March 2nd Update: Treasury Department Announces It Will Not Enforce Non-Compliance of BOI Reporting Requirement
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 and after upcoming rule changes. … Read more…
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…
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…
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…
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…
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…
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…
Beneficial Ownership Information (BOI) Reporting Deadline Approaching
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. As a reminder, the clock is ticking for U.S. companies to file the new Beneficial Ownership Information (BOI) Report with the federal government. This new reporting requirement for businesses took effect on January 1, 2024 … Read more…
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…
Oregon Corporate Activity Tax Update
ALERT: The Oregon Department of Revenue is adjusting requirements of businesses making estimated quarterly payments of the Corporate Activity Tax. Beginning immediately, the Oregon Department of Revenue has revised OAR 150-317-1300, dated April 27, 2020, to reflect a change in … Read more…
