Elona S Ruci CPA PA

January 26th is the official Tax e-filing start date!

The announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. You will have until Wednesday, April 15, 2026, to file your 2025 tax returns and pay any tax due. Don’t forget that IRS.gov has online tools and resources you can use before, during and after filing your federal tax return. For a list of filing season tools, reminders and resources, read: https://ow.ly/1yqq50XTweL

Electronic filing for 2025 business tax returns starts January 12th, 2026!
Do you have your Year End information ready?

The last major tax bill passed was the Tax Cuts and Jobs Act (TCJA ) This bill was signed into law on December 22, 2017. Many of its provisions are set to expire at the end of 2025.
Congress passed the One Big Beautiful Bill Act (OBBBA) on May 22, 2025, which includes extensions of some TCJA provisions and other tax changes. This bill is a budget reconciliation bill and is currently being debated in the Senate
The STATE and Local Taxes deductions (SALT) cap is one of the main items in negotiations. The House has a $40,000 cap which phases out but would not go below $10,000. The Senate keeps the existing cap at $10,000.
The House version includes many tax cuts that are temporary, expiring after a few years. The Senate Version favors making some of these tax cuts permanent, providing more certainty for business and individuals.

The IRS processed more than 266 million returns and issued close to $553 billion in refunds to individual and business taxpayers during FY 2024.

IRS releases fiscal year 2024 Data Book describing agency’s activities | Internal Revenue Service IR-2025-63, May 29, 2025 — The Internal Revenue Service today issued its annual Data Book detailing the agency's activities during fiscal year 2024 (Oct. 1, 2023 – Sept. 30, 2024).

FinCEN Removes BOI Requirements for U.S. Companies and persons.

FinCEN.gov WASHINGTON––Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to ...

This is a press release from the Treasury Department announcing suspending the enforcement of Corporate Transaction Act which mandated the filing of the BOI from small businesses.

Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penal...

BOI requirement are back on, but for how long. The new deadline March 21st 2025

https://bit.ly/4gMDIMI.

Mark your Calendar: The Internal Revenue Service announced that the official start of the 2025 filing season will be January 27! 2025

Reporting companies are not currently required to file beneficial ownership information with FinCEN. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

The injunction suspending BOI (beneficial ownership information) reporting is back in effect, after a Fifth Circuit Court of Appeals panel on Thursday vacated a stay issued just days prior. In response FINCEN (the Financial Crimes Enforcement Network) has once again announced that "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.

A Texas Court on December 3rd determines that the Government should be enjoined from enforcing the Reporting Rule and the January 1, 2025, compliance deadline under the Reporting Rule should be stayed under § 705 of the APA https://bit.ly/4iiLUpP

The court explicitly determined that the preliminary injunction applies nationwide and it impacts approximately 32.6 million businesses across the United States. The Court reasoning was that the requirement should fall under each state and not federal government.

www.bloomberglaw.com

The U.S. Senate on Wednesday unanimously passed the Federal Disaster Tax Relief Act (H.R. 5863), which will designate a series of presidentially-declared disasters as qualified disaster events.

This awaits President Biden's signature

The legislation designates that Hurricane Ian and other hurricanes including Hurricanes Idalia, Nicole, Fiona, Debby, Helene, and Milton should be treated as qualified disaster events for purposes of determining the tax treatment of certain disaster-related personal casualty losses. The legislation will cover any potential major disasters occurring up to 6 months after the President’s signature.

FinCEN Provides Beneficial Ownership Information Reporting Relief to Victims of Hurricane Milton.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that certain victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl, and Hurricane Francine will receive an additional six months to submit beneficial ownership information reports, including updates and corrections to prior reports. FinCEN has issued five Notices extending the filing deadlines to for reporting companies that 1) have an original reporting deadline beginning one day before the date the specified disaster began and ending 90 days after that date, and 2) are located in an area that is designated both by the Federal Emergency Management Agency as qualifying for individual or public assistance and by the Internal Revenue Service as eligible for tax filing relief. Please refer to the applicable Notice for specific information.

www.fincen.gov