FinCEN will not impose fines or penalties related to the deadlines for reporting beneficial ownership information.

Treasury

FinCEN (Financial Crimes Enforcement Network) has decided not to impose fines or penalties for not filing or updating beneficial ownership information (BOI) reports. BOI is the previously set requirements for Beneficial Ownership Information Report (BOIR) is a federal requirement introduced under the Corporate Transparency Act (CTA) that mandates businesses to share ownership information. FinCEN stated…

Court suspends Beneficial Ownership Information Reporting

Treasury

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.

Treasury

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…

Clean Vehicle Tax Credit in 2023

IRS, Tax

The IRS has published new guidance on credits for clean vehicles purchases. Those purchasing new EV or FCV (plug-in electric vehicle and fuel cell vehicle respectively), may qualify for a clean vehicle tax credit. According to the IRS publication, ‘The Inflation Reduction Act of 2022’ amends previous rules to claim this credit for qualified vehicles…

Tax Relief for California Storm Victims

IRS, Tax

In an update provided on January 11, 2023 the IRS explained relief measures for residents and businesses in counties affected by the recent storms. This tax relief delays various tax filing and payment deadlines. According to publication IR-2023-03 from January 10, 2023, the IRS is offering relief to any area designated by the Federal Emergency…

IRS increases Interest Rate

IRS

The Internal Revenue Service increases interest rates for the calendar quarter beginning January 1, 2023. “For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on October 1. “ List of the new interest rates announced by the IRS: • 7% for…