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.
Tax Filing Deadline on April 15th
The general filing and payment deadline for 2023 federal tax returns is coming up on Monday, April 15, 2024.
In most cases, penalties and interest charges will begin accruing on 2023 tax balances not paid by ...
Watch out for Non-deductible Wellness Expenses Scams
The IRS recently issued a reminder that personal expenses for general health and wellness usually do not qualify as medical expenses for tax purposes. These costs are generally not eligible for reimbursement through a health ...
Upcoming Tax Deadlines
April
Day
1
Electronic filing of Forms 8027 - File Forms 8027 for 2023. This due date applies only if you electronically file. Otherwise, see Large food and beverage establishment employers under February 29, earlier.
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Electronic filing of Forms ...