Tax Legislation Clears House with Momentum as Heads to Senate
On January 31, 2024, the House of Representatives passed H.R. 7024 on a 357-70 vote. The $79 billion bill, referred to as The Tax Relief for American Families and Workers Act of 2024, entails updates to tax code provisions of significant interest to many taxpayers, as well as modifications to rules concerning the Employee Retention …
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Overview of Corporate Transparency Act
As of January 1, 2024, many companies now have to report beneficial ownership information (“BOI”) to Treasury’s Financial Crimes and Enforcement Network (“FinCEN”) which is a bureau of the United States Department of the Treasury, as required by the Corporate Transparency Act (the “CTA”), which was enacted in 2021 as part of the National Defense …