BOI FILING DEADLINE UPDATE: The new deadlines for Beneficial Ownership Information (BOI) reporting are on hold again. On Saturday, December 28, the U. S. Fifth Circuit Court of Appeals reimposed the injunction imposed by a U. S. District Court in Texas. At present, filing BOI reports is voluntary.

BOI FILING DEADLINES UPDATED: as of December 23, 2024

Beneficial Ownership Information (BOI): Most privately-held business entities are now required to report information to FinCEN about the individuals who ultimately own or control them. Reporting deadlines are as follows:

Entities created or registered:

• before January 1, 2024, will have to file by January 13, 2025 (extended from the original deadline of January 1,2025).
• on or after September 4, 2024:
  • If the original filing deadline fell between December 3 – 23, 2024, these companies now must file by January 13, 2025.
  • If created or registered between December 3 – 23, 2024, these companies now have an additional 21 days from their original filing deadline to file (so a total of 111 days to file, up from the original 90 days).
• on or after January 1, 2024, and before September 4, 2024, have 90 calendar days to file.
• on or after January 1, 2025, will have 30 calendar days to file.

For entities qualifying for disaster relief: These entities may have extended deadlines beyond January 13, 2025, and should adhere to whichever deadline falls later.

https://www.fincen.gov/boi

Beneficial Ownership Information (BOI): Most privately-held business entities are now required to report information to FinCEN about the individuals who ultimately own or control them. Reporting deadlines are as follows:

Entities created or registered:

• before January 1, 2024, will have to file by January 1, 2025.
• on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days to file.
• on or after January 1, 2025, will have 30 calendar days to file.

https://www.fincen.gov/boi

https://www.irs.gov/newsroom/irs-announces-delay-in-form-1099-k-reporting-threshold-for-third-party-platform-payments-in-2023-plans-for-a-threshold-of-5000-for-2024-to-phase-in-implementation

The IRS has warned taxpayers against a new mailing scam trying to mislead them into believing they are owed a tax refund.

https://www.irs.gov/newsroom/irs-security-summit-partners-warn-taxpayers-of-new-scam-unusual-delivery-service-mailing-tries-to-trick-people-into-sending-photos-bank-account-information

In a decision issued on June 13, 2023, in The Atlanta Opera, Inc., the NLRB overruled the standard for determining independent contractor status under the 2019 SuperShuffle ruling, and replaced it with the 2014 ruling, FedEx Home Delivery, thus making it more difficult for employers to classify workers as independent contractors. LEARN MORE

The IRS issued guidance stating that most Massachusetts taxpayers who received a Chapter 62F refund in 2022 will not be required to pay a federal income tax on that refund.  Certain qualifications apply. Please check with your CPA or tax advisor. LEARN MORE

The IRS is studying the situation and is expected to issue guidance in the near-term. We recommend waiting for additional clarification from the IRS before filing your 2022 income tax returns. LEARN MORE

The Massachusetts deduction for charitable contributions has been suspended since 2002 when it was tied to the return to the 5% state income tax. Implementation was again delayed due to the uncertainty relative to Covid19. READ MORE