As we noted in our prior blog post, the IRS recently released long-awaited procedures for elections and accounting method changes under the One Big Beautiful Bill (OBBB) Act, which reinstated immediate expensing of domestic R&E expenditures. The IRS is expected to issue updated guidance on Research and Experimental (R&E) expense following the recently issued guidance [...]
The IRS has released highly anticipated guidance on R&E expenditures. New procedures have been issued for the elections and accounting method changes related to the One Big Beautiful Bill (OBBB) Act which re-instated immediate expensing of domestic R&E expenditures. Small businesses with average annual gross receipts of $31 million or less are permitted by the [...]
Save the stamp and make your Federal tax payments electronically with IRS Direct Pay via the IRS’ website at https://www.irs.gov/Payments/Direct-Pay. This service is for individuals only and offers a free, secure electronic payment method through the IRS’ website. IRS Direct Pay requires the individual to provide information from a on previously filed return and answer [...]
Enacted July 4, 2025 The One Big Beautiful Bill Act is a $3.4 trillion tax and spending package structured as a reconciliation bill. It includes tax reforms, spending and program changes. Additionally, it increases the debt ceiling by $5 trillion. Key tax provisions are: Individual Provisions Extends currently enacted tax rates permanently and modifies the [...]
The US Department of the Treasury has announced a major development regarding the Corporate Transparency Act and beneficial ownership interest (BOI) filing requirements. It is suspending enforcement against US citizens and domestic reporting companies. For more information, see the press release below: PRESS RELEASES Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act [...]
On Monday, February 17, 2025, the Federal District Court in Smith v. U.S. Department of Treasury lifted the injunction that was preventing enforcement of the beneficial ownership interest (BOI) filing requirements. The Financial Crimes Enforcement Network (FinCEN) promptly issued an alert on its website confirming that the reporting requirements are back in effect and announcing [...]
Today, in a short, unsigned order, the US Supreme Court granted the government’s request to implement the Corporate Transparency Act (CTA), which potentially revives the Beneficial Ownership Interest (BOI) reporting requirement for many businesses. An estimated 32 million existing entities and an estimated 5 million new businesses annually could need to report information about their [...]
Julie Welch, Tax Partner at Meara Welch Browne, was recently quoted in AARP’s insightful article, “7 Year-End Money Moves to Cut Your 2024 Tax Bill”, written by Diane Harris. The article highlights key year-end strategies that can help older taxpayers significantly reduce their 2024 tax liability. From maximizing retirement contributions to managing required minimum distributions [...]
Texas Court blocks the Corporate Transparency Act and may eliminate the requirement to report Beneficial Ownership Interests The US District Court for the Eastern District of Texas issued a NATIONWIDE preliminary injunction against the enforcement of the Corporate Transparency Act (CTA) on December 3, 2024. This preliminary injunction potentially affects the December 31, 2024 deadline [...]
Many Entities Still Need to File Beneficial Ownership Information (BOI) Before December 31, 2024 Of the estimated 32 million existing entities that need to report information about their beneficial owners - the individuals who ultimately own or control the company - to the Financial Crimes Enforcement Network (“FinCEN”) before December 31, 2024, only 6.5 million [...]