The recently passed Corporate Transparency Act (CTA), enacted as part of the National Defense Act, mandates millions of entities to begin reporting their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The CTA is not a part of the tax code, but rather, a part of the Bank Secrecy Act with reports filed to FinCEN rather than the IRS. This additional requirement will require additional planning with your attorney or legal counsel.
IRS Issues Proposed Regulations on Reporting by Brokers for Sales and Exchanges of Digital Assets
What is Not in the Inflation Reduction Act & Why You Should Start Year-End Tax Planning
It's time for individuals, businesses and family offices to start 2022 year-end tax planning. This is an opportunity to understand your tax situation with your Reese Henry advisor and make decisions on reductions, deferments or even accelerating tax obligations. Working with your Reese Henry advisor, we can estimate your tax liability and consider tax minimization strategies.
Taxpayers Can Delay Tax Payments Until July 15
The IRS issued guidance allowing individuals to defer tax payments of up to $1,000,000 and corporations of up to $10,000,000 until July 15 without interest and penalties. Do not confuse payment with filing. Unfortunately, the IRS did not delay the tax filing deadline, taxpayers must still file their tax return or extension by April 15.
We Are Working Remotely
In response to state and local advisories and health orders, we are implementing social distancing strategies to protect our people, clients and communities. Our professionals and staff are working remotely and securely in an effort to limit any interruptions to client service. You will be able to reach us as you normally do by phone or email during our regular business hours.
COVID-19 Virus Response
The health and safety of our people, clients and communities is our top priority. We are prepared to provide you a seamless client service experience as we face the uncertainties and health challenges arising from the COVID-19 Virus. We are closely monitoring the latest advisories from the U.S. Centers for Disease Control and Prevention (CDC) and our state and local governments.