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 […]
Alert
Corporate Transparency Act (CTA) Update
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 […]
Update Regarding Corporate Transparency Act (CTA)
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. […]
Tax Alert: Tax Relief for Victims of Tropical Storm Debby
This alert is intended primarily for residents of Vermont and certain counties in Florida. Last week, the IRS announced postponement of certain tax filing deadlines for taxpayers affected by Hurricane Debby. This announcement impacts many states, and in particular all counties in Vermont and some in Florida. The postponement applies to tax returns and payments […]
Information Regarding New Corporate Transparency Act (CTA)
This bulletin 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. Corporate Transparency Act On January 1, 2024, the Corporate Transparency Act (the “CTA”) took effect, imposing reporting […]
Important Information Regarding Employee Retention Credits (ERC)
There are important recent developments related to Employee Retention Credits (ERC) that we feel clients should be aware of. We strongly encourage clients who used third-party providers to claim ERCs understand how they specifically qualify for the ERC program and also have the necessary documentation and analysis to support an IRS audit in the future. […]
