In 2023, the United States Tax Court issued a ruling in Farhy v. Commissioner stating that the IRS lacked the authority to assess and issue penalties directly for failing to…
Understanding the Evolving Landscape of BOI Reporting Requirements
Beneficial ownership information (BOI) reporting was set to kick off in 2024, but in an unexpected turn of events, a federal court in Alabama ruled the Corporate Transparency Act as…
In Focus: The Latest on the Tax Relief for American Families and Workers Act of 2024
The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) was passed by the U.S. House of Representatives with bipartisan support in late January. The legislation aims…
How the Latest Beneficial Owner Information Reporting Could Impact Your Small Business
A new reporting of beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) will go into effect starting January 1, 2024. Introduced as part of the Corporate Transparency…
Unpacking Clean Energy Incentives for Nonprofit Organizations
When the Inflation Reduction Act (IRA) was passed in 2022, it ushered in a handful of tax credits for clean energy sources like solar power, wind power or electric vehicles….
