Business and International Tax Blog

A recent court ruling has once again reinstated the Corporate Transparency Act (CTA) beneficial ownership information (BOI) reporting requirements. On February 17, 2025, the U.S. District Court for the Eastern District of Texas in Smith v. United States Department of the Treasury lifted the injunction that had been blocking enforcement of the CTA. Following this decision, the Financial Crimes Enforcement Network (FinCEN) announced that the new filing deadline for most reporting companies is now March 21, 2025.

While CTA reporting requirements are officially back in effect ...

The Employer Reporting Improvement Act (the “Act”) has filled a glaring hole in the realm of Affordable Care Act (“ACA”) compliance.[1] In its previous form, there was no discernable statute of limitations for the lookback period in which the Internal Revenue Service (“IRS”) could audit an employer’s treatment of “employer shared responsibility payments.” This left employers susceptible to surprise assessments for years following an incorrect disclosure. The Act has cleaned this up by explicitly providing for a six-year lookback period under Section 6065 ...