Category: Uncategorized

Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies

Uncategorized by admin

The Treasury Department is announced on March 2nd, 2025 that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.

“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent.  “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”

FinCEN BOI Reports Due March 21, 2025

Uncategorized by admin

The court lifted its injunction. That means the game is on for BOI reporting.

The Financial Crimes Enforcement Network (FinCEN) announced March 21, 2025, as the new due date for filing your Beneficial Ownership Information (BOI) report.

The new deadline comes following a recent decision by the U.S. District Court for the Eastern District of Texas in Smith et al. v. U.S. Department of the Treasury et al. (6:24-cv-00336).

Key Deadlines to Know

  • New Deadline: March 21, 2025, for initial, updated, or corrected BOI reports.
  • Later Deadlines: If you previously received a deadline beyond March 21, 2025 (e.g., due to disaster relief extensions), your original later deadline still applies.
  • Exemptions: The 65,000 members of the National Small Business Association (as of March 1, 2024) and Isaac Winkles—are currently not required to report (National Small Business United v. Yellen (No. 5:22-cv-01448, N.D. Ala.)).

How to File

You can file your BOI report directly and free of charge using FinCEN’s E-Filing system.

FinCEN BOI Reporting Now on Hold Again

Information, Uncategorized by admin

On December 24, we updated you on FinCEN Beneficial Ownership Information (BOI) filing requirements following the Fifth Circuit Court of Appeals’ reinstatement of the reporting mandate.

Developments since then have shifted the situation once more.

The Fifth Circuit Court of Appeals has vacated its stay, placing the FinCEN BOI filing requirements back on hold.

What This Means for You

As of now, the BOI filing deadlines are uncertain, and entities previously subject to the January 13, 2025, compliance date no longer have a binding deadline.

Key Points

  • BOI Filing on Hold: Reporting requirements are paused until further notice. This includes all entities previously required to file by January 13, 2025.
  • Await Further Guidance: FinCEN has committed to providing updated instructions once the legal issues are resolved.

What You Should Do

  • Stay Informed: Monitor updates from FinCEN and the courts to ensure compliance when a final ruling is issued.
  • Prepare in Advance: While the requirements are on hold, reviewing your entity’s readiness for potential future compliance can save time and reduce risk.
  • Consider Filing Now: Filing now eliminates the risk of penalties. Waiting for the court’s decision may leave you unprepared or unable to file in a timely manner.

Why It Matters

Compliance remains critical. Once the courts and FinCEN resolve the situation, failure to meet filing requirements could result in:

  • Civil penalties of $591 per day,
  • Criminal fines of up to $10,000, and
  • Up to two years in prison.

Reference for You

Federal Tax return due dates chart

Uncategorized by admin

Federal-tax-return-due-dates-chartDownload

Federal tax return due dates chart

For use in complying with common federal tax return due dates.

Return type

Original due date*

Extended due date*

Individual

Form 1040

April 15

October 15. See Form 4868.

Partnership Form 1065

S corporation Form 1120S

15th day of the 3rd month after the end of the entity’s tax year; due March 15 for a calendar- year entity

Automatic extension period of six months; due September 15 for a calendar-year entity. See Form 7004.

C corporation

Form 1120

• 15th day of the 4th month after the end of the entity’s tax year (except for a June 30 fiscal-year entity); due April 15 for a calendar-year entity

• 15th day of the 3rd month after the end of the entity’s tax year for a June 30 fiscal- year entity; due September 15

Automatic extension period of six months; due October 15 for a calendar-year entity. C corporations with tax years ending June 30 are eligible for an automatic extension period of seven months (six-month extension if filing Form 1120-POL). See Form 7004.

Trust and estate

Form 1041

15th day of the 4th month after the end of the entity’s tax year; due April 15 for a calendar- year entity

Automatic extension period of 5 ½ months; due September 30 for a calendar-year entity. See Form 7004.

Estate tax return

Form 706

Due within nine months after the date of the decedent’s death

Automatic six-month extension is available. See Form 4768.

Gift tax return

Form 709

April 15 (of the year after the gift was made)

A federal income tax return extension automatically extends a gift tax return. If no extension is filed, Form 8892 provides an automatic six-month extension.

Exempt organization

Form 990 (series)

15th day of the 5th month after the end of the entity’s tax year; due May 15 for a calendar-year entity

Automatic extension period of six months; due

November 15 for a calendar-year entity. See Form 8868.

Employee benefit plan

Form 5500 (series)

• Last day of the 7th calendar month after the end of the plan’s tax year; due July 31 for a calendar-year plan

• See the Form 5500 instructions for exceptions for direct filing entities (DFEs).

One-time extension that is no later than the 15th day of the 3rd month after the return/report’s normal due date; due October 15 for a calendar-year plan. See Form 5558.

FinCEN

Form 114/FBAR

April 15

October 15. An automatic extension is available with no request for an extension required.

Information returns

• Forms W-2 and 1099-MISC (if reporting nonemployee compensation) are due

January 31, whether filing on paper or electronically.

• Forms 1097, 1098, 1099, 3921, 3922 or W-

2G are due on paper by February 28, or April 1, if filing electronically.

• Forms 5498, 5498-ESA, 5498-QA and 5498- SA are due May 31.

The extension (if available) is 30 days from the original due date. See Form 8809.

*If the due date falls on a Saturday, Sunday or legal holiday, the deadline is moved to the next business day. See the applicable form instructions for more guidance. Note that a filing extension does not extend the time to pay any taxes.
Federal-tax-return-due-dates-chartDownload

Tips for taxpayers to make filing easier

Filing, Information, IRS, Tax Services, Uncategorized by Venner & Associates, LLC

To speed refunds and help with their tax filing, the IRS urges people to follow these simple steps:

  • File electronically and use direct deposit for the quickest refunds.
     
  • Check IRS.gov for the latest tax information, including the latest on Economic Impact Payments. There is no need to call.
     
  • For those who may be eligible for stimulus payments, they should carefully review the guidelines for the Recovery Rebate Credit. Most people received Economic Impact Payments automatically, and anyone who received the maximum amount does not need to include any information about their payments when they file. However, those who didn’t receive a payment or only received a partial payment may be eligible to claim the Recovery Rebate Credit when they file their 2020 tax return. Tax preparation software, including IRS Free File, will help taxpayers figure the amount.
     
  • Remember, advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.