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Update on the Corporate Transparency Act (CTA) Filing Obligations

December 4, 2024 | By Alina Hagness, CPA
Nationwide injunction halts CTA enforcement A recent federal court decision has introduced a significant development regarding the Corporate Transparency Act (CTA). The US District Court for the Eastern District of Texas has issued a nationwide preliminary injunction, effectively halting enforcement of the CTA and its related regulations. This decision has immediate implications for businesses preparing to meet the January 1, 2025, filing deadline.
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Tax alerts

New Reporting Requirements for Beneficial Ownership Information

December 3, 2024 | By Alina Hagness, CPA
Important Update (December 4, 2024): A recent federal court ruling has issued a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA). As a result, companies are no longer required to comply with the CTA's reporting requirements at this time. The information in this article, including filing deadlines and compliance requirements, is impacted by this ruling and may no longer be applicable. For more information on this development, click here to read the latest update.
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Tax alerts

CA Legislative Session Concludes for 2020; Prop 15 on Ballot

September 22, 2020 | By GTN Alerts
August 31 was the last day the California Legislature was in session for 2020. Although many tax bills failed to pass, SB 972 and AB 3372 did and are awaiting signature by Governor Newsom. Taxpayers also need to keep a close eye on Proposition 15, which is on the November ballot.
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Tax alerts

US Federal and State Filing and Payment Deadlines Continue to Evolve in Response to COVID-19 Pandemic

March 27, 2020 | By GTN Alerts
IRS issues welcome extension of filing deadline As highlighted in our recent alert, the US Secretary of the Treasury, Steve Mnuchin, had announced on March 17, that US taxpayers would get a 90-day reprieve in settling their 2019 tax bills, extending the tax payment due date to July 15. At the time, this extended payment deadline had been limited to taxpayers owing $1 million or less in taxes. In addition, this payment extension had not changed the original tax return filing deadline of April 15.
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Tax alerts

Tax Filing Deadline Extended to July 15 to Combat COVID-19 Pandemic

March 20, 2020 | By GTN Alerts
On Friday, March 20, the US Secretary of the Treasury, Steve Mnuchin, announced that the federal tax filing deadline would also be extended to July 15. Earlier in the week, the Secretary of the Treasury had provided an extension to the payment deadline but reiterated that the filing deadline would remain at April 15. This is no longer the case as of Friday morning as the filing and payment deadline have now both been extended to July 15, 2020.
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Tax alerts

Tax Payment Deadline Extended to July 15 to Combat COVID-19 Pandemic

March 18, 2020 | By GTN Alerts
On Tuesday, March 17, the US Secretary of the Treasury, Steve Mnuchin, announced that US taxpayers would get a 90-day reprieve in settling their tax bill for 2019, making any tax payments owed not due until July 15. During this same briefing, the Secretary of the Treasury reiterated that the filing deadline would remain at April 15.
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Tax alerts

GTN’s plan of action around COVID-19

March 12, 2020 | By GTN Alerts
As the World Health Organization labeled the coronavirus outbreak or COVID-19 a pandemic on March 11, 2020, we wanted to reach out to our clients, business affiliates, and friends to let you know GTN’s current plan of action in response to these uncertain times.
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Tax alerts

Payroll Changes Affecting Companies that Operate in Ireland

October 9, 2019 | By GTN Alerts
Effective January 1, 2019, employers must report payroll information to Revenue in “real-time.” This means that employers must report payroll information each time their employees are paid, rather than at year-end, which is the current system.
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China Alerts

China Individual Income Tax Alert

November 14, 2018 | By GTN Alerts
Chinese officials recently announced amendments to the Individual Income Tax (IIT) law, signifying the first major modifications since 2011. The changes are intended to boost economic growth and will affect the taxation of both local employees and mobile employees that are on assignment in China. Full implementation of the changes will occur on January 1, 2019. However, the new tax tables and standard basic monthly deduction went into effect on October 1, 2018. We highlight key changes relating to personal income taxation below:
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Offshore Voluntary Disclosure Program

Offshore Voluntary Disclosure Program Closing

September 5, 2018 | By GTN Alerts
As originally highlighted in our March 2018 newsletter the Offshore Voluntary Disclosure Program (OVDP) will be closing effective September 28, 2018. All OVDP submissions must be postmarked on or before this date to qualify for the program. This IRS article Closing the 2014 Offshore Voluntary Disclosure Program Frequently Asked Questions and Answers provides an excellent review of the closure and highlights the decline in the number of taxpayers taking advantage of the program.
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