News Category: Private Companies

Image of a computer circuit board with a large chip that says 'Security'
April 25, 2025

Five Ways to Protect your Company from Cybersecurity Threats

In today’s connected world, it’s not a matter of if your company will be targeted by cybercriminals, but when. Bad actors can paralyze systems with ransomware, capture sensitive data through phishing schemes, or simply steal data to be sold on … Read more…

Photo of CPA Aaron Sachs, CPA
Image of a desk with a laptop, the screen has the FinCEN logo
March 25, 2025

FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies

The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that eliminates the requirement for U.S. companies and individuals to report beneficial ownership information (BOI) under the Corporate Transparency Act. Existing foreign companies, however, must still report their … Read more…

Photo of Healthcare Niche Leader Nicole McOmber, CPA
Close-up image of the Treasury Department building
March 6, 2025

March 2nd Update: Treasury Department Announces It Will Not Enforce Non-Compliance of BOI Reporting Requirement

Update: The Corporate Transparency Act and its BOI reporting requirements are currently under litigation. Please refer to our most recent post for the latest developments. The Treasury Department announced on March 2, that it will not enforce any penalties or fines related to the beneficial ownership information (BOI) reporting rule under the Corporate Transparency Act, both under the current deadlines … Read more…

Photo of Healthcare Niche Leader Nicole McOmber, CPA
U.S. District Court Ruling Reinstates CTA & Beneficial Ownership Information Reporting Requirement
February 21, 2025

BOI Reporting Deadline Now March 21 – U.S. District Court Ruling Reinstates CTA & Beneficial Ownership Information Reporting Requirement… Once Again

Update: The Corporate Transparency Act and its BOI reporting requirements are currently under litigation. Please refer to our most recent post for the latest developments. A February 18th FinCEN alert notified businesses that the U.S. District Court for the Eastern District of Texas reinstated the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA).  FinCEN indicated that during the … Read more…

Photo of Healthcare Niche Leader Nicole McOmber, CPA
An Image of money with the words 2025 Retirement Plan Limits over it
January 30, 2025

2025 Retirement Plan Contribution Limits, Phase-Out Ranges, and Income Limits

The IRS has released 2025 inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement accounts. (IRS Notice 2024-80) Contribution Limits 401(k), 403(b), and most 457 plans — For 2025, the amount an individual can contribute to a 401(k), … Read more…

Photo of CPA Mark Reynolds
Image of a judges desk with gavel and book
December 30, 2024

Dec. 26th BOI Update: Court Blocks Reporting Requirement…Again

Update: The Corporate Transparency Act and its BOI reporting requirements are currently under litigation. Please refer to our most recent post for the latest developments. In another twist for small-business owners, a federal court has once again halted the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirement. On Thursday, December 26, a Fifth Circuit Court of Appeals panel … Read more…

Photo of Healthcare Niche Leader Nicole McOmber, CPA
Image of a Circuit Court seal
December 26, 2024

Dec. 23rd Appeals Court Ruling Reinstates CTA & Beneficial Ownership Information Reporting Requirement

Update: The Corporate Transparency Act and its BOI reporting requirements are currently under litigation. Please refer to our most recent post for the latest developments. On Monday, December 23, 2024, the Fifth U.S. Circuit Court of Appeals lifted the nationwide injunction issued earlier this month against the Corporate Transparency Act (CTA). Monday’s ruling revives the immediate enforceability of the CTA, … Read more…

Photo of Healthcare Niche Leader Nicole McOmber, CPA
Image of a gavel and a judge writing an injunction
December 17, 2024

Update: BOI Reporting Enforcement Halted

Update: The Corporate Transparency Act and its BOI reporting requirements are currently under litigation. Please refer to our most recent post for the latest developments. On December 3, 2024, a Texas district court order placed a nationwide preliminary injunction on enforcement of the Corporate Transparency Act (CTA), placing the Beneficial Ownership Information (BOI) reporting requirement and its January 1, 2025 deadline on hold. The Department of Justice … Read more…

Photo of Healthcare Niche Leader Nicole McOmber, CPA
Image of business people talking near a table full of charts
December 6, 2024

Current Expected Credit Loss (CECL) Standard for Non-Financial Entities

In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which enacted changes to credit loss recognition thresholds for certain financial instruments. … Read more…

Image of Nadia Costa, CPA
Image of a desk with a calculator and a Lease Agreement
November 3, 2022

ASC 842: Impact of the New Lease Accounting Standard on Private Companies

The long-awaited accounting standards update (ASU) for leases is finally at our doorsteps. ASU 2016-02, and its subsequently issued amendments, enacted some significant changes in accounting for leases, with the primary goal of increasing transparency and comparability among entities and … Read more…

Image of Nadia Costa, CPA
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