To our clients: The Financial Crimes Enforcement Network (FinCEN) will extend the current March 21 beneficial ownership information (BOI) reporting deadline, has suspended BOI enforcement, and will develop new regulations it says will reduce “regulatory burden,” the agency said Thursday. The decision to pause enforcement prioritizes “reporting of BOI for those entities that pose...
To our clients: On February 18, 2025, the U.S. District Court for the Eastern District of Texas lifted the last remaining nationwide injunction which halted beneficial ownership information (BOI) filing requirements. In response to this decision, FinCen published an official notice on February 19, 2025 to announce FinCen is generally extending the deadline calendar...
To our clients: On Feb. 5, 2025, the U.S. Department of Justice (DOJ), on behalf of the Financial Crimes and Enforcement Network (FinCEN), filed a notice to appeal the decision in the Samantha Smith case and requested a stay on the current nationwide injunction. FinCEN intends to provide a 30-day filing extension for the BOI...
Liz Hair rejoined Abeles and Hoffman P.C. in 2024 after a previous tenure from 2009 to 2014. Liz plays a vital role in providing assurance services, including audits, reviews, and compilations, across industries such as wholesale, distribution, manufacturing, healthcare, and professional service companies. Additionally, she offers bookkeeping and tax preparation services to meet the diverse...
Individual Retirement Accounts (IRAs) are essential tools for retirement planning, offering tax advantages that can help you grow your savings over time. Two of the most popular types of IRAs are the Traditional IRA and the Roth IRA. While both serve the purpose of retirement savings, they have distinct differences that can significantly impact your...
You’ve hit your 40s or 50s, and suddenly, retirement doesn’t feel like a distant mirage. It’s real. The countdown is on. But here’s the good news: You’re in a prime position to play catch-up and fortify your future, using smart tax strategies to stretch your dollars further. Think of it as turning your financial cruise...
The deductibility of meal expenses for employers and business entities is a nuanced area of tax law that requires careful consideration of various rules and exceptions. This article explores the intricacies of meal expense deductions, focusing on when the 50% deductibility rule applies, exceptions to this rule, and strategies for planning around these limitations. The...
In the realm of estate planning, naming beneficiaries is a critical step that ensures your assets are distributed according to your wishes after your passing. However, the process doesn’t end with simply naming beneficiaries; it’s equally important to keep these designations up to date. Life events such as divorce, marriage, and death can significantly impact...
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2025 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2025, the standard mileage rates for the use of a car (or a van, pickup...
Remember that rollercoaster ride we all thought was over? Well, buckle up—because the Beneficial Ownership Information (BOI) saga just took another wild turn. An appeals court recently reinstated an injunction that halts BOI enforcement (yes, again). If your head is spinning trying to keep track, you’re not alone. The Headline Drama, in Plain English A...