U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) imposed a new reporting requirement that went into effect on January 1, 2024. Millions of businesses may have to file a Beneficial Ownership Information (BOI) Report. In a surprise turn of events, the Federal District Court from the Northern District of Alabama ruled on March 1, 2024 in National Small Business United v. Yellen ("NSB") that the CTA is unconstitutional. This course will discuss the CTA's provisions and the court's decision in NSB. Also covered will be future implications for business entities and steps to consider given the recent ruling. We will also discuss recent proposed rulemaking by FinCen with respect to nonfinanced purchases of residential real estate and gratuitous transfers so that businesses can prepare for any additional reporting burdens that might arise. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Analyze the newest tax developments contained in in the Secure Act 2.0.
- Recall the new provisions modifying the administration of employer retirement plans.
- Recall expanded contribution and catch-up limits for individuals.
- Recognize the new required beginning dates for distributions.
- Recall the newest developments on required minimum distribution dates.
Major Topics
The major topics that will be covered in this course include:
- Current individual tax issues
- Current business entity tax issues
- Any current tax legislation occurring during the period
- Other issues affecting the profession, including IRS procedure, current cases, payroll, and other federal tax issues
