On March 2, 2025, the Treasury Department announced that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.

Please contact us if you have any questions relative to the CTA/BOI.

BOI REPORTING DEADLINE UPDATE:  On February 27, 2025, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies for not filing by the current deadline.  No action will be taken by them until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed.

Link to FinCEN:  https://fincen.gov/

BOI FILING DEADLINE UPDATE:  The new deadline to file BOI reports is March 21, 2025.

For reporting companies formed after February 19, 2025, or updates or corrections that occur after February 19, 2025, the initial, updated, or corrected BOI report must be filed within 30 days.

There is still a chance that Congress will postpone the deadline to January 1, 2026.  However, it is unknown if that legislation will pass before the new deadline.

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