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Here We Go Again… BOI UPDATE
On December 26, 2024, a federal appeals court reinstated a nationwide injunction halting enforcement of Beneficial Ownership Information (BOI) reporting requirements, reversing an order the same court issued earlier this week. Currently, BOI reporting is Voluntary Submission Only. The following is a timeline of events as they currently have taken place in the last month: December 3 – The U.S.
LATEST NEWS: BOI FILING DEADLINES – UPDATED
As a result of a December 23, 2024, federal Court of Appeals decision, reporting companies are once again required to file beneficial ownership information with FinCEN. The Department of the Treasury recognizes that reporting companies may need additional time to comply and have provided filing relief. Visit FinCen (https://fincen.gov/boi) for the most recent Alert on reporting deadline extension dates. Author:
Beneficial Ownership Information Reporting – Update
On Tuesday, Dec. 3, 2024, a Federal district court issued a decision (Texas Top Cop Shop, Inc. v. Garland) that found that the CTA is likely unconstitutional. The decision includes an injunction, which applies nationally, prohibiting the enforcement of the CTA and the BOI reporting rule. Although FinCEN is barred from enforcing BOI filing requirements while the case is pending,
Tax Credit Bills Passed by Michigan House for Qualifying R&D Expenses
On November 14th, Michigan House Bills 5100-5101 were passed by the Michigan House and are waiting for Governor Whitmer to sign. The bills passed will give tax credits for businesses that are eligible for qualifying R&D expenses. The Michigan tax credit will adopt the federal income tax definition of qualifying R&D expenses. At this time, there is no timeline for
Intuit Announces Quickbooks Payroll Updates Requiring Immediate Action
For anyone using Intuit’s QuickBooks Online Payroll subscription, there are important updates that will require immediate action affecting W2 printing and tax impounding. Keep reading to learn more about these updates and what you need to do. Intuit QuickBooks Payroll Update 1: W2 Printing The first big change Intuit is implementing is starting January 2025, QuickBooks will automatically mail W2’s
How the Build It in America Act May Affect Your Business
On June 13, the United States House Committee on Ways and Means, the chief tax-writing committee in the House of Representatives, passed the Build It in America Act (H.R. 3938). According to the Ways and Means Committee, this legislation would “counter China’s growing global economic influence by restoring American business competitiveness, securing global supply chains, and prohibiting U.S. foreign land