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FinCEN Extends Beneficial Ownership Information Reporting Deadline Following Court Decision
By: In a significant development for tax practitioners and their clients, the Financial Crimes Enforcement Network (FinCEN) has extended the deadline for most reporting companies to file their Beneficial Ownership Information (BOI) reports to January 13, 2025. This extension came shortly after the Fifth Circuit Court of Appeals lifted an injunction that had temporarily suspended the reporting requirement. Key Deadline Changes The revised deadlines reflect FinCEN’s recognition that reporting companies need additional time to comply following the period of legal uncertainty. Here are the updated filing requirements: Pre-2024 Entities Companies created or registered before January 1, 2024, now have until January …
Employment Tax Fraud Case Highlights Critical Compliance Lessons for Business Leaders
A recent employment tax fraud case serves as a stark reminder of the serious consequences business leaders face when failing to properly handle employee trust fund taxes. The case involves John Comeau, CEO of Vivid, Inc., a Campbell, California metal coating services company, who faces up to five years in prison for failing to remit approximately $1.15 million in withheld employment taxes to the IRS over nearly a decade. Sentencing is scheduled for April 30, 2025. Case Overview From 2010 through 2019, Vivid, Inc. properly withheld Social Security, Medicare, and income taxes from employee wages. However, Comeau, who held responsibility …
The Irony of Overturning Chevron: New Challenges for Federal Regulations and Tax Professionals
In a striking turn, the Supreme Court’s June 28, 2024 decision in Loper Bright Enterprises v. Raimondo dismantled Chevron deference, the 40-year precedent that gave federal agencies wide latitude to interpret ambiguous laws. Originally established by a conservative court to support deregulation under President Reagan, overturning Chevron now imposes new limits on agency authority, ironically complicating conservative regulatory goals under the incoming Trump administration. Key Impacts on Federal Regulation State Challenges Amplified:Blue states, such as California and New York, gain a potent tool to challenge federal rules on immigration, healthcare, and environmental deregulation under a Republican-led administration.Conversely, red states have …
IRS Expands Business Tax Account: What Tax Professionals Need to Know
Hurriedly spending its IRA22 money, the IRS is improving how businesses manage their tax information with significant enhancements to the Business Tax Account (BTA). This digital evolution represents a critical step forward in providing more accessible and user-friendly tax management tools for corporations and business owners.Key Expansion HighlightsThe most recent update (FS-2024-31) introduces several important changes:Expanded access for C corporationsIntroduction of Designated Officials (DOs) with full tax account accessNew Income Verification Express Service (IVES)Enhanced digital transcript and payment capabilitiesUnderstanding Corporate Designated OfficialsA Designated Official is not just any corporate employee, but a key executive with specific qualifications. These individuals must:Be …
How to Get Your First Client as a CPA
Starting from the Ground Up So, you’ve started your journey as a new CPA. You’re a new force in the market ready to build your client base, but the proposition of finding your first client can be daunting. Where to begin? Networking? SEO? Do I need to build a website from scratch? Calm down. We’ll walk you through it. Whether you’re fresh out of certification or transitioning from a larger firm to start your own practice, this guide will show you how to get accounting clients. Follow these practical guidelines to ensure that you not only get your first client, …
Navigating Virginia CPE Requirements for Accountants and Financial Professionals
By: Everything CPAs need to know about Virginia’s CPE requirements and how you can meet those requirements with the right CPE courses.
Washington CPE Requirements for Accountants
Everything CPAs need to know about Washington’s CPE requirements and how you can meet those requirements with the right CPE courses.
Corporate Transparency Act Enforcement Blocked — For Now
A federal district court has issued a nationwide injunction against the Corporate Transparency Act (CTA), finding the law “likely unconstitutional.” The ruling in Texas Top Cop Shop, Inc. vs. Garland, filed on December 3, 2024, effectively suspends the beneficial ownership information (BOI) reporting requirements that were set to take effect on January 1, 2025. The court’s order provides immediate relief to reporting companies, halting the enforcement of the CTA and its accompanying regulations pending further judicial review. This preliminary injunction represents a critical moment in the ongoing legal scrutiny of federal regulatory mechanisms, potentially signaling broader implications for corporate disclosure …
California Corner: FTB Secure Email Process Change
By: Effective November 23, 2024, FTB Secure Email users are no longer required to register with the California Franchise Tax Board or log in with a password to open an encrypted email. Instead, the user will have two options to view an encrypted message received from FTB: Sign in to the email account (e.g. Gmail or Yahoo account) to view the message, or: Open the message with a one-time passcode. Please note that any existing email messages received from, and replied to, FTB through FTB Secure Email before the November 23, 2024, update will only be retrievable through December 8, 2024. …
Kentucky CPE Requirements for CPAs: Stay Compliant and Meet Deadlines
Everything CPAs need to know about Kentucky’s CPE requirements and how you can meet those requirements with the right CPE courses.
Montana CPE Requirements: What Accountants Need to Know
Everything CPAs need to know about Montana’s CPE requirements and how you can meet those requirements with the right CPE courses.
Utah CPE Requirements: Everything Accountants Need to Know
Everything CPAs need to know about Utah’s CPE requirements and how you can meet those requirements with the right CPE courses.
Tennessee CPE Requirements for CPAs: Your Guide to Compliance
Everything CPAs need to know about Tennessee’s CPE requirements and how you can meet those requirements with the right CPE courses.
South Carolina CPE Requirements: Everything You Need to Know to Stay Compliant
Everything CPAs need to know about South Carolina’s CPE requirements and how you can meet those requirements with the right CPE courses.
Oklahoma CPE Requirements: A Guide for Accountants and Financial Professionals
Everything CPAs need to know about Oklahoma’s CPE requirements and how you can meet those requirements with the right CPE courses.
IRS Provides Transition Relief for Third-Party Settlement Organizations
On November 26th, the IRS issued Notice 2024-85, which provides transition relief for third-party settlement organizations (TPSOs) like PayPal, Venmo, and CashApp. The reporting threshold for 2024 will now be $5,000, dropping to $2,500 in 2025 and $600 in 2026 and beyond.Notice 2024-85 also specifies that for calendar year 2024, the IRS will not assert penalties under section 6651 or 6656 for TPSOs that fail to withhold and pay backup withholding tax during that year. The Background of 1099-K Reporting Threshold Changes These new reporting rules were first introduced as a part of the American Rescue Plan Act in 2021 …
Ohio CPE Requirements: What You Need to Know
Introduction Staying compliant with Ohio’s Continuing Professional Education (CPE) requirements is essential for CPAs and financial professionals to maintain their licensure. With the triennial license renewal deadline fast approaching on December 31, now is the time to ensure your credits are up-to-date and meet the state’s specific requirements.In this post, we’ll cover everything you need to know about Ohio CPE requirements rules, common challenges professionals face, and how you can easily meet the requirements with the right courses. Overview of Ohio’s Accounting CPE Requirements Ohio CPAs must adhere to a detailed set of rules to maintain their active licenses. Below is …
North Carolina CPE Requirements: A Guide to Staying Compliant
Everything CPAs need to know about North Carolina’s CPE requirements and how you can meet those requirements with the right CPE courses.
New York CPE Requirements: A Guide for CPAs
Everything CPAs need to know about New York’s CPE requirements and how you can meet those requirements with the right CPE courses.
Nevada CPE Requirements for Accountants: Stay Compliant Before CPE Deadline
Everything CPAs need to know about Nevada’s CPE requirements and how you can meet those requirements with the right CPE courses.