Beneficial Ownership Information Reporting – Deadline to Report is January 1, 2025

Are you one of the millions of business owners affected by the Corporate Transparency Act? If so, you may be required to report Beneficial Ownership Information (BOI) to the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN).

New Reporting Requirements for Businesses in 2024

We have rung in a new year and along with it new reporting requirements for most small businesses. Effective January 1, 2024, under the Corporate Transparency Act, corporations, limited liability companies (LLCs) and certain other entities formed in the United States or registered to do business in the United States are now required to report to the U.S. Treasury Department's Financial Crimes Enforcement Center unit (FinCEN) information about their beneficial owners, company applicants and any changes in beneficial ownership. 

New Retirement Plan Rules

As if planning for retirement was not already confusing, a number of major changes are coming to retirement savings plans. With nearly 100 new provisions, these changes will have a direct effect on many retirement plans. 

Recent IRS Tax Updates for 2023

The IRS made a number of announcements in late 2022 that will affect taxpayers in 2023. With the continued climate of uncertainty and change, being proactive in protecting your wealth from potential adverse tax law changes is as important as ever.

Proposed Tax Law Changes and Potential Impact on Trusts and Estates

On September 13, 2021, the House Ways and Means Committee released its proposed tax plan to fund the Biden administration's Build Back Better Act spending package.

Kanner Baker Adds Three New Team Members

Earlier this month, Lauren Carey and Kim Davis joined Kanner Baker as partners and Jennifer Hays as a paralegal.