On Tuesday, December 3, 2024, a federal district court in the Eastern District of Texas, issued an order granting a nationwide preliminary injunction that prohibits the Corporate Transparency Act (CTA) from enforcement of the statute and regulations that implements its beneficial ownership information reporting requirements, and, specifically stays all deadlines to
The IRS released the amount individuals can contribute to their 401(k) plans in 2025. The contribution limit has increased to $23,500, up from $23,000 for 2024. The IRS today also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year
Subject: Understanding the CTA Beneficial Ownership Reporting Rules Dear [Business Owner’s Name], I am writing to inform you about an important regulatory update that could impact your business. The Corporate Transparency Act (CTA) has introduced new beneficial ownership information (BOI) reporting requirements that may affect how your company operates and
Do you have clients who are still waiting for a refund from a deceased taxpayer’s year 2022 or 2023 final income tax return? The IRS significantly delayed issuing refunds for final income tax returns filed with an attached Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer. This
The IRS announced a limited time reopening of the Voluntary Disclosure Program to help businesses fix incorrect Employee Retention Credit claims. The Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP) will run through November 22 and allow businesses a chance to correct improper payments at a 15% discount and avoid
The IRS is reminding tax professionals that multi-factor authentication is now a federal requirement. All tax professionals are now required under the Federal Trade Commission’s safeguards rule to use multi-factor authentication, or MFA, to protect clients’ sensitive information. The June 2023 change mandates MFA to strengthen account security by requiring
