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In light of a recent federal court order, the Financial Crimes Enforcement Network (FinCEN) has clarified that companies covered by the Corporate Transparency Act's (CTA's) beneficial ownership information (BOI) reporting requirement are not currently required to file BOI reports with FinCEN.
View MoreThe Department of the Treasury and the Internal Revenue Service today issued proposed regulations for corporate separations and reorganizations, including reporting requirements for multi-year corporate separations.
View MoreThe Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts.
View MoreThe Department of the Treasury and the Internal Revenue Service today issued final regulations identifying certain partnership related-party “basis shifting” transactions as transactions of interest – TOIs – subject to the rules for reportable transactions.
View MoreThe Financial Accounting Standards Board (FASB) today published an Accounting Standards Update that clarifies for non-calendar year-end entities the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.
View MoreThe Justice Department (DOJ) filed an emergency application with the Supreme Court asking it to stay the district court injunction that is preventing the government from enforcing the Corporate Transparency Act and its requirements to report beneficial ownership information (BOI).
View MoreLate last night, the Fifth Circuit Court vacated the motion to stay the injunction which barred FinCEN from enforcing BOI reporting requirements. This decision means that FinCEN no longer has the authority to enforce BOI reporting requirements at this time.
View MoreThe Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024.
View MoreOn Dec. 9-11, TSCPA hosted 25 emerging accounting professionals for the society’s first Leadership, Empowerment and Accelerated Development (LEAD) Program.
View MoreThe Federal Reserve recently reduced the benchmark interest rate by 0.25 percentage points, the third consecutive interest rate cut of 2024.
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