The IRS has once again delayed the implementation of the $600 reporting threshold for Form 1099-K. In Notice 2024-85, the IRS announced that 2024 and 2025 will serve as transition years to gradually ease compliance for third-party settlement organizations (TPSOs) and payees. New Reporting Thresholds for TPSOs: • 2024: Payments exceeding $5,000 must be reported.…
Federal Reserve announced a decision to lower the target range for the federal funds rate by 1/4 percentage point to 4-1/4 to 4-1/4 to 4-1/2 percent. According to the issued FOMC statement, the objective is to support maximum employment and return inflation to 2 percent.
Nationwide injunction halts BOI reporting for now. A federal district court ruled Tuesday that the Corporate Transparency Act (CTA) is likely unconstitutional, issuing a nationwide injunction to block enforcement of the CTA and its beneficial ownership information (BOI) reporting requirements. The injunction, issued in Texas Top Cop Shop, Inc. v. Garland (E.D. Texas, Dec. 3,…
FinCEN (US Treasury Financial Crimes Enforcement Network) began accepting beneficial ownership information reports on January 1, 2024. The Corporate Transparency Act, enacted in 2021, requires companies meeting the report creations to report information about individuals in control or ownership of the business. Existing companies created or registered in the US before January 1, 2024, must…