Dogra CPA LLC

Dogra CPA LLC DOGRA CPA LLC is a team of experienced, energetic accountants and tax advisers who deliver innovativ

Based in Iselin NJ, Dogra CPA LLC is a certified public accounting firm providing highly personalized tax, audit, and business consulting services to businesses and individuals. With special expertise in Technology, Health Care, and Real Estate, Dogra CPA LLC serves a diverse clientele from multinational corporations to small businesses.

12/24/2024

Tax Alert: Fifth Circuit Appeals Court Reinstates BOI Reporting Requirement for Small Businesses

December 23, 2024 — In a landmark ruling, the Fifth Circuit Court of Appeals has reinstated the Beneficial Ownership Information (BOI) reporting requirement for small businesses, reversing a previous decision that had suspended the rule.

The BOI reporting requirement, part of the Corporate Transparency Act (CTA), mandates that small businesses disclose the identities of their beneficial owners—the individuals who ultimately control or benefit from a company.

What the Ruling Means for Small Businesses?

The decision impacts a wide range of small businesses across the country, particularly those with fewer than 20 employees or less than $5 million in gross receipts. These entities will now be required to disclose their beneficial owners to FinCEN by January 13, 2025, unless they fall under an exemption.

Companies that fail to comply with the BOI reporting requirement may face penalties, including substantial fines.

Key Takeaways:
• The Fifth Circuit reinstated the BOI reporting requirement for small businesses under the Corporate Transparency Act.
• Small businesses must disclose their beneficial owners to FinCEN by January 13, 2025.
• Non-compliance could lead to significant penalties.
• Supporters of the rule argue it will improve transparency and reduce financial crimes

06/14/2024

Tax Alert: Seize The Moment: Should The Wealthy Act Now On The $13.61 Million Tax Break Before It Expires In 2025?

The $13.61 million estate and gift tax exemption is set to expire at the end of 2025, but a lot of wealthy people aren't sure if they should take advantage of this significant tax cut now or wait until then.

The amount an individual can pass to beneficiaries free of gift and estate taxes is known as the exemption, and it will be about halved to about $7 million at the end of the next year under present regulations.

A Spousal Lifetime Access Trust (SLAT) is a powerful estate planning tool that can help married couples maximize the use of their estate tax exemptions. Here’s how you can use a SLAT to address the estate tax exemption expiration effectively:

See more…. https://bit.ly/3VnL5RW

06/02/2024

Tax Alert: Consider a Roth 401(k): Your money can now grow tax-free for longer.

1st Advantage: It's now easier to avoid required minimum distributions (RMDs) and maintain your Roth 401(k) balance throughout retirement thanks to a change in tax legislation. RMDs from Roth 401(k)s were required to be taken by retirees beginning in their early 70s until this year. With effect from 2024, the Secure 2.0 law of 2022 did away with that necessity.

2nd Advantage: Roth 401(k)s also have no income restrictions for contributions. That could make them appealing for high-income earners.

3rd Advantage: Most non-spouse heirs won’t have to withdraw the full balance until the end of the tenth year after the original owner’s death; spouses get a longer timetable.

In summary, a Roth 401(k) can accumulate more wealth without incurring taxes, which is advantageous to you and your heirs.

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99 Wood Avenue South, Suite 101
Iselin, NJ
08830

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Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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