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.
Expanded Home Energy Credits Available for 2023
If you boost your home’s energy efficiency, or shift your home to renewable energy sources in 2023, you may qualify for special federal tax credits in 2023. The Inflation Reduction Act of 2022 expanded the tax credits available this year for residential energy efficiency improvements. Eligible homeowners may be able to claim a credit of up to the 30% of the cost of efficiency upgrades like:
- Energy-efficient doors, windows and skylights, as well as new insulation or air sealing
- More efficient air conditioners, water heaters, furnaces or boilers
- Heat pumps
- Biomass stoves or boilers
- Home energy audits by certified inspectors
Credits for biomass appliances and heat pumps could be as high as $2,000, while a maximum credit amount of $1,200 applies for most other energy efficiency improvements. Installations must meet certain criteria in order to qualify for the credits. In addition to these tax savings, well-chosen efficiency upgrades can significantly reduce utility costs. A home energy expert can help you find opportunities to reduce your energy use, while a tax professional can help you maximize the tax benefits of making those improvements.