News Category: Tax Advisory: U.S. Federal

Image of a gavel and a judge writing an injunction
December 5, 2024

Update: BOI Reporting Enforcement Halted

On December 3, 2024, a Texas district court issued a nationwide preliminary injunction against the Corporate Transparency Act (CTA). This injunction means that Beneficial Ownership Information (BOI) reporting is no longer required, and noncompliance with the January 1, 2025, deadline … Read more…

Image of a glass globe paperweight on top of financial charts
November 15, 2024

Beneficial Ownership Information (BOI) Reporting Deadline Approaching

Update: This information is now outdated as of December 5, 2024. Please click here to see our December 5, 2024 post for the latest developments. As a reminder, the clock is ticking for U.S. companies to file the new Beneficial … Read more…

Image of the exterior building of the Internal Revenue Service
September 11, 2024

IRS Releases Second ERC Voluntary Disclosure Program

As questions continue to linger regarding the status of Employer Retention Credit refunds and IRS correspondence, the IRS announced a limited second voluntary disclosure program for taxpayers to resolve refunds or credits for erroneous employee retention credit (ERC) claims. As … Read more…

Image of glittering corporate buildings in the sunrise
December 14, 2023

Businesses: Do you have to comply with the new corporate transparency reporting rules?

Please Note: It is the sole responsibility of business owners to comply with the Corporate Transparency Act (CTA), including meeting Beneficial Ownership Information (BOI) reporting requirements, the collection of relevant ownership information, and the filing of BOI reports to FinCEN. … Read more…

Image of hands holding phones with 'payment sent' and 'payment selected' on their screens
November 29, 2023

IRS delays new reporting rule for online payment processors

For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online marketplaces such as Venmo and eBay. While the delay should … Read more…

Image of the United States Department of the Treasury
November 3, 2023

Beneficial Ownership Information Reporting Requirement under the Corporate Transparency Act

Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA”). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires … Read more…

Image of the exterior building of the Internal Revenue Service
September 15, 2023

IRS immediately halts the processing of new ERC claims

The IRS announced on September 14, 2023 that it would immediately halt the processing of new Employee Retention Credit claims to add more safeguards to protect businesses from scams and prevent future abuse. The moratorium will run through at least … Read more…

Image of a nest with a golden egg that says 'ROTH' placed in it, with money in the background
September 8, 2023

IRS issues guidance on new retirement catch-up contribution rules

In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and employees. With the new … Read more…

Image of a cloudy sky and a full mailbox
July 7, 2023

IRS Warns Taxpayers of New ‘Cardboard Envelope’ Scam

The Internal Revenue Service warned taxpayers earlier this week to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund. The new scheme involves a mailing coming in a … Read more…

Image of an electric vehicle outline made of green leaves
April 14, 2023

IRS guidance coming regarding the IRA’s Clean Vehicle Credit

The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the … Read more…

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