Business Insights

February 7, 2025 FinCEN will consider changes to the BOI reporting requirements if a court grants the government's request for a stay of a nationwide injunction in a Texas case, according to a motion filed Wednesday, February 5th. If the stay is granted, FinCEN will extend BOI filing deadlines for 30 days, the government said in its filing in Samantha Smith and Robert Means v. U.S. Department of the Treasury, No. 6:24-CV-336 (E.D. Texas 1/7/25). BOI reporting is currently voluntary, pending further legal developments. Businesses and stakeholders should stay alert for additional updates as the situation evolves

Did you underpay your 2023 taxes? Consider filing an amended tax return.

At one time, businesses were able to claim a tax deduction for most business-related interest expense. But that changed with the enactment of the Tax Cuts and Jobs Act (TCJA). The TCJA created Section 163(j), which generally limits deductions of business interest to 30% of a company’s adjusted taxable income, with certain exceptions.

On December 13th MBK Partner James Krupienski, Manager Dan Eger, and Tax Supervisor Olivia Calcasola joined EANE President Allison Ebner for a special hybrid Roundtable discussion with business leaders of the Northeast.

Ongoing coverage of the BOI reporting. As of December 27th, appeals court reinstates injunction that halts BOI enforcement. Voluntarily filing optional.

As of December 23rd, the Nationwide Injunction is lifted and filing deadlines are reinstated. Financial Crimes Enforcement Network of the U.S. Department of Treasury (FinCEN) may again enforce the CTA.

If you operate a business, you can generally deduct expenses for the business-related use of your personal vehicle.

Technology and accounting have been in an ever-evolving partnership for as long as manual record keeping has been around. The next step in that rapidly advancing evolution is Artificial Intelligence (AI), AI opens a door to a whole new world of opportunities, not only for accountants but also for their clients.