Literally hours after our last email update on December 27th, we learned a different panel of the Fifth Circuit Court of Appeals issued an order vacating the previous panel’s December 23rd stay of the injunction. As a result, the injunction issued on December 3rd is back in effect and reporting companies are once again not required to file the beneficial ownership information report with FinCEN and are not subject to any liability if they do not file while the injunction is in place.

On December 23, 2024, the Fifth Circuit Court of Appeals stayed the injunction issued earlier in December by a Texas Federal Court. As a result of this stay, the reporting requirements are again enforceable and taxpayers must act quickly to avoid large fines.

Managing the financial performance of your business may sometimes seem like steering a ship through treacherous waters. Perhaps your voyage goes smoothly for a while until, quite suddenly, you hit a concerning dip or abrupt swell — either of which creates considerable operational pressure.

When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a detailed look at the pros and cons of operating as a C corporation.

So, how are sales looking for next year? It’s not a rhetorical question. Your business should be able to look ahead and accurately estimate how its future sales are shaping up. This practice is called sales forecasting, and doing it well is key to better managing your company’s financial performance.

There are two tax breaks that help eligible parents offset the expenses of adopting a child. In 2025, adoptive parents may be able to claim a credit against their federal tax for up to $17,280 of “qualified adoption expenses” for each child. This is up from $16,810 in 2024. A tax credit is a dollar-for-dollar reduction of tax.

In another turn of events, the IRS has made a change to the adoption of the new Form 1099-K reporting guidelines.  The 1099-K is generally issued for “reportable payment transactions” made through such “payment settlement entities” such as Venmo, PayPal, and other third-party settlement organization (TPSO) transactions. 

In one way or another, most small to midsize businesses have addressed employees using personal devices for work. In 2022, online career platform Zippia reported that 83% of companies surveyed had a bring your own device (BYOD) policy “of some kind.” That percentage has likely increased as even more businesses have recognized the inherent risks involved.

Medicare health insurance premiums can add up to big bucks — especially if you’re upper-income, married, and you and your spouse both pay premiums. Read on to understand how taxes fit in.

Breaking news for small business owners! As of December 3, 2024, a Federal Court in Texas ruled against the enforceability of the Beneficial Ownership Information (BOI) reporting that had taken effect in 2024. As a result, reporting requirements have been temporarily suspended nationwide.