• Corporate Transparency Act

    Corporate Transparency Act

    What is the Corporate Transparency Act (“CTA”)? Starting January 1, 2024 each reporting company shall submit to FinCEN a report that identifies each beneficial owner of the applicable reporting company and each applicant with respect to that company. Existing companies have until January 1, 2025 to file its initial beneficial ownership information (“BOI”) report or 30 days for new reporting companies .If there is any change to the required information about your company or its beneficial owners in a BOI report that your company filed, your company must file an updated report no later than 30 days after the date of the…

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  • Alabama Updates Procedure for Nexus Questionnaire and Voluntary Disclosure Agreement

    On September 1, 2023, the Alabama Department of Revenue will transition their Nexus Questionnaire and Voluntary Disclosure Agreement (“VDA”) process to their newly established “My Alabama Taxes” portal. The Nexus Questionnaire serves as a platform for business taxpayers to furnish essential information to aid the Department in determining whether they are subject to tax filing obligations within the state of Alabama. The VDA program on the other hand allows business taxpayers to get in compliance with Alabama’s tax laws, with the opportunity to mitigate potential exposure to retroactive tax liabilities and associated penalties.

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  • IRS Releases Frequently Asked Questions about the Employee Retention Credit

    The Employee Retention Credit (“ERC”), also known as the Employee Retention Tax Credit (“ERTC”), presents a refundable tax credit opportunity tailored for businesses and tax-exempt entities. The criteria for eligibility vary based on the specific timeframe during which the credit is sought. Due to an influx of ERC promoters that uses different tactics to mislead people claiming that they are eligible for the ERC the IRS has released additional guidance on what to look out for to avoid any surprises. Below are just a few examples of signs that indicates aggressive ERC marketing from a promotor. Statements that the promoter…

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  • Texas Increases Franchise Tax Exemption Amount and Reduces Filing Requirement For Some Taxpayers

    On July 22, 2023, S.B. 3 was signed into law and enact the following important changes applicable to Texas franchise tax reports originally due on or after January 1, 2024. The bill will double the amount of a taxable entity’s total revenue that is exempted from the franchise tax from $1.235 million to $2.47 million. According to the state, this will eliminate the franchise tax for 67,000 small to medium sized businesses. In addition, the bill will eliminate the requirement to file a No-Tax-Due franchise tax return when an entity does not owe any franchise tax to the state. This…

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