Author Archives: Russ

I’m Not Making This Up: BOI Is Stayed Again

I swear I’m not making this up: Tonight, the 5th Circuit Court of Appeals has reversed the previous ruling, and once again the Beneficial Ownership Information (BOI) reporting requirements of the Corporate Transparency Act (CTA) are again stayed nationally. This … Continue reading

Posted in FINCEN | Tagged | Comments Off on I’m Not Making This Up: BOI Is Stayed Again

5th Circuit Court of Appeals Stays BOI/CTA Injunction; BOI Reports Again Due January 1, 2025

Today, the 5th Circuit Court of Appeals stayed the previous ruling putting a nationwide injunction against the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting.  This ruling can be appealed by the plaintiffs to the Supreme Court, but it’s … Continue reading

Posted in FINCEN | Tagged | Comments Off on 5th Circuit Court of Appeals Stays BOI/CTA Injunction; BOI Reports Again Due January 1, 2025

IRS Announces 2025 Standard Mileage Rates

The IRS announced the 2025 standard mileage rates today.  The new rates are: $0.70/mile for business use (up from $0.67/mile in 2024); $0.21/mile for medical purposes; $0.21/mile for moving for members of the Armed Forces; and $0.14/mile for charitable mileage. … Continue reading

Posted in IRS | Tagged | Comments Off on IRS Announces 2025 Standard Mileage Rates

Nominations Due for the 2024 Tax Offender of the Year

It’s nearly time for the award I annually give: The Tax Offender of the Year.  To qualify, the winner has to do more than cheating on his or her taxes; he or she needed to really cheat or have committed … Continue reading

Posted in Tax Fraud | Tagged | Comments Off on Nominations Due for the 2024 Tax Offender of the Year

US Appeals BOI Injunction

In a move that surprises absolutely no one, the United States has appealed the preliminary injunction issued by Judge Amos Mazzant against the Corporate Transparency Act (CTA) and Beneficial Ownership Information (BOI) reporting.  The appeal is to the Fifth Circuit … Continue reading

Posted in FINCEN | Tagged | Comments Off on US Appeals BOI Injunction

A Miss by Trump: Billy Long as IRS Commissioner

Yesterday, President-Elect Trump announced that he would nominate former Missouri Congressman Billy Long as IRS Commissioner.  This is a nomination that should not happen, and if does occur I hope that the Senate does not “Advise and Consent” to Mr. … Continue reading

Posted in IRS | Comments Off on A Miss by Trump: Billy Long as IRS Commissioner

Corporate Transparency Act/BOI Reporting Enjoined Nationally by Texas Court

A Texas court today issued a nationwide injunction against the Corporate Transparency Act and Beneficial Ownership Information (BOI) reporting.  Judge Amos Mazzant of the Eastern District of Texas issued the sweeping ruling in Texas Top Cop Shop, Inc. v Garland; … Continue reading

Posted in FINCEN | Tagged | Comments Off on Corporate Transparency Act/BOI Reporting Enjoined Nationally by Texas Court

2025 Tax Foundation’s State Tax Competitiveness: Some New Winners, But the Usual Losers

The Tax Foundation released its 2025 State Tax Competitiveness Index (formerly the Business Tax Climate Index).  While taxes aren’t everything in where you situate a business, they’re absolutely an important factor. If I have to pay an extra 10% in … Continue reading

Posted in Alaska, California, Connecticut, District of Columbia, Florida, Maryland, Montana, Nevada, New Jersey, New York, South Dakota, Wyoming | Comments Off on 2025 Tax Foundation’s State Tax Competitiveness: Some New Winners, But the Usual Losers

BOI Reporting: A Reminder

We’re over 80% of the way through 2024, and with that another deadline approaches: the January 1, 2025 deadline to file Beneficial Ownership Information (BOI) reports through FinCEN.  This morning, we filed ours for Clayton Financial and Tax LLC.  The … Continue reading

Posted in FINCEN | Tagged | Comments Off on BOI Reporting: A Reminder

IRS Now Offers Direct Pay for Businesses

I criticize the IRS regarding paperwork often.  Indeed, the IRS has a major problem dealing with correspondence. Yet many businesses must make numerous payments by check (because that’s the only way to do so) or EFTPS.  This morning, I sent … Continue reading

Posted in IRS | Comments Off on IRS Now Offers Direct Pay for Businesses