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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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The Single Sales Factor Phase-In in Tennessee
Read more: The Single Sales Factor Phase-In in TennesseePreviously, Tennessee used a fraction-based apportionment method for its excise tax. The numerator of the fraction included the property factor, the payroll factor, and three times the receipts factor. However, with the implementation of H.B. 323, Tennessee is phasing in a single sales factor approach. Here are the key changes: Starting from tax years ending on or after December 31, 2023, the numerator of the fraction will include the property factor, the payroll factor, and five times the receipts factor. The denominator will be seven. From tax years ending on or after December 31, 2024, the numerator will include the…
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