A Saleh CPA LLC

CTA-BOI Reporting…Nationwide Injunction Lifted and Extended Reporting Deadlines

As previously reported, on 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.), the U.S. District Court for the Eastern District of Texas issued an order granting a nationwide preliminary injunction against enforcing the Corporate Transparency Act’s (“CTA”) BOI reporting requirements.

On Monday, December 23, 2024, the Fifth Circuit Court of Appeals stayed the injunction. This means that the injunction is no longer in effect, and the Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) may again enforce the BOI reporting requirements.

FinCEN has issued an alert (“Alert”) acknowledging that in light of the federal Court of Appeals decision, reporting companies, except those specifically named in the Alert, are once again required to file beneficial ownership information with FinCEN. The Department of the Treasury acknowledged that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, and accordingly have extended the reporting deadline as follows:
Reporting companies that were created or registered prior to January 1, 2024, have until January 13, 2025, to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
Reporting companies created or registered in the United States on or after September 4, 2024, that had a filing deadline between December 3, 2024, and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
Reporting companies created or registered in the United States on or after December 3, 2024, and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.
Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
Reporting companies that are created or registered in the United States on or after January 1, 2025, have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.
Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.) — namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024) — are not currently required to report their beneficial ownership information to FinCEN at this time.

It is Tax Time! Contact our office today!

IRS Delays Implementation of New Rules for 1099-K Forms
Under a new rule enacted in 2021, third-party payment processors must issue a Form 1099-K to any individual who receives $600 or more in payments for goods or services during a year. However, IRS officials have noted that this rule could cause widespread confusion, since many transactions completed through online payment platforms have no tax impacts. Examples of non-taxable transactions include settling up with friends and selling used personal items.

Therefore, the IRS will not enforce the new rules for tax year 2023. Instead, third-party payment processors may operate under the prior rules, only sending 1099-K forms to users who received over $20,000 in payments through over 200 transactions. In addition, 2024 will serve as a phase-in year, with the 1099-K reporting threshold set at $5,000. Full implementation of the $600 threshold will not occur until at least 2025.

New Credit Rules Could Mean Paying Less for a Clean Vehicle in 2024

Starting January 1, 2024, buyers of new and used electric (EV), plug-in hybrid (PHEV) and fuel cell vehicles may transfer the Clean Vehicle Credit to a car dealer in exchange for a lower price. These new tax credit rules will make clean vehicles affordable for a wider range of taxpayers, who previously had to wait until the next tax filing season to get the benefit of the credit.

The amount of the Clean Vehicle Credit depends on a variety of factors, including battery size and the origin of critical components. The maximum credit is $4,000 for used vehicles and $7,500 for new vehicles. You can find a complete list of EVs, PHEVs and fuel cell vehicles that qualify for the credit at the U.S. Dept. of Energy website (link below). If you transfer a Clean Vehicle Credit to a dealer, the dealer must provide a financial benefit equal to the credit amount, such as a price reduction. For both new and used vehicles, the Clean Vehicle Credit is subject to income limits.

Search for Eligible Clean Vehicles:

Federal Tax Credits for Plug-in Electric and Fuel Cell Electric Vehicles Purchased in 2023 or After Save up to $7,500 on qualifying vehicles!

Tax season is down the road. Contact our office now to secure your appointment

We have moved. Our new address is located at:
2425 N Central Expressway Suite 700
Richardson, TX 75080

We are looking forward to meeting you all there!

Job Opportunity
Our client owns a chain of clothing/accessories stores in different locations across Texas. They need 4 sales associates for a new branch in Grapevine, TX.
This is a full time opportunity. Previous sales experience is a plus but not necessary.
Expected start date: October 1st
Please send your resume to [Email address hidden] and we will be in touch with you.

Own a business? For a reasonable monthly fee, we help you manage all your finances and ensure you stay compliant with all tax agencies.
We are Certified Public Accountants and our firm is a licensed CPA firm in the State of Texas and we operate in all States. With us, you get quality, adherence to deadlines, timely/knowledgeable communication, and you avoid costly mistakes done by unqualified providers. We go above and beyond to provide you with smooth experience and high quality service.
- We handle all your bookkeeping needs on a monthly basis.
- We file and pay your sales taxes on your behalf.
- We send you quarterly statements on your business health.
- At year end. we make your books tax ready!
- If you do your income taxes with us, we handle your quarterly estimated payments on your behalf.
- If you have payroll, we calculate all the deductions, pay your employees with direct deposit, File and pay all tax liabilities to Federal and State Agencies on your behalf.
Our monthly fee includes consultations. You can call and email us with questions and concern and do not worry about billing simply because you called us. All included.
Contact us today to get your business by the book, and free your valuable time to manage and grow your business.
Our number is (469) 888-0861
Our email is [email protected]
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Only 19 days remaining until the May 17th tax deadline. We have a few appointments remaining. Contact us today to file your 2020 Tax Return and avoid paying late penalties and interest.

If you own a business, or you are a self-employed and have not benefited yet from the Paycheck Protection Program, it is not too late.

The PPP program was extended until May 31st. The American Rescue Plan made it easier for self employed and contractor to qualify.

Contact our office at [email protected] or (469) 888-0861 for information.

IRS extended the tax deadline for individuals to May 17th. This includes filing and payment. This is an automatic extension and you do not need to call IRS or file any forms to get the extension.

Due to the recent changes from the American Rescue Plan signed by President Biden on March 11th, some of the tax returns already filed might need to be amended to reflect tax exemption on unemployment compensation and other tax breaks.

If you have already filed your return with us and your return is affected, we will contact you next week with instructions. The changes will most likely increase your refund!