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Here We Go Again… BOI UPDATE
On December 26, 2024, a federal appeals court reinstated a nationwide injunction halting enforcement of Beneficial Ownership Information (BOI) reporting requirements, reversing an order the same court issued earlier this week. Currently, BOI reporting is Voluntary Submission Only. The following is a timeline of events as they currently have taken place in the last month: December 3 – The U.S.
LATEST NEWS: BOI FILING DEADLINES – UPDATED
As a result of a December 23, 2024, federal Court of Appeals decision, reporting companies are once again required to file beneficial ownership information with FinCEN. The Department of the Treasury recognizes that reporting companies may need additional time to comply and have provided filing relief. Visit FinCen for the most recent Alert on reporting deadline extension dates. Author:
Beneficial Ownership Information Reporting – Update
On Tuesday, Dec. 3, 2024, a Federal district court issued a decision (Texas Top Cop Shop, Inc. v. Garland) that found that the CTA is likely unconstitutional. The decision includes an injunction, which applies nationally, prohibiting the enforcement of the CTA and the BOI reporting rule. Although FinCEN is barred from enforcing BOI filing requirements while the case is pending,
Intuit Announces Quickbooks Payroll Updates Requiring Immediate Action
For anyone using Intuit’s QuickBooks Online Payroll subscription, there are important updates that will require immediate action affecting W2 printing and tax impounding. Keep reading to learn more about these updates and what you need to do. Intuit QuickBooks Payroll Update 1: W2 Printing The first big change Intuit is implementing is starting January 2025, QuickBooks will automatically mail W2’s
Important Michigan Treasury Online Payment Changes
On April 13, Michigan Treasury Online (MTO), the online service that allows businesses to file and pay business taxes, will transition from their current payment platform PayConnection to Paymentus.
1099-K Updates Delayed Again
Earlier this year, we discussed Form 1099-K and the IRS’ plans to delay its updated reporting threshold until the calendar year 2024/tax year 2023. In November, the IRS released Notice 2023-74, which details plans to continue this delay for another year, followed by a phased implementation. A little confusing? Let’s recap from the top.