Latest Newsletter
BREAKING NEWS – Corporate Transparency Act on Hold
as of Monday, March 3, 2024
On Friday March 1, 2024, the U.S. District Court for the District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional. In the case of National Small Business Association v. Yellen (Case No. 5:22-cv-01448) [1], initiated by the National Small Business United, the challenge was against the CTA’s mandate for small businesses to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
The ruling has the effect of suspending all BOI filing requirements for now, all enforcement actions, and all compliance concerns including questions of “practicing law without a license.” Experts believe the ruling will be appealed, probably to the Supreme Court, so this is a temporary filing requirement suspension until a final appeal is exhausted. Voluntary filing appears to still be allowed if for some reason a client desires to file.
Summer Day Camp Expenses May Be Eligible for a Tax Credit
Parents who paid for their children under the age of 13 to attend summer day camps may qualify to claim the Child and Dependent Care Credit on their 2024 tax returns. This credit provides assistance …
Teachers: Make Sure to Save Receipts for Classroom Supplies to Get a Tax Benefit
If you are a teacher gearing up for the new school year, you may be able to reduce your tax bill by keeping records of your expenses. Classroom teachers and certain other school employees may …
Upcoming Tax Deadlines
September
Day
10
Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070.
16
Nonpayroll withholding – If the monthly deposit rule applies, deposit …