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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Jan 16, 2025
Most people know that generally, business travel is tax deductible. But there are a lot of rules and exceptions. Read through for an intro to travel deductions, so you can be sure you don't make any mistakes.
Jan 15, 2025
Cost-of-living adjustments affect dollar limits for pension and other retirement-related items for tax year 2025—and your contribution to such accounts increases. Read through to see the IRS stipulations regarding specific retirement programs.
Jan 14, 2025
Employers have always wanted to track employee work time. Today, apps do the work that used to be done by time clocks. read through to see what's on the market and how it might work at your company.
Jan 13, 2025
If you use your car for business, charity, medical or moving purposes, you may be able to take a deduction based on the mileage used for that purpose. Read through for the 2025 rates and a link for further details.
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.
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