is perfect for making changes.
• Check your retirement contributions: There's still time to maximize your 2024 contributions and reduce your taxable income.
• Purchase needed equipment: Consider making planned purchases before year-end to take advantage of Section 179 deductions.
• Gather those receipts: Documentation is key! Yes, even those crumpled ones in your car's cup holder count!

For Nonprofit Organizations

• Document your program accomplishments: Get ready for your annual report by gathering impact metrics.
• Check your public support test calculations: Stay ahead of your 501(c)(3) status requirements.
• Plan your year-end appeal: Remember that donors are looking for tax-deductible giving opportunities.
• Review your unrelated business income: Ensure proper tracking and reporting of any non-exempt activities.

 
Tax-Smart Holiday Celebrations at Your Company
 
Planning a holiday party for your employees? Remember that business holiday parties are typically 100% deductible! Just keep good records of who attended and the business purpose.
 
Special Note for Nonprofits: Year-End Giving Rush
 
December is the biggest month for charitable donations! Make sure you're prepared:

• Set up efficient systems to process last-minute donations
• Train volunteers handling year-end contributions
• Update your online giving platform to handle increased traffic
• Prepare thank-you letter templates that meet IRS requirements
• Document any in-kind contributions properly

 
For Individuals

• Max out your HSA contributions if you have a high-deductible health plan
• Consider charitable giving - both for the warm feelings and the tax benefits
• Review your investment portfolio for tax-loss harvesting opportunities
• Gather documentation for any major life changes in 2024 (marriage, new home, etc.)
• Request a tax organizer from your tax preparer to stay on top of all your tax documents

** Upcoming Deadlines **

• December 31: Last day for tax-deductible charitable contributions for 2024
• January 15: Q4 estimated tax payments due
• January 31: W-2 and 1099-NEC forms due to recipients
• February 15: Filing deadline for exempt organizations with employee benefit plans (Form 5500)

 
Did You Know?
 
The "accountant's new year" isn't January 1st - it's usually October 15th, the end of tax extension season! But we promise we still celebrate on December 31st like everyone else. 😉
 
Whether you're balancing your books or your checkbook, we're here to help make your numbers add up to success. Here's to a prosperous 2025! 

The Good News for Our Nonprofit Friends
 
If you're running a nonprofit, you might be one of the lucky ones who gets to sit this one out (cue the heavenly choir). You're probably exempt if:

• You've got that sweet 501(c) status from the IRS
• You're a 527(a) political organization (though you've got your own paperwork nightmare to deal with)
• You're a 4947(a)(1) charitable trust (congratulations on understanding what those numbers mean)

 
BUT WAIT! (There's always a "but," right?)

• Still waiting on your IRS determination letter? Sadly, you'll need to join the BOI party until it arrives
• Running a nonprofit subsidiary that's structured as an LLC? Nice try, but you might need to file
• Not sure if you're exempt? That's what we're here for! 😉 

Who Else Needs to Report?
 
If you're:

• A corporation (S-corp, C-corp, or Benefit Corp) or LLC of any kind (basically, if you've filed paperwork with your state that doesn't involve parking tickets)
• A foreign company doing business in the US (welcome to our paperwork party!)

 
Then congratulations! You're probably on the guest list for this exciting new filing requirement.
 
Unless you're:

• A public company (already drowning in SEC filings)
• A big shot with 20+ full-time employees and $5 million in gross receipts
• A bank or credit union (you've got enough regulatory fun already)

 
What Information Do They Want? (Hint: Everything but Your Coffee Order)
 
For each beneficial owner (anyone who owns 25% or more of your organization or has "substantial control" – a term clearly written by people who love ambiguity), you'll need to report:

• Their full legal name (including that middle name they've been trying to hide)
• Date of birth (yes, that's going to be awkward to ask for)
• Current residential address (no, their favorite coffee shop doesn't count)
• ID number (driver's license, passport, or secret agent badge)
• A picture of said ID (think Instagram, but for the government)

 
Deadlines Because We All Love Those

• Created your company before 2024? You've got until December 31, 2024 (mark your calendar, set seventeen alarms)
• Started in 2024? You get 90 days (how generous!)
• After January 1, 2025? Just 30 days (they're really tightening the screws)
• Something changes? The owners/substantial control individuals change? Get a new ID #? Move location? 30 days to update (because apparently the government thinks we're all just sitting around waiting to file updates)

