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Beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act have been suspended nationwide in a federal court ruling. The case is currently under appeal, and a future ruling could lift the injunction. Affected businesses can voluntarily submit BOI reports, according to the Financial Crimes Enforcement Network (FinCEN). To that end, FinCEN’s system for receiving BOI reports, dubbed the “Beneficial Ownership Secure System” (BOSS), remains up and running. While FinCEN noted that companies won’t be subject to a penalty for failing to file a report while the injunction is in effect, it’s uncertain what happens if the injunction is lifted. Stay tuned. #CorporateTransparencyAct #BOIReporting #FinCEN #BeneficialOwnership #BOSSSystem #ComplianceUpdates #BusinessRegulations #TransparencyLaws #BOIRequirements

Republican lawmakers are calling for the termination of the IRS’s Direct File program, citing concerns over government overreach and resource allocation. President-elect Trump is being urged to shut it down via executive order. The Debate: 🗨️ Supporters say Direct File provides accessible filing solutions for taxpayers. 🗨️ Opponents claim it undermines private-sector tax preparation services. What’s your take on this controversial program? Share your thoughts below! 💼 Need tax help? Find trusted CPAs, EAs, and tax pros on our marketplace. #IRSDirectFile #TaxFiling #TaxReform #Trump2025 #TaxPolicy #IRS #TaxUpdates #DirectFileProgram #TaxSeason #TaxCompliance #TaxProfessionals #TaxDebate #TaxPreparation #IRSNews #TaxpayerRights #TaxPlanning #TaxOverhaul #GOPPolicy #PrivateTaxServices #CPA #EnrolledAgent #TaxProMarketplace #TaxProCommunity #FreedomFromOverreach #MarketplaceForTaxPros #FindTaxProfessionals #VerifiedTaxPros #GovernmentPrograms #ExecutiveOrder #TaxNews

Can you claim the American Opportunity Tax Credit (AOTC) or Lifetime Learning Credit (LLC) for tuition expenses? If eligible, you may secure a last-minute tax break for 2024 if you pay these expenses by December 31. This is true even if the academic period begins in 2025, but no later than the end of March 2025. There are income limits and other requirements to qualify for a credit. Both credits are for tuition and required fees and don’t include costs such as room and board, insurance, and optional student fees. To learn more about the AOTC and LLC: https://bit.ly/3yIl73N #TaxCredits #AOTC #LLC #EducationTaxCredit #TuitionFees #TaxSavings #StudentTaxBreak #HigherEducation #IRSRequirements #TaxTips #CollegeExpenses #FinancialAid #TaxSeason

Donating a car to your favorite charity helps the organization and may give you a nice tax deduction. But you must itemize deductions and meet strict requirements. You need a written acknowledgment letter from the charity with specific details for a vehicle worth at least $250 but not more than $500. You must have this before you file your tax return. If the deduction you claim is over $500, additional information is required, and an acknowledgment from the charity must generally be received within 30 days of the donation. You may receive a completed Form 1098-C from the charity. We need this document when we prepare your return. Here’s more information: https://bit.ly/3HYRkp1 #CarDonation #CharitableGiving #TaxDeduction #IRSCompliance #CharitySupport #TaxTips #ItemizedDeductions #1098C #TaxSeason #VehicleDonation #TaxWriteOff #TaxPlanning

If you’re 73+, taking your Required Minimum Distribution (RMD) on time is critical. Here’s what you need to know: ✔️ RMDs for most accounts (IRAs, 401(k)s) are due by December 31. ✔️ If 2024 is your first RMD year, you have until April 1, 2025. ✔️ Roth IRAs aren’t subject to RMDs during the original owner’s lifetime, but inherited accounts may have obligations. Feeling overwhelmed? Our Marketplace connects you with trusted tax professionals who can guide you through your retirement withdrawal process. #RequiredMinimumDistributions #RMD #RetirementPlanning #IRSDeadlines #TaxTips #401k #IRA #RothIRA #RetirementAccounts #TaxCompliance #ExciseTax #FinancialPlanning #TaxSeason #RetirementSavings #InheritedAccounts #TaxPenalty #CPANetwork #EnrolledAgents #TaxProfessionals #MarketplaceSupport #TaxHelp #IRSRules #RMDDeadline #RetirementTaxStrategy #FinancialAdvice #TaxSavings #TaxExperts #TaxUpdates #RetirementGoals #VerifiedTaxProfessionals

