FinCEN Removes Beneficial Ownership (BOI) Reporting Requirements of U.S. Companies and U.S. Persons; Sets New Deadlines for Foreign Companies
FinCEN, the bureau within the United States Department of the Treasury that combats financial crimes through the collection, analysis, and sharing of financial intelligence, has issued an interim final rule removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) under the Corporate Transparency Act. All entities created in the […]
Nine tax planning tips for taxpayers to consider year-round
[ad_1] Tax planning is not just an annual event that occurs right before tax season. Rather, it’s a year-round process that involves strategic decision making to minimize tax liabilities and maximize savings. By staying proactive and organized, taxpayers can ensure they are making the most of available opportunities and avoiding unwelcome surprises at tax time. […]
Five ways expert financial advisory can transform your business strategy
[ad_1] At The Marston Group, we understand that successful financial management requires insight beyond the numbers – it requires tactical strategies that align with your business goals and fuel your success. Here are five ways expert financial advisory can reshape your procedures and unlock success. 1. Customizable financial solutions to meet your needs One size […]
Refund Opportunity for Franchise Tax Overpayment
[ad_1] We would like to inform you of significant changes regarding franchise tax reporting and refund procedures. Effective January 1, 2024, the Schedule G property measure of the franchise tax, also known as the “minimum measure,” has been eliminated. Going forward, franchise tax calculations will be based on a taxpayer’s net worth. Refund eligibility: Taxpayers […]
Memphis Business Journal: Maximizing 2024 retirement plan contributions
This column was written by Liz Coleman and originally appeared in the Memphis Business Journal. Retirement planning is a crucial aspect of financial management, and understanding the annual adjustments to retirement plan contribution limits is pivotal for making informed decisions. Every year, these limits are adjusted by the government, reflecting modifications for inflation and impacting various […]
Corporate Transparency Act — Beneficial Ownership Information Reporting Requirement
[ad_1] Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from […]
Preparing for Sunset of the Tax Cuts & Jobs Act (TCJA) of 2017
[ad_1] The Tax Cuts and Jobs Act of 2017 (TCJA) included some major changes to the tax law, with a number of them set to expire on December 31, 2025. Congress may extend some or all of those provisions, but given the uncertainty of extensions, now is a good time to look at some of the […]
House, Senate tax chiefs announce deal on business deductions, low-income credits
[ad_1] This week, the chairs of Congress’ two main tax committees – House Ways and Means Committee Chairman Jason Smith (R-Missouri) and Senate Finance Committee Chairman Ron Wyden (D-Oregon) – announced a bipartisan deal to enhance and extend a number of tax credits and deductions. The provisions include revival of the expanded Child Tax Credit, […]
The strategic role of capital gains minimization through tax-loss harvesting
Tax-loss harvesting offers investors a powerful tool to optimize tax liabilities and enhance portfolio positioning. At its core, this practice involves the intentional sale of assets incurring losses, enabling investors to offset gains elsewhere in their portfolios or neutralize taxable income. However, the craft lies not in merely selling underperforming assets but also in discerning […]
Harvesting losses in investments: A year end-tax strategy
Not all investments will yield positive results – yet, a losing investment does present benefits, as it can be utilized to decrease tax liabilities and improve the future positioning of portfolios. Tax-loss harvesting, a strategic financial maneuver within investment management, operates as a potent tool for investors seeking to optimize their tax liabilities. As 2023 […]