Last Friday night (March 2nd, 2024), as reported in different CPA societies like the Florida Institute one, "... a federal court ruled the Corporate Transparency Act (CTA) unconstitutional, potentially putting a temporary halt to the much anticipated beneficial ownership interest (BOI) reporting." As of right now, the CTA and BOI are on hold until there
If you are a small business owner with an EIN or State registration, you are probably required to file identifying information about the individuals who directly or indirectly own or control your company with the Financial Crimes Enforcement Network in order to satisfy requirements under the Corporate Transparency Act. The Beneficial Ownership Information Reporting Rule
The Federal Trade Commission communicated to five tax preparation companies that they could face penalties of up to $50,120 per violation for the misuse of consumers' confidential data. These preparation tax companies were sharing sensitive information such as finance, marital status, number of children and more and monetizing (getting financial benefit) from the taxpayer /
On an email reminder sent last week, the City of Philadelphia requires businesses to give notifications to their employees about a) The Federal Earned Income Tax Credit (EITC) and b) Philadelphia Wage Tax Refund Program on electronic or printed copy and no later than February 1, 2022. The Federal Earned Income Tax Credit (EITC)
In April 2021, there was a report from Fortune media listing some of the companies that paid zero in their 2020 tax return. There are different options on the tax code allowing those companies to avoid paying taxes, such as international transactions, real estate investments, research and development, etc. Note that even if the federal
On Saturday, President Trump signed an executive order aimed at partially extending the $600 per week federal unemployment benefits that expired in July as part of the CARES Act. The Federal unemployment will be $400, which is funded from the nation's Disaster Relief Fund (44 billions). The executive order also established that 75% will be covered
In this period of uncertainty and chaos, we strongly believe that informed individuals take better decisions. These are some updates available as of 3/21/2020. For any additional questions, please, reach out to our office. Federal IRS extends the filing tax deadline and payment to July 15, 2020 (90 days) https://www.irs.gov/coronavirus Payment Plan IRS - There
