BOOKS BILLS and TAXES

12/24/2024

12/10/2024

MERRY CHRISTMAS! From Nadine, Stephanie, Juliet and Frosty at Books, Bills & Taxes!

12/04/2024

BREAKING NEWS: Corporate Transparency Act (BOI Reporting Requirement) Blocked Nationwide

Less than one month before the federal reporting deadline for Beneficial Ownership Information (“BOI”), a federal district court in Texas issued a nationwide preliminary injunction against enforcing the beneficial ownership reporting requirements mandated by the Corporate Transparency Act (CTA). (Texas Top Cop Shop v. Garland (December 3, 2024) U.S. Dist. Ct., Eastern Dist. Of Texas, Case No. 4:24-CV-478). The case began at the request of a family-run fi****ms and tactical gear retailer, called Texas Top Cop Shop Inc., as well as other co-plaintiff businesses and the Libertarian Party of Mississippi.
The briefing was powerful, including such quotables as “Plaintiffs fear this flanking, quasi-Orwellian statute and its implications on our dual system of government,” -a truly delightful and borderline sassy statement from Judge Mazzant.
As you may know, the CTA require(d) that an estimated 32.6 million existing business entities disclose their beneficial owners to the Treasury Department’s Financial Crimes Enforcement Network before 2025. The government argued that the law’s function—to crack down on anonymous shell companies and deter money laundering, terrorism financing, and other illicit economic activity—falls within Congress’s regulatory duties.
The court ruled that Congress exceeded its authority in enacting the CTA, resulting in an unconstitutional infringement on states’ rights to regulate businesses. The court granted a nationwide injunction prohibiting FinCEN from enforcing the January 1, 2025, reporting deadline for all reporting companies.
The opinion was issued on December 3, 2024, and an appeal is anticipated. However, for now, businesses do not have to file beneficial ownership information reports with FinCEN.
Check with your attorney for more updates.

03/26/2024

Reducing Fees & Penalties - Did You Know?
If you are required to file your taxes, you should still file, even if you can't pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty. If you are unable to pay in full, try to file your tax return by the deadline of April 15th, 2024 and pay as much as you can. The IRS also has Installment Payment Plans available that you may qualify for.
In addition, April 15th is also the due date for Tax Year 2024 first quarter estimated tax payments for those making estimated payments.

12/22/2023

Merry Christmas!

01/19/2023

Another great year!

06/27/2022

WE HAVE OFFICIALLY STARTED OUR SUMMER HOURS. WE WILL BE CLOSED EARLY ON FRIDAY. OUR OPERATING HOURS ARE AS FOLLOWS: MON-THURS IS 8 AM - 5PM AND FRIDAY IS 8 AM -12 PM.

06/21/2022

Mileage goes up to 62.5 cents per mile on 7/1/22.

06/15/2022

This is just a reminder that tax season is over and our office has started closing at noon on Fridays for the summer!