The landscape of Beneficial Ownership Information (BOI) reporting has shifted with new beneficial ownership reporting requirements set by the Financial Crimes Enforcement Network (FinCEN). We covered the basics of BOI reporting in a previous blog post, but additional changes have since been introduced that impact a wide range of businesses and individuals required to submit BOI under the Corporate Transparency Act (CTA). If you’re a business owner or manager, understanding these updated requirements is essential to ensure compliance and avoid potential penalties. Here’s a comprehensive look at what’s new and what steps your business should take to meet these updated BOI reporting guidelines.
Author: Traci Crabtree
Tax Relief for Hurricane Victims
The IRS has announced vital tax relief for hurricane victims, both for individuals and businesses, affected by two major hurricanes in 2024—Hurricane Helene and Hurricane Milton. Both hurricanes caused widespread damage across several states, and taxpayers in those areas are now eligible for extensions on various tax filings and payments. Here’s what you need to know about the available relief.
Estate Tax Exemptions 2025: Preparing for the Expiration of the Tax Cuts and Jobs Act
As we approach 2025, major tax changes are on the horizon that could significantly impact estate planning. With the expiration of the Tax Cuts and Jobs Act (TCJA), estate tax exemptions could drop from $13.61 million per individual to between $5 million and $7 million — or even as low as $3 million. This upcoming change makes it essential for high-net-worth individuals and families to act now to maximize their estate planning opportunities.
Dallas Business CPA – Recession-Proof Your Business
Recent insights from Bank of America CEO Brian Moynihan highlight a noticeable slowdown in consumer spending, impacting small- and medium-sized businesses (SMBs) significantly. Americans’ spending growth has slowed from nearly 10% in May 2023 to about 3.5% this year. To survive and thrive in this changing economic landscape, business owners must adapt and implement proactive strategies.
How to Avoid Estimated Tax Penalties
Underpayment penalties are a common concern for taxpayers and can be substantial if not managed properly. These penalties arise when you fail to pay enough of your tax liability through withholding or estimated tax payments throughout the tax year. Since October 1, 2023, the interest rate for underpayments has been 8% per year, compounded daily, a significant increase from just a few years ago. Understanding these penalties and strategies to avoid them is essential to prevent unnecessary financial stress. Let’s explore how you can effectively manage your tax payments to avoid estimated tax penalties.
Avoiding IRS Audits & Disputes
Tax law is as complex as it is daunting. Each year, countless taxpayers find themselves entangled in disputes that lead to the tax court. Understanding the most litigated tax issues can empower you and your business to navigate the tax maze more effectively, ensuring compliance and avoiding IRS audits and unnecessary disputes.
Tax Implications of Remote Work for SMBs
In the wake of the pandemic, remote work has become the new norm for many American workers. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and access to a broader talent pool. However, it has also introduced a complex web of tax implications, particularly for small and medium-sized businesses (SMBs).
Overlooked Tax Deductions
As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list everything. But besides what you are probably accustomed to, here are over 20 overlooked tax deductions you may not be aware of and that can save you tax dollars.
Tax Breaks for Hiring Your Children in Your Family Business
Are you aware of the tax breaks available when hiring your children in your family business? Not only can it be financially advantageous to employ family members instead of strangers, but it also offers tax-saving opportunities. Let’s explore the various tax breaks for hiring your children and how it can positively impact your family business.
How to Deduct Meals and Entertainment in 2023
Back in 2020, the Consolidated Appropriations Act (CAA) was signed in an effort to support restaurants impacted by the COVID-19 pandemic, and it allowed companies to deduct 100% of business expenses. However, the CAA ended on January 1, 2023, and now meal and entertainment deductions have reverted to the limits enacted under the Tax Cuts and Jobs Act (TCJA). For tax year 2023, a large percentage of business meal deductions will be 50% deductible, but entertainment deductions remain non-deducible under TCJA.