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Corporate Transparency Act
Read more: Corporate Transparency ActWhat 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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Streamlining Quarterly Tax Deadlines: Proposed Legislation Gains Support from Professionals to Simplify Payment Schedule
Read more: Streamlining Quarterly Tax Deadlines: Proposed Legislation Gains Support from Professionals to Simplify Payment ScheduleLegislation proposing uniform quarterly estimated tax due dates has resurfaced in the House and has garnered support from professional tax and accounting organizations. In the tax world, quarterly sometimes does not necessarily mean quarterly. Introduced on May 25 in the House by Representatives Debbie Lesko (Republican of Arizona) and Brad Schneider (Democrat of Illinois), the Tax Deadline Simplification Act aims to establish even due dates for estimated tax installments for individuals, businesses, estates, and trusts. Under this proposed act, payments would be due 15 days after the end of each quarter, aligning the deadlines with the 15th day of January,…
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Connecticut Enacts New Personal Income Tax Cuts and Extending Corporate Surcharge
Read more: Connecticut Enacts New Personal Income Tax Cuts and Extending Corporate SurchargeConnecticut Governor Ned Lamont has officially signed the state budget bill for fiscal years 2024 and 2025, introducing several significant changes to the tax landscape. The key provisions of the bill encompass a personal income tax cut, an extension of the corporate surcharge, revised regulations for pass-through entity tax, and the establishment of new tax credits. These modifications are aimed at stimulating economic growth and providing relief to taxpayers. Below are some of the highlights from the bill. Personal income tax rates: Effective January 1, 2024, the bill reduces the personal income tax rates from 5.0% to 4.5% and from…
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House Ways and Means Republicans Introduce Tax Bill Package: Potential Tax Breaks in the Future
Read more: House Ways and Means Republicans Introduce Tax Bill Package: Potential Tax Breaks in the FutureHouse Ways and Means Republicans have put forth a series of tax bills primarily focused on benefiting small businesses. The package includes an extension of expired business tax provisions, an additional standard deduction, and reductions in green energy provisions. Introduced on June 9, these three interconnected tax bills are seen as a starting point for negotiations between Democrats and Republicans on a comprehensive tax bill expected to be finalized by the end of the year. The package aims to extend and retroactively reinstate three business tax provisions from the Tax Cuts and Jobs Act (TCJA) (PL 115-97). Additionally, it proposes…
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- Hold Your Horses (Taxes)
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- Business Expenses
- Corporate Transparency Act
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- Ohio – Recent Changes to CAT Exclusion and Annual Minimum Tax
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- Alabama Updates Procedure for Nexus Questionnaire and Voluntary Disclosure Agreement