 
Special Notes for Our Nonprofit Superheroes
 
For those nonprofits that don't qualify for exemption (our condolences) please note:

• Board members usually don't count as beneficial owners (finally, a break!)
• Executive directors might need to be reported
• Having grant-making authority alone doesn't make you a beneficial owner (but it might make you popular at parties)

 
How to Not Mess This Up - A Helpful Guide

1. **Don't Procrastinate**: Yes, we know that's your favorite strategy, but maybe not this time
2. **Keep Good Records**: File them somewhere better than that pile of "to-do" sticky notes on your desk
3. **Check FinCEN's Website**: It's not exactly Netflix, but it's required reading
4. **Contact Us**: Because we actually enjoy this stuff (yes, we know we need help)

 
The "Or Else" Section
 
This reporting isn't something you can afford to put off! Failure to file can result in:

• Fines of $500 per day (that's a lot of lattes)
• Up to $10,000 in criminal penalties (ouch)
• Up to two years of free government housing (aka jail, and not the fun Monopoly kind)

 
How We Can Help - Because We're Nice Like That
 
Look, we're accountants who love a good spreadsheet, but even we know when to bring in reinforcements. That's why we've partnered with the BOI filing experts at BOI Efile by Truss to make your life easier.
 
Think of it this way – we're still your go-to financial wizards for all things accounting, but for BOI filing, we've found you a specialist who eats beneficial ownership reports for breakfast. It's like when your general practitioner refers you to a specialist – except instead of dealing with your weird rash, they're handling your BOI filing (and trust us, the paperwork is way less itchy).
 
Don't let BOI reporting give you a headache. Between your favorite accounting firm (that's us!) and our filing partner, we've got you covered. Now, back to those exciting nonprofit financial statements... ;)
 
---
*Legal Disclaimer (because our lawyers insist): This blog post is for informational purposes only and shouldn't be confused with legal advice. If you need actual legal advice, please consult a lawyer who won't make as many jokes.*

Significant natural disasters are more and more common these days. It's as though no place on Earth is immune from our changing global climate patterns. Whether it's wildfires in the Pacific Northwest and California, tornadoes or blizzards in the Midwest, or hurricanes and flooding in the South and on the East Coast, it can sometimes feel like there's a disaster somewhere every day. 

We're often asked by our caring clients, "What can we do to help?"

In the wake of Hurricane Ian in 2022, we put together a resource list for those interested in supporting organizations that were on deck to help. This week, we felt called to do the same in the terrible aftermath that is still unfolding over a week after Hurricane Helene trounced the Florida Big Bend and flooded communities from Virginia all the way to Georgia. 

Here are some tips and vetted nonprofits that can use your financial support right now. If you're interested in helping, you can donate directly to these organizations. Every little bit helps.

We know you might be thinking, "But isn't it better if I send supplies or travel to these locations to give my time to help people?"

The answer is an unequivocal NO. 

Officials never advise travel to hard-hit locations. This strains infrastructure and resources when communities are already struggling.
 
Sending supplies causes similar logistics challenges, and unless you know specifically what a community's needs are, your gesture of support may not hit the mark. 

The best thing we can do to help is donate our dollars to worthy causes working on recovery.

Donate to These Nonprofits to Aid Hurricane Helene Victims
These organizations are good options for year-round donations, along with disaster-specific support. Check them out and give wherever your heart calls you to!
​

• American Red Cross - general assistance
• Mercy Chefs - food and beverage support
• World Central Kitchen - food and beverage support
• CARE - cash assistance to victims
• Direct Relief - medical aid
• Mutual Aid Disaster Relief - grassroots support
• Save the Children  - support for babies and children's needs
• Humane Society - show the animals some love

If you know of any other resources that we should list here, please leave us a comment.

​If others ask you to support an organization, do your homework and make sure that they have good ratings from nonprofit watchdogs Charity Navigator and Candid (click below).

Remember: when disaster strikes, we all have to take it one day at a time and hold onto as much gratitude and humanity as we can. We are resilient when we stand together and support each other like the big human family we are. 

FOR IMMEDIATE RELEASE

Sometimes, we get wrapped up in the “accounting” part of our jobs. (We are accountants, after all.) We focus on spreadsheets and financial management platforms and forget about the enormous impact our clients (nonprofit and social enterprises) make in their communities and the world.  
 
We forget that our work enables our clients to maximize their impact.  There is a direct correlation between sound financial management and the ability of a nonprofit to provide broader and more in-depth services. This client case study proves it!

