On December 3, 2024, the United States District Court for the Eastern District of Texas issued a preliminary injunction against the Corporate Transparency Act (CTA) and its implementing regulations. The…
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As of October 2024, the IRS is ending automatic penalties for late-filed Form 3520’s in relation to foreign gifts and bequests. This is not an all-encompassing relief for the form,…
read moreThe Massachusetts Department of Revenue (“MA DOR”) will waive most penalties for taxpayers who participate in the amnesty program. Amnesty Requests can be processed through the MA DOR Amnesty information…
read moreWith Q4 fast approaching, we want to remind you that the Corporate Transparency Act expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the…
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For decades, retailers and wholesalers of tangible personal property (i.e., merchandise) have been protected from paying net income taxes to states. The protection is afforded under federal Public Law 86-272…
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New Jersey Governor Phil Murphy has recently signed various tax bills as part of the annual budget process, including the imposition of a 2.5% corporate transit fee. 2.5% Corporate Transit…
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Recent changes to multistate tax rules introduce new state income tax filing requirements for online wholesalers and retailers and updated international business income tax filing rules for U.S. retailers whose…
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By Senior Tax Manager, Samantha Guis The chatter and discussion around the Corporate Transparency Act has dominated several sectors since it became effective on January 1, 2024. Alerts, articles, and…
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On January 16, 2024, the Senate Finance Chair Ron Wyden (D) and House Ways & Means Chair Jason Smith (R) introduced the Tax Relief for American Families and Workers Act…
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In 2023, the IRS finally reduced the threshold requiring electronic filing to any company filing 10 or more total forms of any type. It is important that employers review and…
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