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.
Opening Date for 2023 Tax Filing Season
The IRS began accepting 2022 tax returns for processing on January 23, 2023. The filing deadline for 2022 returns is April 18, 2023.
If you have a federal tax refund coming, you can track it by using the Where’s My Refund tool (link below) once the IRS has accepted your return. Many taxpayers who file electronically and request direct deposit will receive their refunds within 21 days. However, the IRS will not issue refunds resulting from the Earned Income Tax Credit (EITC) until February 28 or later.
To avoid processing delays, make sure that your return is complete and free from errors. A tax professional can help you file an accurate return electronically and set up direct deposit, so that your refund comes as quickly as possible.
IRS Where’s My Refund? Tool: https://www.irs.gov/refunds