Blog
House Passes Sweeping Tax Bill: SALT Cap Expansion, TCJA Extensions, and Other Tax Provisions Head to Senate
On May 22, 2025, the House of Representatives passed H.R. 1, sending a broad tax and domestic policy package to the Senate for further consideration. While the bill represents a significant step in advancing President Trump’s proposed agenda, none of its provisions are currently law, and the final version remains subject to change.
Trump’s Tax Proposal: What It Means for Businesses and Individuals
As of May 21, 2025, President Trump’s proposed tax legislation remains under active debate and revision. Introduced as part of a broader budget reconciliation package, the proposal seeks to extend or expand key provisions from the Tax Cuts and Jobs Act (TCJA) while...
Treasury Suspends Penalties and FinCEN Delays BOI Reporting Deadline
On March 2, 2025, the U.S. Treasury Department announced that it would not impose penalties for failing to comply with the reporting requirement for the beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). Along with suspending fines tied...
Potential Changes to BOI Reporting Amid Legal Battles and Rising Penalties
As the legal process unfolds, FinCEN plans to evaluate potential modifications to CTA reporting requirements to reduce compliance burdens for lower-risk entities while focusing enforcement on major national security threats. While legal challenges persist, FinCEN has adjusted civil penalties due to inflation. Under the Federal Civil Penalties Inflation Adjustment Act, the daily fine for failing to comply with BOI requirements or misusing BOI data increased from $591 to $606 as of January 17.
Plaintiffs Urge Supreme Court to Block Beneficial Ownership Reporting Enforcement
Responding to Justice Samuel Alito’s request for their position by January 10, 2025, the plaintiffs urged the Supreme Court to reject the DOJ’s request to lift the nationwide injunction halting enforcement of the Corporate Transparency Act (CTA). They argued that pausing compliance deadlines poses minimal harm to the government, especially given its own three-year delay in implementing the law.
Countdown to Change: How the TCJA’s Expiration Could Impact Your Taxes—and What to Do Now
As 2024 comes to a close, taxpayers need to brace for significant changes that could profoundly impact their tax obligations. The Tax Cuts and Jobs Act (TCJA), enacted in 2017, introduced sweeping tax breaks and lower rates, but its impending expiration may result in major shifts for individuals and businesses alike.
Small Business Certifications: Your Key to Winning Federal Contracts
Qualifying as a small business can offer significant advantages under the U.S. Small Business Administration (SBA). Attaining small business status opens doors to exclusive opportunities, including lucrative reserved federal contracts. In 2023, small businesses were...
Urgent: U.S. Entities Face Hefty Penalties Without Timely BOI Filing
The Corporate Transparency Act (CTA) of 2021 was enacted to increase transparency in business ownership and prevent illegal activities like money laundering and tax evasion. Starting January 1, 2024, entities must report beneficial ownership information (BOI) to the...
Succession Planning: Maximizing a Business’s Value
Selling a business involves meticulous planning and strategic actions long before the “For Sale” sign goes up.
Delay for implementation of — 600 reporting threshold
The IRS announced a delay in reporting thresholds for third-party settlement organizations (TPSOs) set to take effect for the upcoming tax filing season.