Update on Beneficial Ownership Information Reporting Requirement Under the Corporate Transparency Act Note Reporting Requirement on Hold
On December 3, 2024, the United States District Court for the Eastern District of Texas issued a nationwide preliminary injunction prohibiting the enforcement of the Corporate Transparency Act (“CTA”). In Texas Top Cop Shop, Inc., et al. v. Garland, et al., Case…
The Corporate Transparency Act – The Need to File and Avoid Being Scammed
As a general rule, all limited partnerships, corporations, and limited liability companies that were in existence before January 1, 2024, and have fewer than 20 full time employees AND had gross receipts or revenue not in excess of $5,000,000 in 2023 must…
The 2018 Form 1040 – “Simplicity” Could Be a Trap For the Unwary
By April 15, 2019, individuals are required to file a Form 1040 reporting their income and tax liability for 2018. As a result of the 2017 Tax Act,…
Retirement Plans to the Rescue with Tax Cuts and Jobs Act Changes
One of the major changes in the tax law enacted last December in the Tax Cuts and Jobs Act (“TCJA”) was the creation of a new deduction for…
Which is Better for Business Owners: Compensation or Dividends?
One of the major changes in the tax law enacted last December in the Tax Cuts and Jobs Act (TCJA) was the creation of a new deduction for…
Which Door is Closing for Taxpayers with Foreign Financial Assets
On Sept. 28, 2018, the IRS will be closing its 2014 Offshore Voluntary Disclosure Program (OVDP), a program that assists taxpayers who failed to disclose foreign financial assets and to pay all tax on any income related to such assets. To patriciate…
An Overview of the Provisions of the “Tax Cuts and Jobs Act”
The new “Tax Cuts and Jobs Act” affects all Americans. In order to best serve our clients, the Modrall Sperling Tax Group has developed a summary of the new tax law, which reviews the tax provisions that affect individuals, corporations, pass-through entities,…