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 Home Upgrades and Kids’ Activities May Bring Tax Benefits
Some projects and activities that people typically undertake in summer may qualify for 2024 tax credits. For example, upgrades to keep your home cool and comfortable may be eligible for clean energy or energy efficiency …
IRS Impersonation Scams
The IRS recently posted warnings about new and ongoing scams where the perpetrators pose as IRS personnel, or representatives of other government agencies like the Social Security Administration or Medicare. They may also claim to …
Upcoming Tax Deadlines
July
Day
10
Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070.
15
Nonpayroll withholding – If the monthly deposit rule applies, deposit …