Posted by Michael E. Mast, CPA, CFE The era of GASB 16 is officially over! For state and local governments with fiscal years beginning after December 15, 2023, GASB Statement … Continued

The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But an “advice memo” (CCA 202511015) from the IRS’s Office … Continued

The Corporate Transparency Act took effect in 2024 and required disclosure of beneficial ownership information (BOI) of certain entities. BOI reporting requirements have been suspended and reinstated several times over … Continued

  On February 18, 2025, The U. S. District Court for the Eastern District of Texas lifted the nationwide injunction in the Smith, et al. v. U. S. Department of … Continued

In a turn of events, a federal appeals court issued another ruling that suspends a requirement for businesses to file reports about their beneficial ownership information (BOI). This came just … Continued

On December 23, 2024, the Fifth Circuit Court of Appeals granted a Department of Justice motion to lift an injunction put in place by a district court ruling on December … Continued

New beneficial ownership information (BOI) reporting requirements that many small businesses were required to comply with by January 1, 2025, have been suspended nationwide under a new court ruling. However, businesses … Continued

The IRS has issued its 2025 inflation-adjusted contribution amounts for retirement plans in Notice 2024-80. Many retirement-plan-related limits will increase for 2025 — but less than in prior years. Thus, depending … Continued

The Corporate Transparency Act (CTA) was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information … Continued

The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will … Continued