Attorneys and law firms with deferred legal fee arrangements, take note: The IRS is watching. According to the tax agency, some taxpayers have delayed recognizing contingency fees as taxable income by transferring up to 40% of individual case settlements to third parties. In such arrangements, third parties generally hold the transferred fees for at least 20 years. Only when the fees are returned do attorneys recognize them as taxable income. The IRS’s new crackdown on such arrangements requires taxpayers to recognize settlement amounts in the year they’re transferred to a third party. To avoid possible penalties, they must use Form 8275. Contact us with questions. #IRSUpdates #TaxLaw #LegalFees #TaxCrackdown #ContingencyFees #TaxCompliance #IRSWatch #TaxRegulations #DeferredIncome #TaxTips #IRSForm8275 #LegalTax #TaxPlanning #TaxPenalties #AttorneyTaxObligations #LegalSettlements #TaxAdvice

The IRS’s Direct File program, which was rolled out to taxpayers in 12 states during the 2024 tax season, enables eligible individuals to file returns with the IRS. In May 2024, the IRS announced it would expand Direct File. However, in a recent letter, 29 U.S. House Republicans asked President-Elect Trump to use an executive order to shut down Direct File once he’s in office. They claim the program is a waste of financial resources and poses a threat to taxpayers’ “freedom from government overreach.” They further assert that the agency enforcing tax compliance shouldn’t also provide tax preparation. “The private sector offers better tax preparation services,” they added. #IRSDirectFile #TaxPolicy #TaxSeason #TrumpAdministration #HouseRepublicans #DirectFileDebate #TaxFiling #GovernmentOverreach #TaxCompliance #TaxPreparation #IRSUpdates #TaxpayerRights #TaxReform #IRSPrograms

The SALT cap debate is back in the spotlight. Signed into law under the TCJA during Donald Trump’s first term, the $10,000 cap on state and local tax deductions expires after 2025. Key points: 📌 Lawmakers from high-tax states are pushing for the cap’s removal. 📌 Earlier attempts to raise the cap for married couples failed in Congress. 📌 President-elect Trump vows to “get SALT back,” sparking speculation about a full repeal. How will this impact taxpayers and the broader economy? Let’s discuss! 💬 Share your opinions below, and visit our platform to find trusted tax professionals. #SALTCap #TaxPolicy #DonaldTrump #TaxCutsAndJobsAct #TCJA #TaxDebate #SALTBack #TaxUpdates #HighTaxStates #TaxReform #Trump2025 #StateAndLocalTaxes #TaxDeductions #TaxPlanning #MarriedTaxpayers #SALTMarriagePenalty #TaxLegislation #CapitolHill #IRSNews #TaxBreaks #GOPPolicy #DemocraticLawmakers #HighIncomeTaxpayers #TrumpTaxPlan #TaxpayerRelief #TaxProMarketplace #FindTaxPros #VerifiedTaxExperts #CPACommunity #TaxPolicyDebates

The Tax Cuts and Jobs Act capped the state and local tax (SALT) deduction at $10,000. This “SALT cap” is scheduled to expire after 2025. The future of the cap is sure to play a key role in tax policy negotiations on Capitol Hill next year. Some Democratic and Republican lawmakers, mainly from high-tax states, are urging the full restoration of the SALT cap. Earlier this year, the SALT Marriage Penalty Elimination Act proposed to increase the SALT cap to $20,000 for married couples filing jointly with incomes up to $500,000. That bill failed in the House of Representatives. President-Elect Donald Trump has vowed to “get SALT back,” leaving many to assume he supports ending the SALT cap. #TaxPolicy #SALTCap #TaxCutsAndJobsAct #StateAndLocalTaxes #SALT #CapitolHill #TaxReform #HighTaxStates #SALTMarriagePenalty #TaxDeduction #DonaldTrump

The Inflation Reduction Act extended the premium tax credit (PTC) through the end of 2025. The credit helps eligible individuals cover their premiums for health insurance purchased through the Health Insurance Marketplace. The Congressional Budget Office recently estimated if the expiring credit isn’t renewed, 3.8 million more people will go uninsured each year over a 10-year period. The CBO said the expiration would also lead to an average 7.9% increase in Marketplace premiums over the same period. In response, Democratic lawmakers are urging swift passage of the Health Care Affordability Act of 2024 to make the PTC permanent. Republican lawmakers have concerns over the costs. Stay tuned. #InflationReductionAct #PremiumTaxCredit #HealthCareAffordability #HealthInsurance #MarketplaceCoverage #PTC