Alert

Note: This tax update applies to individual taxpayers only – not business taxpayers. The IRS continues to move toward complying with Executive Order 14247 “Modernizing Payments To and From America’s Bank Account” signed earlier this year.  The IRS will phase out paper tax refund checks for individual taxpayers beginning on 9/30/25. Most refunds will be […]

The Corporate Transparency Act is back in effect as the last injunction restraining its enforcement was stayed on February 18, 2025. For most companies, the reporting deadline will be March 21, 2025, unless the reporting company was already eligible to file on a later date because of a disaster relief or similar extension. FinCEN’s full February […]

If you had a loss due to natural disaster in the period between 2021 and the present, you may have previously reported this to GFC. However, due to the tax law at the time, this loss likely provided no tax benefit. Recent tax law (as outlined below) has introduced the possibility that GFC could amend […]

On December 26, 2024, the U.S. Court of Appeals for the Fifth Circuit issued a decision reinstating the nationwide injunction against enforcement of reporting requirements for beneficial ownership information under the Corporate Transparency Act (CTA). At this time, companies are not required to file beneficial ownership information (BOI) with FinCEN and are not subject to […]

The bulletin below was written by GFC’s legal counsel, Gravel & Shea. Questions regarding CTA requirements should be directed to your business or organization’s legal counsel, as the CTA is a legal matter and not a tax filing matter.  On Tuesday, December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. […]