On December 3, 2024, a Texas Federal Court issued a nationwide injunction blocking the enforcement of the Corporate Transparency Act and staying filing requirement deadlines for Beneficial Ownership Information (BOI) reports. A copy of the Order can be found here. Please be aware that this is only a preliminary injunction. Currently, it is not known
The Corporate Transparency Act (CTA), effective January 1, 2024, requires certain business entities (reporting companies) to report beneficial ownership information (BOI) to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The deadline for businesses that were created before January 1, 2024 have until January 1, 2025 to file their initial BOI report. For reporting
On August 20, 2024, a federal court struck down the FTC’s Rule banning most Non-Compete Agreements. WHAT DID THE COURT DECIDE? The U.S. District Court for the Northern District of Texas granted summary judgment to the plaintiff, Ryan LLC, in its case challenging the FTC’s rule banning most non-compete agreements, holding: that the FTC promulgated
On September 4, 2024, the Federal Trade Commission’s (“FTC”) final rule banning most non-competes with workers is scheduled to go into effect. WHAT DOES THIS FTC RULE PROHIBIT? The FTC’s rule declares that an entity under the FTC’s authority engages in unfair competition if, regarding an worker other than a senior executive, it: Enters into or
Starting on January 1, 2024, certain privately held companies in the United States will have to report information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) as part of the Corporate Transparency Act. Any corporation, limited liability company, limited partnership, or other similar entity which was created or registered to do business
How are Expense Reimbursements Taxed by the IRS? If your business reimburses you or your employees for out-of-pocket expenses, the IRS treats such reimbursements as being made under either an accountable plan or a non-accountable plan. If reimbursements are made under a non-accountable plan, they are taxed as income to the employee and the business
On May 11, 2022 the Georgia Department of Revenue began issuing one-time tax refunds as authorized by House Bill 1302. This legislation allows for an additional refund of income taxes from 2020, due to the state experiencing a revenue surplus. Single filers and married individuals who file separately were able to receive a maximum refund
Every year the Internal Revenue Service (“IRS”) announces a list of twelve of the worst tax scams that taxpayer may encounter that year, it is referred to as the Dirty Dozen. This year’s list focuses on abusive transactions, deceitful tax companies, pandemic-related scams, and personal information scams. Taxpayers are encouraged to look out for these
The Internal Revenue Service (“IRS”) has recently released guidance regarding methods for reporting partnership tax capital accounts. Partnerships & limited liability companies filing Form 1065 for tax year 2020 must calculate partner capital accounts using the transactional approach for the tax-basis method. According to IRS data, most partnerships already use the tax basis method, but
President Trump announced four executive orders on Saturday, August 8th, 2020. One of the Orders included a payroll tax holiday that will start September 1st, and go through December 31st, 2020. The President directed the Secretary of the Treasury to defer the withholding deposit, and payment of Social Security taxes. Typically, employees and employers each
