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.
IRS Enhances "Where’s My Refund" Tool
The IRS has added a new feature to the “Where’s My Refund?” tool, available online (link below) and in the IRS2Go mobile app. Previously, you could only use the tool to check your refund status for the most recently filed return, and only if that return covered one of the last two tax years. However, as of May 25, 2022, the tool can now provide information on refunds from any of the last three tax years (2019, 2020 and 2021).
To use the tool, you will need your filing status, taxpayer ID number (SSN or ITIN) and expected refund amount for that tax year. The ability to check multiple years will be a great help to the many taxpayers still waiting for their 2019 or 2020 returns to be processed. If you have not yet filed a tax return for 2021, then the sooner your file, the sooner you can receive your refund.
IRS Where’s My Refund? Tool: https://www.irs.gov/refunds