Another successful tax season in the books! We are grateful for your trust and support during our busiest time of year. Our office hours will now revert back to our off season hours shown below. All offices will be closed Friday April 18, 2025.
FinCEN has issued a final interim ruling that creates a broad exemption for companies created in the United States as well as US persons who own foreign entities. For companies formed under foreign law with foreign owners that do business in the united states, the previous deadline extension of March 21, 2025 has now been
During the latest deadline extension, FinCEN announced it was going to assess how the BOI reporting is enforced to reduce the burden for lower-risk entities. Since then, FinCEN released a statement announcing that it will not be issuing any fines or penalties against reporting companies that fail to file or update their Beneficial Ownership Information
No Penalties from FinCEN until Final Ruling on BOI Reporting Read More »
The Social Security Fairness Act was signed into law January 5, 2025 and has begun sending it’s first round of benefits, including retroactively covering benefits increases dating back to January 2024. Previously, the Windfall Elimination Program and Government Pension Offset were regulations in place that reduced social security benefits for people who receive pensions from
Another decision by the US District Court in Texas on February 18, 2025 has allowed the BOI reporting requirements to be in back in effect. FinCEN has extended the deadline for most companies to March 21, 2025 for initial, updated, and corrected reports. Any company that has a deadline later than March 21st should still
Starting January 1, 2025 Ohio’s minimum hourly wage increased from $10.45 to $10.70 for non-tipped employees and from $5.25 to $5.35 for tipped employees. This increase applies to businesses with gross receipts of more than $394,000 and employees 16 years and older. Federal minimum wage remains at $7.25 per hour.
On December 23, 2024, the motions panel of the Court of Appeals of the Fifth Circuit issued a temporary stay on the December 3rd injunction that prevented the enforcement of the FinCEN’s Beneficial Ownership Information (BOI) reporting. It found that the Corporate Transparency Act will likely be found constitutional, reinstating the reporting requirements and extending
As we celebrate this joyous Christmas season and welcome the New Year, we at BRSW extend our warmest wishes to you and your loved ones. This time of year is not only a moment for celebration but also an opportunity for reflection and gratitude. We deeply appreciate the trust you place in us and cherish
The IRS has released the 2025 mileage rates. Beginning January 1, 2025, business mileage will increase 3 cents to 70 cents per mile. Mileage for medical purposes remains at 21 cents per mile. Mileage for moving purposes for qualified active-duty members of the Armed Forces remains at 21 cents per mile. Mileage driven in service
