Effective January 1, 2024, the Corporate Transparency Act (CTA) requires entities to report beneficial ownership information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Failure to comply with the CTA carries significant civil and criminal penalties, including substantial fines and imprisonment.
The Covid-19 pandemic has brought many challenges. Along with those challenges are newly imposed restrictions that have impacted the auditing profession. From reduced in-person interactions and client-site visits, the landscape has shifted dramatically - in how many...
The IRS has clarified ability to defer paying the employer share of payroll taxes. It was previously understood that you could not defer payroll taxes if you participated in the Payroll Protection Program (PPP). However, you are now able to participate and defer...
The Financial Accounting Standards Board (FASB) held a public meeting on April 8, 2020 to approve measures intended to provide stakeholders with accounting relief and clarity during the COVID-19 crisis. In the coming days, the FASB will issue a proposal to provide...