Category: Business Practices
My 2024 Tax Filing Is on Extension—Now What? (For Small Business Owners and S-Corp Filers)
If you're a small business owner or S-Corporation filer who requested an extension for your 2024 tax return, you’ve bought yourself a little breathing room—but it’s not a pause button. An extension gives you more time to file, not more...
Quarterly Tax Payment Tips for Self-Employed Professionals in Michigan
If you are self-employed in Michigan, quarterly estimated tax payments are an essential part of staying compliant with both the IRS and the Michigan Department of Treasury. Unlike employees whose taxes are automatically withheld, self-employed individuals must estimate and remit...
March 21 Update: CTA Final Rule Narrows Scope
The Financial Crimes Enforcement Network (FinCEN) has finalized new rules under the Corporate Transparency Act (CTA), significantly shifting compliance expectations for U.S. businesses. Effective March 21, 2025, the updated rule clarifies that U.S.-based companies and their beneficial owners are no...
CTA Update: Reporting Requirements Paused for U.S. Businesses
The Corporate Transparency Act (CTA) requires businesses to disclose beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). However, recent legal challenges have led to a major shift in enforcement. On March 2, 2025, the Treasury Department confirmed it...
BOI Reporting Requirements Extended Again
The Financial Crimes Enforcement Network (FinCEN) has officially extended the March 21, 2024 deadline for beneficial ownership information (BOI) reporting—but don’t relax just yet. A new deadline will be announced by March 21. This update follows a Texas court decision...
Court Sides with IRS: Businesses Must Document Expense Deductions
Tax Court Sides with IRS: Why Businesses Must Document Expense Deductions A recent ruling from the Tax Court highlights the critical need for businesses to maintain proper documentation when claiming expense deductions. The case involved a self-employed individual who failed...
CTA Update: Nationwide Injunction Puts Filing Deadline on Hold
If you’ve been following the Corporate Transparency Act (CTA) developments and its Beneficial Ownership Information (BOI) filing requirements, you know the deadlines have shifted multiple times over the past few weeks. As of now, a nationwide injunction has halted enforcement...
Businesses Get Relief as the Corporate Transparency Act is Delayed
A significant update has emerged for businesses facing the upcoming January 1 deadline to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network. A federal judge in Texas has issued a preliminary injunction halting the nationwide enforcement of...
U.S. Tax Court rules on basis adjustment for excess losses in closed years
The U.S. tax court has ruled in Surk LLC vs. IRS that a partnership had to adjust its basis in a flow-through entity for losses taken previously, even though they shouldn’t have been deducted in those prior years. The Tax Court...
Earned Sick Time Act reinstated in Michigan beginning Feb. 21, 2025
A Michigan Supreme Court ruling from July 2024 has reinstated the Earned Sick Time Act (ESTA). This legislation requires ALL Michigan employers to accrue employee sick time and takes effect Feb. 21, 2025. Details of the ESTA include: Employees will...