Court suspends Beneficial Ownership Information Reporting

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.

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

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

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

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…

New IRS Tax Inflation Adjustments Set for Tax Year 2023

IR-2022-182, October 18, 2022 WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38PDF provides details about these annual adjustments. New for 2023 The Inflation Reduction Act extended certain energy related tax breaks and…