The One Big Beautiful Bill Act (OBBBA) was passed and signed into law in July, making several expiring tax cuts permanent and also introducing several new temporary provisions through 2028, impacting both individuals and businesses. Here’s a sample of what’s in store: Individuals The bill primarily focuses on extending individual tax benefits that are set…
In yet another twist in the on again off again saga of the Corporate Transparency Act and Beneficial Ownership Information, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an interim final rule removing the requirement for US companies and US people to report. The interim final rule defines “reporting companies” as applying only to…
It’s been an ongoing ping pong match between FinCEN, the Courts, the American Public, and now the Treasury Department regarding the status of the Corporate Transparency Act (CTA) and the filing of Beneficial Ownership Information (BOI). The US Treasury Department has now weighed in and on March 2, 2025, they announced that they would not…
On February 18th, the US District Court for the Eastern District of Texas issued a decision in Smith, et al v US Department of the Treasury. In its’ decision, the Court reinstated the enforceability of the Corporate Transparency Act (CTA). Following that decision, FinCEN issued a notice that the initial Beneficial Ownership Information Reports (BOI)…
In a very interesting game of judicial ping pong, late yesterday the full Fifth Circuit Court of Appeals reinstated a preliminary injunction against the enforcement of the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) filing requirements, reversing its own three-judge panel ruling from three days earlier. However, this relief may be short…
On December 23rd, the US Court of Appeals, Fifth Circuit, granted the government’s motion and lifted the nationwide preliminary injunction against enforcement of the Corporate Transparency Act (CTA) issued by the US District Court for Eastern District of Texas in Texas Top Cop Shop, Inc. v. Garland. This allows the government to enforce the law while…
The IRS has announced that New York winter storm and snowstorm victims now have until May 15, 2023 to file various federal individual and business tax returns and make tax payments. The counties include Erie, Genesee, Niagara, St. Lawrence and Suffolk Counties. No penalty will be incurred with respect to any filing and payment deadlines…
The SECURE Act…Setting Every Community Up For Retirement Enhancement (SECURE) was initially enacted in 2019. In late December 2022, Congress enacted the Consolidated Appropriations Act, a spending Bill that included significant changes to retirement planning, contributions, and distributions. Known as the Secure Act 2.0 of 2022, it includes a number of retirement, tax, and other…
Not sure whether you have taken advantage of the Employee Retention Tax Credit (ERTC or ERC)? Designed as an incentive for small businesses to keep employees on the payroll during the COVID-19 crisis, the ERC was established to help relieve some of the pressures of business owners by providing a refundable tax credit to eligible…
The IRS has announced tax relief for victims of Hurricane Ida in parts of New York and New Jersey. Individuals and businesses in certain counties within the disaster area now have until February 15, 2022, to file various individual and business tax returns and to make tax payments. This is an additional extension from the…