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 [...]
“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.
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 [...]
An estimated 32 million existing entities will 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. Most small and medium-size businesses created in or registered to do business in the United States will be [...]
Sidney Kess peacefully passed away on September 15, 2023 at the remarkable age of 97. He remained dedicated to his work, contributing to conferences, writing articles, and nurturing connections with people until his very last moments. Sid’s enduring commitment served as a wellspring of inspiration to countless individuals in the accounting profession. We will forever [...]
If you receive a text letting you know you “received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment… Continue here to accept this payment …” – BEWARE - a fraudster is attempting to get your bank account information. Do no click on the link, and do [...]
In March, I wrote an article posted on the MWB blog and in our previous newsletter, titled “Business Response in Times of Crisis.” COVID had just recently been officially labeled a ‘global pandemic’ and we were all learning phrases and acronyms such as ‘flatten the curve’ and PPE” (personal protective equipment) – not to be [...]