Passthrough Entity (PTE) Tax Payment Reminder

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This is a reminder that the first installment of the California Passthrough Entity (PTE) elective tax payment for the 2025 tax year is due by June 16, 2025. This applies to eligible passthrough entities (e.g., partnerships, S corporations, LLCs treated as partnerships or S corps for tax purposes) electing to pay the PTE tax under […]

BOI Reporting Now Limited to Foreign Entities

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Recent regulatory changes have significantly altered the enforcement of the Corporate Transparency Act (“CTA”), particularly concerning reporting obligations for domestic and foreign entities. As of March 21, 2025, the Financial Crimes Enforcement Network (“FinCEN”) has issued an interim final rule that exempts U.S. entities and individuals from Beneficial Ownership Information (“BOI”) reporting requirements. Consequently, only […]

Reinstatement of Mandatory BOI Reporting

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On February 18, 2025, the U.S. District Court for the Eastern District of Texas lifted the preliminary injunction preventing FinCEN from enforcing the Beneficial Ownership Information (“BOI”) reporting requirements under the Corporate Transparency Act. Following this decision, FinCEN issued a response that BOI reporting is once again mandatory with an extended due date of March […]

New Form 1099-K Reporting Requirements

A hand reaches towards a digital interface showcasing tax-related icons: a dollar sign, globe, calculator, and document. At the center, the word "TAX" stands out prominently. The theme highlights technology's role in taxation with important updates like California Pass-Through Entity Tax developments.

Starting in January of 2025 payment cards (credit and debit cards) and E-commerce platforms like PayPal, Venmo, Amazon Pay, and other payment processors will be required to issue IRS form 1099-K, officially titled “Payment Card and Third-Party Network Transactions,” for taxpayers who received $5,000 in payments for goods, services, or rent for business transactions in […]

Update Regarding The Filing Of Beneficial Ownership Information Reports (“BOIR”)

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VERY TIME SENSITIVE!! Last week we reported that the Financial Crimes Enforcement Network (FinCEN) ceased enforcement of the Beneficial Ownership Information Report (BOIR) filing requirements under the Corporate Transparency Act (“CTA”), due to a nationwide court injunction issued in the case of Texas Top Cop Shop, Inc. v. Garland. Today the 5th Circuit Court of […]