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There have been some significant developments on the Beneficial Ownership Information (BOI) reporting requirements over the last week. The latest updates are in bold below. ** February 20th, 2025. Following a recent decision by the U.S. District Court for the Eastern District of Texas, the BOI reporting requirements under the CTA are back in effect. …

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Recent court decision: On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction blocking the U.S. Department of Treasury from enforcing the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements nationwide. In Texas Top Cop Shop, Inc., et al. v. Garland, et al. the Court determined that …

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New regulations for inherited IRAs The IRS has issued final regulations, which are set to take effect in 2025, updating the required minimum distribution (RMD) rules. The 260 pages of final regulations adopt most of the regulations as proposed in 2022, including the regulations that address the distribution rules for inherited IRAs. In the final …

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What Small Businesses need to know about The Corporate Transparency Act going into effect in 2024! The Corporate Transparency Act (“CTA”) officially goes into effect on January 1, 2024. This law affects more than just large, publicly-traded corporations. All existing and newly applied-for business entities that were either created in the U.S. or registered to …

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The Biden administration is now proposing to add dozens of new burdensome provisions to the tax code with the recent release of the FY 2024 “Green Book”. While they are saying that many of these provisions are aimed at high-income taxpayers and businesses, workers will ultimately pay the price. Reduced investment and innovation will lead …

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A reminder for retirees who turned 72 during 2022, Sunday April 1, 2023 is the last day to begin receiving payments from IRAs, 401(k)s, and similar workplace retirement plans. Required minimum distributions (RMDs), are normally made by the end of the year, but anyone who reached age 72 during 2022 is covered by a special …

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We’re here to help explain tax and financial planning opportunities. Please contact us at your earliest convenience to discuss your situation  so we can develop a customized plan. In the meantime, here’s a look at some issues impacting small businesses to consider this year. Analysis of your financial statements Let’s look at where your business …

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We’re here to help explain tax and financial planning opportunities. Please contact us at your earliest convenience to discuss your situation so we can develop a customized plan. In the meantime, here’s a look at some issues impacting individuals to consider this year. Charitable contribution planning If you are planning to donate to a charity, …

Read more “Tax Planning for Individuals”