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CTA update: major change to BOI reporting requirements in interim final rule

CTA update: major change to BOI reporting requirements in interim final rule

U.S.-formed businesses are now exempt from beneficial ownership reporting under a new FinCEN rule. This change significantly reduces the compliance burden for many companies. Read the full article to see what’s changed, who still needs to report, and what steps (if any) you need to take.
Tax obligations for household employees

Tax obligations for household employees

Hiring household help, such as nannies or housekeepers, brings convenience but also labels you as an employer with specific tax duties. This guide will walk you through your responsibilities, from classifying workers correctly to navigating Social Security and unemployment taxes, ensuring a compliant and rewarding experience for both you and your employees.
How to optimize your business interest deductions

How to optimize your business interest deductions

Discover how optimizing interest expense deductions under IRC §163(j) can significantly impact your business's cash flow and financial planning. From legislative changes brought by the TCJA and CARES Act to strategies for maximizing deductions, this article explores the complexities and opportunities within this evolving tax landscape. Stay ahead with insights into managing debt structures and preparing for future regulatory shifts.
IRS appraisal rules: what you need to know before gifting or donating noncash assets

IRS appraisal rules: what you need to know before gifting or donating noncash assets

Looking to donate or gift noncash assets? Don't do it without understanding the IRS appraisal rules first! Delve into our article to make sure your generosity won't bring unexpected tax complications.
Treasury Suspends Corporate Transparency Act (CTA) Reporting for U.S. Companies

Treasury Suspends Corporate Transparency Act (CTA) Reporting for U.S. Companies

The Treasury Department has suspended the CTA filing requirement for U.S. businesses, signaling a major shift in compliance obligations. While the rule may still face legal challenges, domestic companies are no longer required to report beneficial ownership information—at least for now.
IRS Interest Rates Hold Steady for Second Quarter of 2025

IRS Interest Rates Hold Steady for Second Quarter of 2025

The IRS has announced that interest rates on tax overpayments and underpayments will remain unchanged for the second quarter of 2025. Individuals and businesses should take note of these rates, as they impact potential interest owed or earned on tax balances.
Choosing between donor-advised funds and private foundations

Choosing between donor-advised funds and private foundations

Choosing the right charitable giving vehicle can make all the difference in achieving your philanthropic goals. Whether you’re drawn to the simplicity of a donor-advised fund or the control and legacy-building potential of a private foundation, understanding the key differences is essential. Explore how these tools can amplify your impact and help you create a lasting legacy.
Navigating the unexpected bid: a strategic guide to assessing an offer for your business

Navigating the unexpected bid: a strategic guide to assessing an offer for your business

Are you equipped to assess an unexpected bid for your business? Learn how to strategically assess such bids with our latest article. Equip yourself with the knowledge to make the best decision for your business's future.
FinCEN’s new BOI filing deadline: Implications for small businesses

FinCEN’s new BOI filing deadline: Implications for small businesses

Small business owners need to take note: the Financial Crimes Enforcement Network has set March 21 as the new deadline for filing Beneficial Ownership Information reports under the Corporate Transparency Act. This article explores how these rules impact small businesses, details the recent legal developments affecting deadlines, and outlines essential steps for compliance to avoid significant penalties.
Decoding income definitions: AGI, MAGI, and taxable income explained

Decoding income definitions: AGI, MAGI, and taxable income explained

Navigating the U.S. tax system can be complex, particularly when understanding critical concepts like Adjusted Gross Income (AGI), Modified Adjusted Gross Income (MAGI), and Taxable Income. These definitions impact your tax liability and eligibility for various deductions and credits, playing a pivotal role in financial planning. Empower yourself with the knowledge to make informed tax decisions by decoding these essential terms in our latest article.
Understanding Trump’s proposed tax changes: implications for taxpayers and business owners

Understanding Trump’s proposed tax changes: implications for taxpayers and business owners

Learn about President-elect Trump's proposed tax changes and how they could affect your financial strategy. This nonpartisan article discusses the potential impacts of extending and expanding the Tax Cuts and Jobs Act of 2017, among other proposed changes. Stay informed about potential tax changes and learn how to prepare for them.
Safeguard your personal information while shopping online

Safeguard your personal information while shopping online

Don't let cybercriminals ruin your holiday season. Here's some advice on safeguarding your personal information during the busiest online shopping period of the year.
Key IRS Update: new 1099-K thresholds set through 2026

Key IRS Update: new 1099-K thresholds set through 2026

Significant changes to the IRS's 1099-K reporting thresholds are on the horizon, affecting anyone who uses payment apps or online marketplaces. Starting in 2024, more of your transactions could be reported to the IRS, potentially impacting your tax obligations. Find out what these updates mean for you and how to navigate the new requirements.
Corporate Transparency Act under scrutiny: key developments and implications

Corporate Transparency Act under scrutiny: key developments and implications

The Corporate Transparency Act (CTA) is facing significant legal challenges, leading to a temporary halt in its enforcement. This development has created uncertainty for businesses that are required to disclose beneficial ownership information. Learn about the court ruling and how to navigate the evolving situation.
IRS releases inflation adjustments for 2025

IRS releases inflation adjustments for 2025

The IRS has announced significant inflation adjustments for the 2025 tax year, impacting standard deductions, income tax brackets, and various tax credits. These changes offer potential tax savings for individuals and businesses, making proactive tax planning more important than ever. Discover how the updates could affect your tax strategy and financial future.
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