Blog
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.
Business Mileage Rate Increase
The IRS issued the optional standard mileage rates for calculating the deductible costs of operating a car for 2023.
The Tax Treatment of Cryptocurrency
The IRS treats cryptocurrency as property, not money, and taxes it like a stock. Taxpayers must disclose gains and losses on investments in digital assets.
Leadership Diversity Can Improve Financial Outcomes
Board and executive diversity continue to be a top priority for many corporate directors and investors as diversity, equity, and inclusion (DEI) initiatives have been linked to improved company performance. Source: FM (Financial Management)