LATE-BREAKING DEVELOPMENT –BOI Reporting Requirements Are Once Again Back in Effect with a Deadline of March 21, 2025 For Most Filings
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 an extended deadline of March 21, 2025 for the vast majority of reporting companies. FinCEN indicated it will assess its options for potentially modifying the [...]
LATE-BREAKING DEVELOPMENT – US Supreme Court allows BOI Reporting enforcement
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 beneficial owners - the individuals who ultimately own or control the company. With today’s Supreme Court order, the government can move ahead with enforcing the [...]
Julie Welch Quoted in AARP Story on 7 Year-End Money Moves to Cut Your 2024 Tax Bill Posted on December 17, 2024
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 (RMDs), the piece outlines seven actionable steps taxpayers can take before December 31 to save money and optimize their financial plans. To read the full [...]
LATE-BREAKING DEVELOPMENT – Court issues nationwide preliminary injunction potentially affecting 12/31/24 BOI reporting deadline
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 for companies that existed before 2024 to report beneficial ownership interests (BOI) to the Financial Crimes Enforcement Network (FinCEN). The CTA, if left intact, would [...]
Critical Deadline Approaching: Beneficial Ownership Information (BOI) Reporting Requirements Under the Corporate Transparency Act
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 had filed as of mid-November. Most small and medium-size businesses created in or registered to do business in the United States are subject to these [...]
Congratulations to Julie Welch for being named Top 200 CPAs in 2024!
“I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants,” Elvis Presley once said. Julie Welch was named to the Forbes America's Top 200 CPAs. Read more about the candidates here.
Kansas 529 Retroactive Change
Retroactive tax change in Kansas enacted April 4, 2024, allows 529 college savings plan contributions made by April 15, 2024, to be deducted on 2023 tax returns. Kansas has enacted a new law that allows taxpayers to deduct contributions made to 529 college savings plans on their 2023 tax return, even if the contributions were made up until April 15, 2024. This new rule also applies to contributions to qualified ABLE programs, and first-time home buyer savings accounts. You now [...]
ALERT!! Employee Retention Credit upcoming deadlines and issues
March 15, 2024: This date may be the expiration of the statute of limitations for 2020 income tax returns if returns were filed without extension. Consider filing a protective claim for refund if you claimed the ERC and reduced the ERC-related wage deduction on your 2020 return (whether originally or an amended return). This proactive step can be beneficial in cases where repayment of the ERC might be required by the government after the statute of limitations for amending the income [...]
Answers to Clients’ Most Taxing Education Questions and MoneyLine
The featured cover story in the March 2024 issue of Journal of Financial Planning is titled “Answers to Clients’ Most Taxing Education Questions” by Julie Welch, Randy Gardner, and Creyton Vincent. This article offers insights into tax-efficient strategies to help clients in financing education expenses across different life stages. It addresses common questions and provides practical solutions to help individuals navigate the complexities of educational funding. Journal of Financial Planning OPEN SAMPLES and Emails (pagesuite-professional.co.uk) Also, on Saturday, March 9th, [...]
Important Update – New Beneficial Ownership Information Reporting is held Unconstitutional
A March 1, 2024 ruling by the Federal District Court (United States District Court Northern District of Alabama Northeastern Division) declared the Corporate Transparency Act (CTA) as unconstitutional because it cannot be justified as an exercise of Congress’ enumerated powers. The case, National Small Bus. United v. Yellen, was initiated by the National Small Business Association, an Ohio nonprofit organization representing more than 65,000 businesses from all 50 states, along with Issac Winkles, a member of the organization who is [...]
Julie Welch Quoted in the March 3, 2024 The New York Times
Meara Welch Browne’s Tax Partner, Julie Welch, was quoted Sunday in The New York Times – “Business” section. The article was titled “What You Need to Know for the 2024 Tax Season” by Tara Siegel Bernard. In the article, Julie responds to the section about the possibility of the child credit changing midseason. If legislation is enacted, no amended return would be needed to claim any additional credit for those affected. The IRS would handle the recalculations and issue any [...]
Catch Julie Saturday on MoneyLine
On Saturday, February 3, you can catch Julie Welch on MoneyLine hosted by Peter Newman from 2 pm – 3 pm on 98.1FM KMBZ.