CTA and BOI Reporting RequirementsThe Treasury Department announced on Sunday, March 2, that it will no longer enforce the Corporate Transparency Act (CTA) or the associated Beneficial Ownership Information (BOI)…

New Filing Deadline BOI  Beneficial Ownership Information (BOI) reporting has been reinstated by FinCEN. On February 18th, the stay on enforcement of the BOI reporting requirement was lifted by the…

Form 1099 Reporting We want to remind you of the requirements of Form 1099 reporting.  Please note, this is a very general discussion and is not all-inclusive.  To fully understand…

Sale of Partnership Interest – Partner & Partnership Notification Requirement Partnerships are required to report the sale or exchange of a partnership interest where the partnership holds IRC. Section 751…

Revenue Procedure 2024-28 Digital Asset Cost Basis Final regulations were recently issued regarding the determination of cost basis for digital assets (cryptocurrencies, NFTs, etc.) effective January 1, 2025.  The final…

IMPORTANT UPDATE: The Corporate Transparency Act Circus Continues   On December 26th, only three days after lifting the injunction of the United States District Court on enforcement of the Corporate…

The IRS recently issued News Release 2024-288, announcing an important update for businesses regarding beneficial ownership information (BOI) reporting. Many businesses will need to comply with new BOI reporting requirements…

Beneficial Ownership Information Reporting             Unfortunately, it appears that the election has interfered with possible action by Congress to eliminate or postpone the Beneficial Ownership Information (BOI) reporting to Financial…

Important Filing Update Entities that have been formed through registration with a state’s Secretary of State or similar office must file an information report with Treasury’s Financial Crimes Enforcement Network…

Caution: This explanation is general in nature and should not be used for specific planning. Beneficial Ownership Information Reporting Penalty IncreaseAs if a $500 per day penalty were not large…