After months of debate, the One Big Beautiful Bill Act (OBBBA) has become law, bringing sweeping changes to the U.S. tax code for both individuals and businesses. Below is a breakdown of a few of the most significant provisions, along with actionable planning insights. We will be providing a much deeper dive into this bill in the coming weeks.
The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United States. The reason has to do with a tax law that’s scheduled to expire, and how politicians in Washington would like to handle it.
Effective in March 2024, the US Department of Labor has issued a final rule on how workers are classified under the Fair Labor Standards Act (FLSA). This rule was issued to assist employers in determining the status of employees vs. independent contractors, which is especially critical in managing minimum wage and overtime requirements.
The Employee Retention Tax Credit (ERTC) was introduced during the pandemic, when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Although the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that.
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.
Starting in 2024, many entities created in or registered to do business in the United States will be required to report information about their beneficial owners – the individuals who ultimately own or control a company – to the Financial Crimes Enforcement Network (FinCEN). FinCEN has published a guide to help small businesses navigate the new rules for reporting beneficial ownership information (BOI).
After issuing multiple warnings, the IRS has announced a moratorium on processing new Employee Retention Credit (ERC) refund claims through the end of the year. In combination with stepping up its audit and criminal investigation work regarding ERC claims, the IRS hopes the moratorium will slow down the ERC process to allow the organization to better identify which claims are legitimate.
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021.
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.
This November, millions of Massachusetts taxpayers could receive an automatic state refund, under a little-known law called Chapter 62F.
