4Ls Tax & Accounting Firm, LLC

-Tax Filing Season start Jan 27th. Are you looking for a consistent tax professional open all year round that's there when you need them? We are more than tax preparers.....We are Tax and Accounting Experts!
Call us today (404) 940-6328 for a free consultation about your tax situation and secure financial tax freedom today!

BOI Update Alert: Appeals Court Reinstates BOI Filing Requirement

As we previously posted, it is best to file the BOI reports as soon as possible given the few remaining days left before the Jan. 1, 2025, due date. Give us a call today if you need immediate assistance to comply with this new filing!!

The 5th Circuit Court of Appeals has granted the government's emergency motion to stay a Texas district court's nationwide injunction against the Corporate Transparency Act (CTA). CTA requires nonexempt companies to report their beneficial owners. Before the Texas court's injunction, specified businesses formed prior to 2024 were required to file their initial beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025, and new businesses were required to file within 30 days.

The stay means the CTA is now in effect. The court found that the government is likely to succeed on appeal, that leaving the injunction in place could cause significant harm, and that the public interest in preventing financial crimes outweighs any harm to the plaintiffs. The case will proceed quickly to the next available oral argument panel. FinCEN has yet to issue a response to the 5th Circuit's order.

In its budget discussions of last week, Congress did not extend the BOI compliance deadline for existing businesses to Jan. 1, 2026, so the original deadline of Jan. 1, 2025, remains in place. As a result, the 5th Circuit's decision has immediate implications for affected businesses.

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

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The Corporate Transparency Act (CTA) plays a vital role in protecting the U.S. and international financial systems, as well as people across the country, from illicit finance threats like terrorist financing, drug trafficking, and money laundering. The CTA levels the playing field for tens of millions of law-abiding small businesses across the United States and makes it harder for bad actors to exploit loopholes in order to gain an unfair advantage.

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.

The IRS is seeking feedback to improve the process for taxpayers requesting innocent spouse relief. They are inviting stakeholders, such as tax professionals, non-profit organizations, and individuals with experience, to participate in listening sessions. Interested parties must submit their details to [email protected] by October 30, 2024, for potential involvement in this initiative. Participants will help the IRS understand common concerns and areas for improvement.

Read more at https://nstp.org/article/help-irs-improve-process-innocent-spouses

: Use the Tax Pro Account for real-time processing for power of attorney (POA) and tax information authorization (TIA): https://ow.ly/PYL850TfRw4

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I have been getting a lot of questions regarding fees. Just a little fyi. We do offer price matching with your prior year tax fees incurred and paid. Give us a call today..

PTIN Requirements for Tax Return Preparers | Internal Revenue Service Apply for or renew your preparer tax identification number (PTIN). All paid tax return preparers must have a PTIN.

If you think you qualify for this automatic penalty relief, contact us today.

IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause | Internal Revenue Service IR-2023-244, Dec. 19, 2023 — In a major step to help people who owe back taxes, the Internal Revenue Service today announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pan...

The IRS has announced a new employee retention credit (ERC) voluntary disclosure program to help businesses to pay back refunds they received after filing erroneous claims.

Employee Retention Credit – Voluntary Disclosure Program | Internal Revenue Service This page will help you figure out if and how you can apply for the Employee Retention Credit (ERC or ERTC) Voluntary Disclosure Program if you received the ERC but you are ineligible and need to repay it.

First Quarter 2024 Interest Rates Unchanged

The IRS will not be changing its interest rates for the first quarter of 2024, which begins Jan. 1. According to the IRS's announcement, those rates include the following:

8% for overpayments, 7% for corporations
5.5% for the portion of a corporate overpayment exceeding $10,000
8% for underpayments
10% for large corporate underpayments