Dec. 26th BOI Update: Court Blocks Reporting Requirement…Again
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 vacated a prior decision made … 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…
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…
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…
Businesses: Do you have to comply with the new corporate transparency reporting rules?
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. 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 … Read more…
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…
Beneficial Ownership Information Reporting Requirement under the Corporate Transparency Act
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 Corporate Transparency Act (CTA) includes a Beneficial Ownership Information (BOI) reporting requirement, requiring certain companies to disclose information about those who own or control the company. It is anticipated that 32.6 million businesses will be required to comply with this reporting requirement. The intent of the … Read more…
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…
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…
