Regulatory Alerts (All)
Social Security Changes for Public Service Employees
What To Know About the Social Security Fairness Act On Sunday, January 5, President Biden signed the Social Security Fairness Act into law, marking one of the most significant changes to Social Security in decades. This legislation directly affects around three million public service employees, including teachers, firefighters, police officers, and their families. Beneficiaries will […]
Corporate Transparency Act Injunction Reinstated by Fifth Circuit
On December 23, 2024, a panel of judges in the Fifth U.S. Circuit Court of Appeals stayed the nationwide preliminary injunction concerning the Corporate Transparency Act (CTA). Just three days later, on December 26th, another panel of judges reinstated the injunction, creating renewed uncertainty for reporting companies. On December 31st, the U.S. Department of Justice […]
Corporate Transparency Act Deadline Reinstated
The U.S. Court of Appeals for the Fifth Circuit has reinstated the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). While the original January 1, 2025, deadline was temporarily delayed by a preliminary injunction, the Financial Crimes Enforcement Network (FinCEN) extended the compliance deadline to January 13, 2025. AAFCPAs advises that […]
IRS Delays $600 Threshold Changes for Form 1099-K Reporting
The IRS recently announced a delay in the implementation of the $600 threshold for Form 1099-K reporting. This rule, which would have required third-party settlement organizations (TPSOs) to report aggregate payments greater than $600, was initially set to go into effect in 2024. However, the IRS has pushed back this requirement to give businesses more […]
Federal Court Temporarily Halts BOI Reporting Requirements
A federal district court in Texas has issued a nationwide preliminary injunction halting enforcement of the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements. The ruling, issued on December 3, 2024, found that the CTA likely exceeds Congress’ constitutional authority and temporarily suspends the January 1, 2025, reporting deadline for businesses. […]
IRS Increases Tax-Free Charitable Giving Limit for IRA Owners
In a recent announcement, the IRS increased the annual limit for tax-free charitable donations from IRAs, allowing eligible IRA owners aged 70½ and older to give up to $105,000 tax-free in 2024. These contributions, known as Qualified Charitable Distributions (QCDs), may help reduce taxable income while also benefiting eligible charitable organizations. For those aged 73 […]
IRS Releases 2025 Tax Inflation Adjustments
The IRS announced tax adjustments affecting its 2025 standard deductions, tax rates, credits, and more. These changes, detailed in Revenue Procedure 2024-40, touch on more than 60 provisions aimed at helping taxpayers prepare for the 2026 tax season. Several adjustments are broadly relevant: Other areas also see adjustments. For Medical Savings Accounts, deductible limits increase […]
Secure Your 2024 Tax Savings – Watch Our Cannabis Tax Webinar
Webinar: Tax Planning for Cannabis Operators AAFCPAs invites you to watch our 2024 Tax Planning for Cannabis Operators webinar. This session is designed to help cannabis business owners navigate the complexities of 280E and maximize tax efficiency. Details: Explore tax considerations unique to the cannabis industry, including the ‘taxing’ 280E, with guidance on navigating regulations […]
OSD Procurement Regulations Related to Environmentally Preferable Products
AAFCPAs would like to inform our health and human services clients that the Operational Services Division (OSD) of Massachusetts is planning to amend 808 CMR 1.00 to include provisions and requirements related to Environmentally Preferable Products (EPPs). While these amendments are currently in the early stages and OSD is soliciting feedback, their implementation appears imminent. […]