Caribbean CPA Puerto Rico

WARNING: Beneficial Ownership Information reporting injunction lifted!

On December 23, 2024, the U.S. Court of Appeals for the Fifth Circuit lifted the nationwide preliminary injunction. Once again, reporting companies are required to file beneficial ownership information with FinCEN. The new deadline for most companies is January 13, 2025.

https://www.fincen.gov/boi

IRS reminder for certain retirees

Washington, DC, 10-DEC-2024 — The Internal Revenue Service has reminded retiree taxpayers who are 73 or older of the deadline to take the required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, as required by the SECURE 2.0 Act.

https://www.irs.gov/newsroom/irs-urges-many-retirees-to-make-required-withdrawals-from-retirement-plans-by-year-end-deadline

IRS takes steps to help prevent refund delays by accepting duplicate dependent returns with an IP PIN for 2025 filing season; taxpayers encouraged to sign up soon for IP PIN, Online Account

https://www.irs.gov/newsroom/irs-takes-steps-to-help-prevent-refund-delays-by-accepting-duplicate-dependent-returns-with-an-ip-pin-for-2025-filing-season-taxpayers-encouraged-to-sign-up-soon-for-ip-pin-online-account

The Saver's Credit

WASHINGTON — The IRS reminds low and moderate income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years.

https://www.irs.gov/newsroom/save-for-retirement-now-get-a-tax-credit-later-savers-credit-can-help-low-and-moderate-income-taxpayers-save-more-in-2025

https://natlawreview.com/article/texas-federal-court-blocks-corporate-transparency-act-halts-nationwide-enforcement

Federal Court Enjoins Enforcement of the CTA Nationwide; Reporting Companies “Need Not Comply” with January 1 Deadline On December 3, 2024, a Texas-based federal court issued a sweeping order prohibiting the federal government from enforcing the Corporate Transparency Act (CTA) anywhere in the country. Texas Top Cop Shop, Inc., et al. v. Garland, et al., Case No. 4:24-cv-478 (E.D.

IRS Tax Scam Warning!

WASHINGTON — The IRS issued a consumer alert regarding the growing threat of bad tax advice on social media that misleads individuals into filing inaccurate tax returns.

https://www.irs.gov/newsroom/national-tax-security-awareness-week-day-2-irs-security-summit-partners-urge-people-to-watch-out-for-bad-tax-advice-on-social-media