Erica Nadeau
BOI Reporting Update: Court Reinstates Requirements, FinCEN Extends Deadline to March 21, 2025
On February 18, 2025, the U.S. District Court for the Eastern District of Texas reinstated the controversial BOI reporting mandate. Fortunately, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) granted extra time to file, extending the deadline for beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA). Most reporting companies […]
Pop-Up BOI Mills Raise Concerns About Data Security
AAFCPAs would like to make clients aware of pop-up Business Owner Information (BOI) mills promising to assist with compliance filings. These filings aim to boost transparency by identifying individuals who own or control a business. The injunction against the Corporate Transparency Act remains in effect, and reporting companies are not required to file beneficial ownership […]
Updates: Beneficial Ownership Information (BOI) Reporting Requirements
The Corporate Transparency Act (CTA) introduced significant changes to reporting requirements for millions of small businesses, with the aim of combating money laundering and enhancing transparency. However, ongoing legal challenges have created uncertainty regarding compliance deadlines and enforcement. AAFCPAs is following developments closely and will share updates as appropriate. The following aims to provide the […]
Corporate Transparency Act Injunction Reinstated by Fifth Circuit
On December 23, 2024, a panel of judges in the Fifth U.S. Circuit Court of Appeals stayed the nationwide preliminary injunction concerning the Corporate Transparency Act (CTA). Just three days later, on December 26th, another panel of judges reinstated the injunction, creating renewed uncertainty for reporting companies. On December 31st, the U.S. Department of Justice […]
Federal Court Temporarily Halts BOI Reporting Requirements
A federal district court in Texas has issued a nationwide preliminary injunction halting enforcement of the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements. The ruling, issued on December 3, 2024, found that the CTA likely exceeds Congress’ constitutional authority and temporarily suspends the January 1, 2025, reporting deadline for businesses. […]
IRS Releases 2025 Tax Inflation Adjustments
The IRS announced tax adjustments affecting its 2025 standard deductions, tax rates, credits, and more. These changes, detailed in Revenue Procedure 2024-40, touch on more than 60 provisions aimed at helping taxpayers prepare for the 2026 tax season. Several adjustments are broadly relevant: Other areas also see adjustments. For Medical Savings Accounts, deductible limits increase […]
Navigating 2025 Tax Provisions Amid Election Uncertainty
AAFCPAs would like to make clients aware that there are several key tax provisions set to expire in 2025. While factors like inflation, election results, and the shifting political landscape may add complexity to tax planning, we advise that clients begin preparations now. Note that changes to estate tax exemptions, the State and Local (SALT) […]
U.S. Department of Labor Issues Final Rule on Employee vs. Independent Contractor Classification
AAFCPAs would like to make clients aware that the U.S. Department of Labor issued its final rule on employee versus independent contractor classification under the Fair Labor Standards Act. Effective March 11, 2024, this final rule provides guidance on how employers determine employee versus independent contractor status. Relying on a multifactor economic reality test, the […]
AAFCPAs’ 2023 Growth Story Included Five New Partners
Boston, MA (December 22, 2023) — AAFCPAs, a preeminent 300+ employee CPA and consulting firm specializing in tax, assurance, accounting, wealth management, business process and IT advisory solutions, reflects with gratitude on our success and organic growth in 2023 with five partnership additions. The company continues in its organic growth trajectory as valued clients spread […]