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Updated FinCEN FAQs Provide Three Important Clarifications on Reporting Obligations Under the Corporate Transparency Act (CTA) | JD Supra

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Updated FinCEN FAQs Provide Three Important Clarifications on Reporting Obligations Under the Corporate Transparency Act (CTA) | JD Supra

The Corporate Transparency Act (the CTA) went into effect earlier this year, although many uncertainties about the CTA’s application still remain. To help remedy those uncertainties, the Financial Crimes Enforcement Network (FinCEN) has updated its FAQs several times since the CTA has gone into effect. The current FAQs provide three important clarifications that subject companies … Read more

IRS finalizes regulations on stock repurchase excise tax

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IRS finalizes regulations on stock repurchase excise tax

Background The proposed regulations on the procedural aspect of the excise tax was published on April 12, 2024. These were part of the broader implementation of section 4501, which generally imposes a 1% excise tax on stock repurchases by publicly traded corporations. Notice 2023-2 also provided initial guidance on this tax, giving taxpayers a preliminary … Read more

Income Taxes 2025: A Look at How This Year’s Election Could Affect Your Refund Amount Next Year

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Income Taxes 2025: A Look at How This Year’s Election Could Affect Your Refund Amount Next Year

Vance CariagaJuly 9, 2024 at 7:19 PM Ridofranz / Getty Images/iStockphoto Federal income tax refunds have been remarkably consistent over the past decade or so, with average refunds tending to hover between about $2,750 and $2,900 from January through April each year. Given that track record, it’s unlikely that average refunds will fluctuate much no … Read more

MPs hopeful wealth declarations law will be published soon

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MPs hopeful wealth declarations law will be published soon

Lawmakers are working on passing legislation to create a more effective framework for the submission of wealth declarations by certain state officials and Politically Exposed Persons.

H&R Block’s Tax Day outage frustrates last-minute filers

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H&R Block’s Tax Day outage frustrates last-minute filers

H&R Block experienced technology outages on Monday, preventing some last-minute tax filers from sending in their returns.