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Beneficial ownership information reporting requirements suspended for domestic reporting companies
The twisty journey of the Corporate Transparency Act’s (CTA’s) beneficial ownership information (BOI) reporting requirements has taken yet another turn. Following a February 18, 2025, ruling by a federal district court (Smith v. U.S. Department of the Treasury), the requirements are technically back in effect for covered companies. But a short time later, the U.S. Department…
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Another court ruling on BOI reporting: Requirements are halted again
In a surprising turn of events, a federal appeals court has issued another ruling that suspends a requirement for businesses to file reports about their beneficial ownership information (BOI). This came just days after the same court issued a ruling that resulted in the federal government announcing that millions of small businesses did have to…
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2025 tax calendar
To help make sure you don’t miss any important 2025 deadlines, we’re providing this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance meeting them. January 31 Businesses: Provide Form 1098, Form…
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The U.S. Senate passes its version of President Trump’s tax bill
The U.S. Senate passed its version of The One, Big, Beautiful Bill (OBBB) by a vote of 51 to 50 on July 1. (Vice President J.D. Vance provided the tiebreaking vote.) At its core, the massive bill is similar to the bill passed by the U.S. House of Representatives last May. It includes extensions of many…
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What taxpayers need to know about the IRS ending paper checks
The federal government has announced a major change that will affect how numerous Americans receive their tax refunds and federal benefit payments. The U.S. Treasury Department, the IRS and the Social Security Administration (SSA) will soon stop issuing paper checks. This transition is designed to increase efficiency, reduce fraud and lower administrative costs — but…
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President Trump signs his One, Big, Beautiful Bill Act into law
On July 4, President Trump signed into law the far-reaching legislation known as the One, Big, Beautiful Bill Act (OBBBA). As promised, the tax portion of the 870-page bill extends many of the provisions of the Tax Cuts and Jobs Act (TCJA), the sweeping tax legislation enacted during the first Trump administration. It also incorporates…
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EV buyers, beware! House GOP bill ends clean vehicle tax credits after 2025
The U.S. House of Representatives has passed its budget reconciliation bill, dubbed The One, Big, Beautiful Bill. Among other things, the sweeping bill would eliminate clean vehicle credits by the end of 2025 in most cases. If you’ve been pondering the purchase of a new or used electric vehicle (EV), you’ll want to buy sooner rather…
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The U.S. Senate passes its version of President Trump’s tax bill
The U.S. Senate passed its version of The One, Big, Beautiful Bill (OBBB) by a vote of 51 to 50 on July 1. (Vice President J.D. Vance provided the tiebreaking vote.) At its core, the massive bill is similar to the bill passed by the U.S. House of Representatives last May. It includes extensions of many…
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President Trump signs his One, Big, Beautiful Bill Act into law
On July 4, President Trump signed into law the far-reaching legislation known as the One, Big, Beautiful Bill Act (OBBBA). As promised, the tax portion of the 870-page bill extends many of the provisions of the Tax Cuts and Jobs Act (TCJA), the sweeping tax legislation enacted during the first Trump administration. It also incorporates…
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The One, Big, Beautiful Bill Act extends many business-friendly tax provisions
The One, Big, Beautiful Bill Act (OBBBA) includes numerous provisions affecting the tax liability of U.S. businesses. For many businesses, the favorable provisions outweigh the unfavorable, but both kinds are likely to impact your tax planning. Here are several provisions included in the new law that may influence your business’s tax liability. Qualified business income…
