Georgiana Marinoff CPA

💡💡📍BOI Update Alert: Appeals Court Reinstates BOI Filing Requirement.
The 5th Circuit Court of Appeals has granted the government's emergency motion to stay so the original deadline for existing businesses of Jan. 1, 2025, remains in place.

In response to the Court decision of Dec. 23, the Financial Crimes Enforcement Network (FinCEN) has announced the following updated deadlines for beneficial ownership information (BOI) reporting:

Extended Deadlines for Existing Companies
Companies created or registered before Jan. 1, 2024, must file their initial BOI reports by Jan.13, 2025 (extended from Jan. 1, 2025).

Extensions for Recently Registered Companies
Companies registered between Sept. 4, 2024, and Dec. 23, 2024, now have until Jan. 13, 2025, to file their BOI reports.

Companies registered between Dec. 3, 2024, and Dec. 23, 2024, receive an additional 21 days from their original filing deadline.

Form 1099-K Transitional Relief ( Notice 2024-85)
• 2023 –$20,000 threshold and number of transactions exceed 200
• 2024 – $5,000 threshold (no minimum transaction limit)
• 2025 - $2,500 threshold (no minimum transaction limit)

White-collar recession

https://www.irs.gov/newsroom/irs-provides-details-of-second-employee-retention-credit-voluntary-disclosure-program-program-for-improper-claims-open-through-nov-22

IRS provides details of second Employee Retention Credit Voluntary Disclosure Program; program for improper claims open through Nov. 22 | Internal Revenue Service IR-2024-213, Aug. 15, 2024 — The Internal Revenue Service urged businesses that have received Employee Retention Credit payments to recheck eligibility requirements and consider the second Employee Retention Credit (ERC) Voluntary Disclosure Program (VDP) to resolve incorrect claims without penalt...