​Our clients are change-makers for good. They provide services and advocacy for underserved and unheard populations. They protect the rights of animals and ensure sustainable food production practices. They work to improve and make more equitable the planet we call home. Can we talk about that as a motivating factor?

Our team recently visited Southwest Florida for our 2023 spring staff retreat. The trip was the perfect opportunity to be reminded how our accounting work makes a difference.
 
In addition to meetings and team bonding, we visited two long-term clients: STARability Foundation, including their STAR Store & Studio, and the Flint Pen Strand Trail, preserved and managed by CREW Land & Water Trust. 

​Our first stop was the STAR Store and Studio in Naples, Florida. We saw first-hand how STARability Foundation transforms the lives of individuals with disabilities through social, vocational, and educational connections to the community. (That’s their mission.) In the STAR Studio, program participants make jewelry, candles, cards, and other gifts to sell in the STAR store. We met Chloe, one of the amazing STAR Studio contributors, and you could feel her pride and happiness as she told us about their work. Queue the goosebumps. 
 
Driving to our next stop, STARability’s headquarters also in Naples, our CEO reminded us that our financial guidance helped the board and staff decide to open the STAR Store in 2021, and later that year, we also helped them ensure product profitability through some financial modeling and analysis. This year, STARability hopes to kick it up a notch with its store and studio, deepening its financial sustainability through its social enterprises. Again, we’ll be on deck to provide growth and revenue model support. This is our ripple effect in full force. 

Later that day, we met our families at CREW’s new hiking trail, Flint Pen Strand, to immerse ourselves in nature (and tire out the young kiddos).
 
CREW stands for Corkscrew Regional Ecosystem Watershed and is responsible for preserving the largest intact watershed in Southwest Florida. We’re talking about 60,000 acres of land that purifies drinking water, prevents homes from flooding, provides habitat for local wildlife, and offers a beautiful space for public recreation. CREW’s existence is essential to the future sustainability of Southwest Florida and, more broadly, the lower half of Florida. Guess who does their accounting? It’s us, and we are proud of it!
 
As we walked with our families on CREW’s newest trail, the Flint Pen Strand Trail, we took in the peacefulness of the surrounding land. Birds chirped, the sky was blue, and Florida slash pines stood high all around us. CREW’s Executive Director, Bob Lucius, gave us a bona fide guided hike and taught us all about the importance of preserving Southwest Florida’s watershed. Water is life.
 
Our CEO, Chantal described the day like this, “I’ve been coming to CREW for 10 years, and every time I do, I feel a sense of calm and peace come over me. We’re so lucky to have this special place to hike, walk, explore, and experience nature. Helping CREW protect Florida’s natural resources makes us all feel like our work makes a difference to people and the planet.”   

​Feedback from the retreat was that our team wants to participate in more immersive client visits and stay even more connected to client news, accomplishments, and impact stories.
 
It’s our client’s work that inspires us.
 
Our work may seem like “just accounting” some days, but our approach helps clients drive deeper impact every day.
 
Queue more goosebumps.
 
We invite you to meet our clients, our team, and learn more about our philosophy at Blue Fox. And if you know of any social-minded number crunchers looking for the perfect place to hone their financial talents, please send them our way! 

​Our team at Blue Fox is proud to announce that our CEO, Chantal Sheehan, is now one of the 150+ Florida business members of Equality Florida’s Equality Means Business Advisory Council.
 
Equality Florida is the largest civil rights organization in Florida dedicated to securing full equality for Florida’s LGBT community. One of the organization’s focuses is to improve Florida’s national and international reputation as an inclusive place to live, work, and visit. To meet their goal, they established Equality Means Business. This program spotlights employers in Florida that have adopted comprehensive
non-discrimination policies and demonstrated their commitment to valuing and proactively including all employees.
 
For her council application, Chantal was asked to write a statement about the importance of diversity and inclusion in the workplace. Here is what she wrote: 

​In addition to their advisory council, Blue Fox became listed on Equality Florida’s Open Doors Florida Pro-Equality Business Directory as a business that supports equality in Florida.
 
Open Doors Florida is a mobile-friendly statewide business directory that spotlights merchants, faith organizations, and other companies that have implemented LGBTQ-inclusive nondiscrimination in their policies and practices of running their businesses.
 
Our team encourages you to browse the directory and work with these businesses and business owners that embrace belonging, fairness, and equal opportunity for their employees and customers!
 
