Dec 26, 2024
In light of the Fifth Circuit’s decision to reinstate the Corporate Transparency Act (CTA), the federal government has extended the January 1, 2025 reporting deadline. The government’s updated guidance, which was published by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), can be found on FinCEN’s Beneficial Ownership Information (BOI) website.
The most notable deadline extension applies to reporting companies created or registered prior to January 1, 2024. Those entities now have until January 13, 2025 to file their initial BOI Reports. That same extension applies to reporting companies created or registered on or after September 4, 2024 (i.e., entities that would have been required to file BOI Reports during the period in which the CTA was subject to a nationwide preliminary injunction). Reporting companies created or registered during the period spanning December 3, 2024 to December 23, 2024 will also enjoy a brief extension. According to FinCEN, those entities will have an additional 21 days from their original filing deadline to file their initial BOI Reports.
This story is rapidly evolving. In the coming days and weeks, we expect to see additional court challenges and a likely appeal to the Supreme Court of the United States. We will continue to monitor the situation and provide updates as they become available.
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Dec 30, 2024
All over the business world, accountants, lawyers, financial executives and journalists have been scrambling to keep up with the latest soap opera in the financial community: what's happening with the Corporate Transparency Act and its ownership reporting rules.
Dec 20, 2024
Benefits can boost employee morale as well as loyalty to the job and your company, but some benefits come with tax implications. Read through to learn which benefits add to employee income so that you can withhold correctly and avoid penalties.
Dec 19, 2024
The Corporate Transparency Act was slated to affect many businesses in 2025 with some heavy-duty reporting requirements. But a court has just effectively stopped it, definitely for now, and possibly permanently. Read through for some details.
Dec 18, 2024
Form W-2 is the wage and tax statement that employers give to employees and to the IRS to show each employee's income earned and taxes withheld. Read through to better understand how the government uses the form.
Dec 17, 2024
It is important to understand the tax policies and initiatives that United States President-elect Donald Trump spoke about during his campaign. Some, all or even none of them may come to pass. Read through to see how the situation may change, so you can be prepared.
Dec 16, 2024
As it does every year, the IRS has made inflation adjustments to a variety of provisions. These take effect in 2025, and generally will be applicable when filing taxes in 2026. Read through for a summary of the main changes.
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