Tri-County Financial

08/08/2025

It is a great to see a company that focuses on doing what is right recognized as a top broker/dealer. Thank you to our loyal clients who have been with us for decades or generations who helped make this recognition possible.

03/04/2025

Office of Indiana Secretary of State Diego Morales

200 W. Washington St. Indianapolis, IN 46204




FOR IMMEDIATE RELEASE
Tuesday, March 4, 2025



Indiana Secretary of State Diego Morales Applauds Treasury Department’s Decision on Corporate Transparency Act Enforcement



INDIANAPOLIS - (March 4, 2025) – Indiana Secretary of State Diego Morales applauds the U.S. Department of the Treasury’s announcement Monday, regarding suspension of penalties and fines under the Corporate Transparency Act (CTA) for failing to file or update business beneficial ownership information with the federal government. The Treasury Department confirmed that it will not enforce penalties or fines for non-filing beneficial ownership information reporting until March 21, 2025, and, in a significant new development, will not enforce non-filing penalties against U.S. Citizens or domestic businesses even after the rule changes take effect. According to the Treasury Department, after March 21st when updated rules take effect, only foreign owned businesses will be subject to penalties for not reporting beneficial ownership information.



“This decision is a positive step in supporting hardworking Hoosiers and small businesses by providing much-needed clarity and ensuring the rule is properly aligned with the public interest. As the Business Services Division is under our office, we remain committed to helping Indiana businesses thrive and grow with confidence,” said Diego Morales, Indiana Secretary of State.



The Treasury Department’s proposed rulemaking will focus specifically on foreign reporting companies, helping to tailor the rules in a way that advances the public interest while minimizing the impact on domestic businesses. This change comes as part of ongoing efforts to ensure that the Corporate Transparency Act is both effective and fair, particularly for American taxpayers and small businesses.



Additional information can be found here: https://fincen.gov/boi

https://events.in.gov/event/indiana-secretary-of-state-diego-morales-applauds-treasury-departments-decision-on-corporate-transparency-act-enforcement?utm_campaign=widget&utm_medium=widget&utm_source=State+of+Indiana

02/20/2025

The Financial Crimes Enforcement Network (FINCEN) has announced that Beneficial Ownership Information (BOI) reporting is back in effect with a new deadline of March 21st, 2025. Newly formed companies after February 20th, 2025 will have 30 days from formation to file.

01/24/2025

FinCen released a statement today that the January 7th temporary injunction remains in place. There are no penalties at this time if you fail to file the Beneficial Ownership Information (BOI). We will update here if this changes.

01/24/2025

The Beneficial Ownership Information (BOI) reporting requirement is back to being enforced effective 1/23/2025. The Supreme Court has reversed the 5th Circuit Court of Appeals December 26th stay order we formerly disclosed. We are waiting for additional details regarding deadlines as the former January 13th deadline has passed. We will post more information when FinCen responds.

12/27/2024

The Fifth Circuit Court ruled December 26th that the Corporate Transparency Act and its reporting rule is vacated. This means at this time you are not required to complete the Beneficial Ownership Information (BOI) reporting. You will not be subject to any penalties or fines at this time if you select not to file. Please stay tuned as this ruling could change down the road, and indeed has changed several times in the last few days.

12/07/2024

Beneficial Ownership Information reporting is not required at this time due to a federal court order. We recently mailed a newsletter reminding clients of the requirement and how to file. Due to this recent development the end of year filing deadline can be disregarded at this time. See below for details.

08/12/2024

12/14/2022

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01/21/2022

This is the letter 6419 child tax credit amount that was mailed this week. Be sure to keep both copies of the letter if married. Send this with your important tax documents at tax time.

01/21/2022

The IRS has mailed out the child tax credit letter 6419. It is very important that you share this letter with your Tax Preparer. If they do not have this information it could delay your refund 6 months or more. If you are married you received two letters. Your preparer needs both letters. See the image of the envelope stating important tax document.

11/01/2021

IR-2021-211, October 29, 2021

WASHINGTON — On Monday, November 1, the Internal Revenue Service will launch a new feature allowing any family receiving monthly Child Tax Credit payments to update their income using the Child Tax Credit Update Portal (CTC UP), found exclusively on IRS.gov.

To help families plan ahead, the IRS also announced today that in late November it will launch a new Spanish-language version of the CTC UP.

The IRS urges families to enter any significant income changes by midnight on November 1 in order for them to be reflected in their November payment, scheduled for November 15. If a family is unable to make the changes on November 1, enter them by November 29 so they are reflected in the December payment. Once the update is made, the IRS will adjust the remaining payment amounts to ensure people receive the total advance payment for the year. For married couples, if one spouse makes the income update, it will apply to both spouses and could impact both spouses' future monthly advance payments of the Child Tax Credit.

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Check if you're enrolled, manage your payment information and unenroll from advance payments of the 2021 Child Tax Credit.