Amplify Advisors, LLC

03/22/2025

https://www.journalofaccountancy.com/news/2025/mar/boi-filing-requirements-for-u-s-companies-persons-removed/

FinCEN issued an interim final rule Friday removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.

03/13/2025

The first round of layoffs at IRS will put a dent in its enforcement priorities. In February, as a part of the DOGE effort, 7,000 IRS new hires and others newly promoted to their positions.

03/12/2025

On again, Off Again, back On again, or is it. The BOI reporting requirement for small firms continues to evlove. As of 03/03/2025, it is back on with a March 21 deadline. However, FIN CEN has indicated that a reg is coming out to extend and change the filing requirements.

03/11/2025

Processing delays on the employee retention credit continue to plague the IRS. 1.2 million ERC refund claims remained unprocessed as of late Oct 2024.

03/10/2025

The annual gift tax exclusion is $19,000 per donee for 2025.This means you can give up to $19,000 to each person without paying gift tax, or tapping your lifetime estate and gift tax exemptions.

03/09/2025

The revenue raiser in the 2022 Secure 2.0 law is set to begin next year: Requiring high earners to put 401(k) catch-up contributions into Roth 401(k)s. The rules are complicated, so check with your tax advisors for how it might impact you.

03/08/2025

Lawmakers want to fully restore three popular tax breaks: 1. Bonus Depreciation 2. R&D Credits and 3. Interest deduction on business debts of large companies. Stay tuned!

03/07/2025

Congressional GOPers, want to make the 20% QBI deduction permanent. And they have support from lobbying groups representing Main Street businesses. Some tax professional groups want the write off expanded. We will see!

03/06/2025

Apple's first wireless modem is part of an innovative long-term strategy; Reduce reliance on third-party suppliers, even for very complex components. It is a big, though expected, hit to Qualcomm.

03/05/2025

The share of consumer credit in delinquency is at its highest in 5 years. The amount of credit card balances 90 or more days overdue rose to 11.3% in Q4 2024. Borrowers are falling into serious delinquency at a worrisome rate.

03/04/2025

https://www.sgrlaw.com/client-alerts/corporate-transparency-act-march-mayhem-continues/

The rapid developments under the Corporate Transparency Act (CTA) continue, with the Treasury Department coming in over the top of FinCEN, proposing to greatly narrow the CTA so that filing obligations will only apply to foreign reporting companies. On Sunday, March 2, the Treasury Department announ...