On February 27, 2025, FinCEN released a statement that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act (CTA) by the current deadlines. On February 17, 2025, FinCEN issued an alert that the new deadline for most companies would be March 21, 2025. Now, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines no later than March 21, 2025.
On April 3, the United States Tax Court issued a ruling that holds that the Internal Revenue Service does not have authority to assess penalties for failure to file Form 5471. Click here to read more.
On April 9, 2022, New York passed tax legislation (A9009-C S8009-C) that made significant changes to the NYS Pass-Through Entity Tax (“NY PTET”) and established a NYC Pass-Through Entity Tax (“NYC PTET”).
New York State announced the launch of the $35 million Restaurant Return to Work Credit Program on July 29, 2021. This credit can provide up to $50,000 ($5,000 per new worker hired between April 1, 2021 and December 31, 2021) to qualified restaurants in New York State and City. Also, On July 22nd New York State announced the launch of a two-year $100 million state tax credit program for qualified production companies that are principally engaged in the production of musical or theatrical productions located in New York City.
On March 31, 2021, President Biden unveiled the “Made in America Tax Plan” as part of the $2 trillion infrastructure “American Jobs Plan”. The American Jobs Plan is an ambitious infrastructure plan primarily targeting roadways, bridges
In this era of Congressional contentiousness, any legislation that comes out of those chambers with bipartisan support deserves note. Such is the case with the SECURE Act, an acronym for “Setting Every Community Up for Retirement Enhancement,” which was passed last July by a near-unanimous vote in the House of Representatives. But the SECURE Act also warrants a note of caution for those heavily invested in IRAs and/or 401(k) plans because it truly is a “game-changer,” and not for the better, when it comes to the distribution and taxation of withdrawals from inherited plans.
In December of 2017, the Tax Cuts and Jobs Act outlined a new program called “Opportunity Zones” (OZs) that offered tax breaks for investing in underdeveloped/distressed communities via Qualified Opportunity Funds (QOFs). In October 2018, substantially more detail on the OZs was provided, and in April 2019, the IRS and Treasury Department issued a 169-page document that detailed regulations governing OZs. According to the IRS, a QOF is set up either as a partnership or corporation (LLCs qualify also) for investing in an eligible property located in one of the OZs.
After nearly 27 years the IRS has finally gotten around to proposing closure to a number of the §2704 “loopholes” that have benefitted many family-owned businesses. Should the changes be enacted, as proposed, the family-controlled corporation, partnership, LLC and other forms of family-owned businesses will be directly affected. Here’s the reason why.
On December 15th of 2015, House Speaker Paul Ryan, R-Wis., announced to the Republican lawmakers during a conference meeting that negotiators have reached an agreement in principle on a tax-extenders package worth approximately $800 billion. In addition, an agreement was also reached that would fund the federal government through September 30th of 2016. The bills are expected to arrive on the House floor as early as December 17th with the Senate consideration expected before Congress adjourns for recess.
We use cookies to offer you a better experience and analyze site traffic. By continuing to use this website, you consent to the use of cookies in accordance with our Cookie Policy. Accept
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
FinCEN Suspends Enforcement of BOI Reporting Requirements and Plans to Limit CTA Scope to Foreign Entities
