Dear Clients, We are writing to inform you about a recent legal development regarding the Corporate Transparency Act (CTA) and its requirement for businesses to report beneficial ownership information (BOI) to the Treasury Department. On Tuesday, December 3, 2024, Judge Amos L. Mazzant III of the U.S. District Court for the Eastern District of Texas...
Starting Jan. 1, 2024, a significant number of businesses were required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people...
To Our Clients and Friends, The end of the tax year is almost upon us, so it’s a good time to think about things you can do to reduce your business’s 2024 federal taxes. With the presidential election coming up, there’s a chance for changes in Congress. We know there will be a...
Dear Valued Clients and Friends of the Firm, As part of our commitment to keeping you informed about important tax and financial regulations, we wanted to update you on the recent IRS finalized and proposed regulations concerning Required Minimum Distributions (RMDs), trust beneficiaries, and other related topics. Key Highlights: 10-Year Rule for Non-Eligible Designated Beneficiaries:...
Now that your taxes are complete and filed for last year, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed...
Tax season should be a time to reclaim some of your hard-earned money, not a source of stress and anxiety. Yet, for many taxpayers, tax-related identity theft is a very real threat. Imagine filing your return, only to find out that someone else has already cashed in your refund. This is a harsh reality for...
As a small business owner, one of your primary goals should be to maximize your business deductions to minimize your tax liability. Effective tax planning can significantly impact your bottom line, allowing you to reinvest more into your business. This comprehensive guide will cover various strategies and deductions available to small business owners, including those...
Underpayment penalties are a common concern for taxpayers, and many are unaware of how substantial they can be. These penalties are assessed by the Internal Revenue Service (IRS) when taxpayers fail to pay enough of their tax liability through withholding or estimated tax payments throughout the tax year. The interest rate for underpayments has been...
The Employee Retention Credit (ERC) was introduced as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020 to help businesses keep employees on their payroll during the COVID-19 pandemic. The credit was designed to provide financial relief to businesses that experienced significant declines in revenue or were forced to suspend...
Proper accounting is the backbone of any successful small business. It ensures that your financial records are accurate, helps you make informed decisions, and keeps you compliant with tax regulations. However, many small business owners, who juggle multiple responsibilities, often commit common accounting mistakes that can lead to significant issues down the line. Avoiding these...