Galleros Robinson

Injunction on Corporate Transparency Act ….Again The nationwide injunction has been reinstated on the enforcement of the #corporatetransparencyact (CTA). The latest action comes from the merits panel of the Fifth Circuit Court of Appeals. There has been an abundance of activity surrounding the #CTA in just the last several weeks. Here is an updated timeline - https://shorturl.at/W8XHK #CorporateTransparency #circuitcourt

Beneficial Ownership Information Reporting Injunction Lifted, Putting in Place a January 13, 2025 Filing Due Date for Most BOI Reports The Fifth Circuit U.S. Court of Appeals put a “Stay” on the recent U.S. District Court beneficial ownership information reporting injunction in the Texas Top Cop Shop v. Garland et. al. case. On top of it all, late in the day, #FinCEN issued filing deadline relief until January 13, 2025 for most entities. https://shorturl.at/YQGBD #BeneficialOwnershipInformation #FinCENCompliance #BOIReporting

Reporting Firms Can Voluntarily Submit BOI Reports Despite Corporate Transparency Act Injunction The Financial Crimes Enforcement Network (FinCEN) said recently that reporting companies may continue to submit beneficial ownership information (BOI) reports voluntarily to FinCEN despite the preliminary injunction against the #corporatetransparencyact. https://shorturl.at/Z7Lzf #BeneficialOwnershipInformation #FinCENCompliance #corporatetransparencyact

Understanding Individual Coverage HRAs When it comes to providing health benefits, employers today have more options than ever. One that’s gaining serious traction is the Individual Coverage Health Reimbursement Arrangement, or #ichra. Unlike traditional group health plans, ICHRA allows employers to reimburse employees for #IndividualHealthInsurance premiums and other medical expenses. https://buff.ly/41GIOGs #employeehealthandwellness #HealthInsurancePlan #individualcare

Safeguarding Your Organization from Possible ACH Disbursement Fraud While the benefits of using Automated Clearing House (ACH) payments for #Disbursement are numerous (i.e., less expensive than using checks, automated and time efficient), without strong, established internal controls in place, companies can fall victim to nefarious actions by hackers focused on the company’s use of ACH payments. https://shorturl.at/gtzeB #automatedclearing #ACHPayments #cybersecurity

Beneficial Ownership Information (BOI) Reporting and Corporate Transparency Act Blocked Nationwide by Texas Court The U.S. District Court for the Eastern District of Texas (Sherman Division) has issued a preliminary injunction in favor of the plaintiffs in the case of Texas Top Cop Shop, Inc. et al. vs. Garland (U.S. Attorney General). In so ruling, “[t]he Court has determined that the Corporate Transparency Act (CTA) and Reporting Rule are likely unconstitutional for purposes of a preliminary injunction. https://shorturl.at/otoQF #BeneficialOwnershipInformation #corporatetransparencyact #USDistrictCourt

Deadline for Beneficial Ownership Information (BOI) Approaching As the deadlines for #BeneficialOwnershipInformation (BOI) reports to be filed with the Financial Crimes Enforcement Network (FinCEN) approach, it is crucial to remain vigilant about potential reporting obligations and to watch out for scams that continue to emerge in the space. https://shorturl.at/DZHrC #FinCEN #FinancialCrime #BeneficialOwnership

Using a Cash Balance Plan to Maximize Tax Deductible Retirement Plan Contributions A cash balance plan is an integral component of #retirementplan design which allows you to make substantially larger tax-deductible contributions than those permitted under profit-sharing and similar defined contribution plans (DC Plans). Cash balance plans use easily understandable individual account balances not available under a traditional defined benefit #pensionplan. https://buff.ly/3CAVC6F #cashbalance #RetirementPlanning #taxdeductions

False Start Why Newly Formed Online Businesses Should be Cautious When Deducting Business Expenses Under IRC Sec. 162, #taxpayers are allowed to deduct expenses related to the carrying on of a trade or business, provided the expenses are both ordinary and necessary. However, not all expenses qualify for the trade or #businessexpenses deduction. Often, taxpayers get into hot water by deducting expenses related to the business’s formation under IRC Sec. 162 when they are not qualified. https://shorturl.at/K8uQu #expensesdeduction #onlinebusiness #TaxTreatment #IRC

Are You a Real Estate Professional? Being a #realestateprofessional can provide significant tax benefits. Taxpayers who qualify may be able to prevent the application of the passive activity loss (“PAL”) limitation rules while the rental income may be exempt from the 3.8% net investment income tax (“NIIT”). However, the requirements to qualify as a real estate professional are stringent. https://buff.ly/40pKdAk #realestateexpert #TaxBenefits #rentalincome