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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.
EFTPS Now Requiring Multifactor Authentication
Beginning October 19, 2023, the Electronic Federal Tax Payment System (EFTPS) now requires multifactor authentication (MFA) for individuals and businesses to use the system. MFA is a cybersecurity best practice and adds another layer of security to the EFTPS.
How the Build It in America Act May Affect Your Business
On June 13, the United States House Committee on Ways and Means, the chief tax-writing committee in the House of Representatives, passed the Build It in America Act (H.R. 3938). According to the Ways and Means Committee, this legislation would “counter China’s growing global economic influence by restoring American business competitiveness, securing global supply chains, and prohibiting U.S. foreign land