We look forward to a time when we don’t need a directory to help us provide equity to all humans. To get there, we must all do our part and continue to break down barriers to inclusion in whatever ways we can.

[ The following guidance is provided by our trusted advisor and PEO Company, JustWorks ]

Even if you do not bank with SVB, here are some things for you to think about. Some of these may be seen as general best practices, but they also reflect what we’ve learned as we’ve helped impacted customers navigate the current SVB situation.
​

• Have Multiple Banking Partners - If you only have one corporate banking partner, consider opening a second account with another bank as a redundancy for funding critical operations before you need it. Businesses with a backup account with another institution are able to fund their next payroll and create certainty for their teams.

• Establish Sources of Emergency Funding - If you have investors, speak to them about the SVB situation. If a similar situation were to happen to your banking partner(s), talk about the role these investors might be able to play in helping you to bridge payroll to get to the other side. Again, this is something that companies impacted by the SVB situation are working through in real-time. The SVB situation happened extremely fast and having an emergency funding plan in place creates certainty for you and your business.

• Communicate - In any situation impacting payroll, the stress can be high. Have a communications plan ready for your employees. Communicate early, often, and honestly. Let people know what is going on. Even if you miss the employee pay date—you can process off cycle once you gain access to funds. Remember there’s still an obligation to pay your employees in a timely manner—certain states may impose penalties on your company for late wage payments.

Sole proprietors: get out your shoebox of 2022 receipts and let’s get organized. Our team at Blue Fox created this handy Schedule C Worksheet for your profit or loss record-keeping pleasure. If you’re wondering how to fill out the Schedule C Form 1040, this easy-to-use tool will get your financial ducks in a row. We highly recommend using it before you attempt the official IRS form. You may also download the 2023 Schedule C Worksheet and record your 2023 income and expenses as the year progresses. 

UPDATE - 11/4/22:
According to an article by CNBC, Supreme Court again declines to block Biden’s student loan relief plan, "Justice Amy Coney Barrett denied an emergency application brought by the Pacific Legal Foundation to block federal student loan forgiveness... For now, student loan forgiveness remains on hold from a separate challenge brought by six GOP-led states after an appeals court judge in the 8th Circuit granted a stay...Close to 26 million Americans have already applied for student loan forgiveness."

UPDATE - 10/21/22: 
According to this article by CNN, "A federal appeals court put a temporary, administrative hold on President Joe Biden’s student loan forgiveness program, barring the administration from canceling loans covered under the policy, while the court considers a challenge to it." The U.S Department of Education's  application portal says that they will be reviewing applications during this pause so that they are ready to begin processing debt relief once the court cases are resolved.

Our team at Blue Fox is subscribed to receive updates about the Biden-Harris Student Loan Relief Plan and we will continue to share information as we get the facts. 

Please read this message from the U.S Department of Education: 

"Here's a list of Do's and Don'ts to protect yourself against scams as you prepare to apply for debt relief.

• DON'T pay anyone who contacts you with promises of debt relief or loan forgiveness. You will not need to pay anyone to obtain debt relief. The application will be free and easy to use.
• DON'T reveal your FSA ID or account information or password to anyone who contacts you. The Department of Education and your federal student loan servicer will never call or email you asking for this information.
• DON'T ever give personal or financial information to an unfamiliar caller. When in doubt, hang up and call your student loan servicer directly. You can find your federal student loan servicer's contact information at Studentaid.gov/manage-loans/repayment/servicers.
• DON'T refinance your federal student loans unless you know the risks. If you refinance federal student loans eligible for debt relief into a private loan, you will lose out on important benefits like one-time debt relief and flexible payment plans for federal loans.
• DO create an FSA ID at StudentAid.gov. You will not need it for the debt relief application but having an FSA ID can allow you to easily access accurate information on your loan and make sure FSA can contact you directly, helping you equip yourself against scammers trying to contact you. Log in to your current account on StudentAid.gov and keep your contact info up to date. If you need help logging in follow these tips on accessing your account.
• DO make sure your loan servicer has your most current contact information. If you don't know who your servicer is, you can log into StudentAid.gov and see your servicer(s) in your account.
• DO share these messages with your networks and encourage others to sign up at www.ed.gov/subscriptions to be notified when the Student Loan Debt Relief application becomes available.
• DO report scammers to the Federal Trade Commission by visiting reportfraud.ftc.gov."