Financial Resources & News
BOI Filing Requirement Reinstated
The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been reinstated. Financial Crimes Enforcement Network (FinCEN) has announced March 21, 2025 as the revised deadline for most entities that are required to file. This announcement follows a series of legal challenges that briefly halted the filing requirement, only for the courts to lift the injunctions and revive the law. There are ongoing legal challenges and potential legislation that could alter the filing requirements. In addition, FinCEN is assessing its options for further modifying the filing deadlines. As of February 21, 2025, most reporting entities created prior to January 1, 2024 are required to file by March 21, 2025.
Beneficial Ownership Information (BOI) Reporting Requirement Currently Suspended Nationwide
On December 3rd, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction enjoining enforcement of the BOI reporting rules and has stayed the compliance deadline.
End-of-year tax strategies for individuals
As the year-end approaches, it’s time to for strategic tax planning. From assessing your current tax situation and understanding deductions to maximizing retirement contributions and managing investment gains, this guide offers valuable insights to help minimize your tax burden.
Smart year-end tax moves for businesses
As year-end approaches, small business owners face crucial tax planning decisions that can impact their financial health. From leveraging deductions and managing cash flow to understanding the intricacies of the QBI deduction, this article offers strategic insights to optimize your tax position before ringing in the new year.
2023 Year-End Guide – Financial Transactions
The tax rules dealing with financial transactions and instruments can be complicated, but failure to understand these rules and their application to your business’s transactions could result in negative tax consequences or forgone opportunities.
2023 Year-End Guide – Partnerships
The IRS in the past year has been actively challenging partnerships’ tax positions in court – from the valuation of granted profits interests to limited partner self-employment exemption claims and the structuring of leveraged partnership transactions. At the same time, the agency is dedicating to new funding and resources to examining partnerships.
2023 Year-End Guide – International Tax
2023 has seen important activity with regulation of international tax. Following is a list of items to consider and be aware of for 2023 year-end planning and beyond.
2023 Year-End Guide – State and Local Tax
With thousands of taxing jurisdictions, from school boards to counties and states, and many different types of taxes, state and local taxation is complex. Each tax type comes with its own set of rules — by jurisdiction — all of which require a different level of attention.
2023 Year-End Guide – Tax Accounting Methods
A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Strategically adopting or changing tax accounting methods can provide opportunities to drive tax savings and increase cash flow.