Tax alerts to keep you in-the-know
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December 23, 2024: Nationwide injunction overturned – CTA filing requirements reinstated Recent court developments have reversed the nationwide preliminary injunction on the Corporate Transparency Act (CTA). Reporting companies are now required to file Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN), with new deadlines announced to account for the suspension period.

Important Update (December 23, 2024): Following the lifting of a federal court injunction against the enforcement of the Corporate Transparency Act (CTA), FinCEN has announced updated deadlines for reporting requirements. Companies created or registered before January 1, 2024, must file their initial BOI report by January 13, 2025. Companies created or registered on or after January 1, 2024, have different filing deadlines based on their registration date. Additionally on these evolving reporting requirements, as of January 6, 2025, the Department of Justice has requested that the US Supreme Court lift the injunction on BOI enforcement as legal challenges continue. This article has been updated to reflect these changes.

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.

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.

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.

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.

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.

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.