Taurus CPA Solutions, LLC

BOI UPDATE FOR SMALL BUSINESS OWNERS Impact of Ongoing Litigation – Deadline Stay – Voluntary Submission Only "On Tuesday, December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.), a federal district court in the Eastern District of Texas, Sherman Division, issued an order granting a nationwide preliminary injunction that: (1) enjoins the CTA, including enforcement of that statute and regulations implementing its beneficial ownership information reporting requirements, and, specifically, (2) stays all deadlines to comply with the CTA’s reporting requirements. The Department of Justice, on behalf of the Department of the Treasury, filed a Notice of Appeal on December 5, 2024... While this litigation is ongoing, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports." https://www.fincen.gov/boi

A Federal District Court held that the Corporate Transparency Act is unconstitutional, stating it “exceeds the Constitution’s limits on Congress’ power." The ban on the CTA's enforcement is limited to the NSBA and its 60,000+ members... Given the narrow nature of this summary judgment, unless the Treasury Department suspends enforcement of CTA for all 30+ million businesses that are obligated to file, CTA BOI reports will need to be filed by all of those tens of millions of businesses except for the less than 65,000 NSBA members to which the decision applies... Many believe that all reporting companies facing CTA deadlines should seriously consider filing, even if the Federal District Court's ruling covers them. Businesses that fail to file in time to meet their CTA deadlines are betting on the NSBA prevailing in the courts. Meanwhile, if the UST prevails, these businesses will potentially face significant civil fines, interest, and penalties, as well as possible criminal penalties, including jail time... https://lnkd.in/eJV-_eHh

It's that time of year again. Do you know who you will need to send a 1099 Form in January? Do you have the necessary information to prepare the required forms? Get a jump on this requirement now with help from the link below. https://lnkd.in/eypfYfn

Are you aware of the Corporate Transparency Act (CTA)? This federal law, which went into effect in January 2024, requires certain businesses to disclose information about their owners and controllers to the U.S. Financial Crimes Enforcement Network (FinCEN), no later than December 31, 2024. Failure to comply with the CTA may cause you to incur steep fines of $500 per day or greater, beginning January 1, 2025. Don’t know if you need to report information to FinCEN under the CTA? Simply, don’t know where to start? Contact Lawrence Law today! Our dedicated and trusted team can help you determine if you need to file, provide guidance on what information to include in your filing, and complete your filings with FinCEN. Time is running out to get your paperwork filed, so reach out to the team at Lawrence Law by December 16th for help! To inquire, please contact Yolanda Garza at yolanda@lawrencelawllc.com or 410-837-6995.

Business Owners - Don't miss this important filing requirement! If your company already exists as of January 1, 2024, it must file its initial BOI report by January 1, 2025. https://lnkd.in/gFnFmEVd

How to File a Beneficial Ownership Information (BOI) Report https://lnkd.in/gXBNdEyT

💲💲💲 Here's a quick way to save $300! 💲💲💲 Does your business offer a retirement plan? If so, have you applied for your 2025 SDAT fee waiver? Employers that offer a qualified retirement plan to their employees outside of the MarylandSaves platform must re-certify every year. The form to claim the 2025 $300 filing fee waiver is available here.  https://lnkd.in/eFxmNKpV You must complete and submit this form by December 31, 2024, to be eligible for the 2025 SDAT Annual Report Filing Fee waiver. Completed forms received after December 31, 2024, will qualify for the 2026 SDAT Annual Report Filing Fee waiver.

Did you know that your side hustle can be classified as a business or a hobby and that they're treated differently for tax purposes? Learn more from the link below.

Taking tax advice on social media can be bad news for taxpayers; inaccurate or misleading tax information circulating https://lnkd.in/gpe-jYKS