The deadline for Beneficial Ownership Information (BOI) Reporting under the Corporate Transparency Act (CTA) is fast approaching, with most reporting entities needing to file by January 1, 2025. While this…
Key Questions to Consider When Crafting Your Effective Tax Strategy
With April 15 behind us, many business owners view this as a chance to set aside thinking about taxes for months. While they will pay their quarterly estimates and work…
The Battle Over IRS Penalties: Understanding the Farhy v. Commissioner Decision
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…
