Janus, Curran, Finkelson-Reece PLLC, Certified Public Accountants

04/15/2025

Happy Tax Day to those who celebrate.

01/24/2025

📣 Attention Taxpayers! 📝
The IRS will begin accepting electronically filed tax returns this Monday, January 27th!

At Janus, Curran, Finkelson-Reece, we're here to make tax season stress-free and efficient for you. Whether you're filing as an individual, a business, or anything in between, we are ready to ensure your filing is seamless.

📞 Call us at 561-443-2150
📧 Email us at [email protected]

01/03/2025

The Beneficial Ownership Information Reporting (BOIR) requirements under the Corporate Transparency Act (CTA) have experienced significant legal fluctuations recently, leading to uncertainty for small-business owners. Here's a concise overview of the latest developments:

Timeline of Recent Legal Actions:

December 3, 2024: The U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction, halting enforcement of the CTA's BOIR requirements due to constitutional concerns.

December 23, 2024: The Fifth Circuit Court of Appeals lifted the nationwide injunction, reinstating the reporting requirements.

December 26, 2024: A different Fifth Circuit panel vacated the December 23 order, reinstating the nationwide injunction and suspending the BOIR requirements once again.
L4SB

Current Status (as of January 3, 2025):

Small-business owners are not required to submit a BOIR at this time. The Financial Crimes Enforcement Network (FinCEN) has acknowledged the injunction and is encouraging voluntary compliance during this period.

Next Steps:

Oral Arguments Scheduled: Oral arguments are scheduled for March 25, 2025, to further examine the constitutionality of the CTA's reporting requirements. The outcome will significantly impact future enforcement of BOIR mandates.

Recommendations for Small Businesses:

Stay Informed: Monitor updates from FinCEN and legal advisories to remain aware of any changes to the reporting requirements.

Consult Legal and Financial Professionals: Engage with legal professionals to understand how these developments may impact your specific business circumstances.

Prepare for Compliance: Consider preparing the necessary information for BOIR filings so that your business can respond promptly if the requirements are reinstated.

Given the fluid nature of the legal proceedings, it's crucial for businesses to stay vigilant and prepared for potential changes in compliance obligations.

Janus, Curran, Finkelson-Reece is knowledgeable about the topic. Contact us at [email protected] to discuss.

01/30/2024

https://www.irs.gov/newsroom/2024-tax-filing-season-set-for-january-29-irs-continues-to-make-improvements-to-help-taxpayers #:~:text=IRS%20Free%20File%20will%20open%20Jan.%2012%2C%202024%2C,Gross%20Income%20of%20%2479%2C000%20or%20less%20in%202023.

IRS electronic filing is now open. Contact for any tax related needs.

[email protected]

Call now to connect with business.

01/02/2024

https://januscurranreece.com/key-provisions-of-the-corporate-transparency-act/

Happy New Years! The Corporate Transparency Act takes effect today, business owners have until January 1, 2025, to report.

The Corporate Transparency Act (CTA) is a significant legislative measure in the United States aimed at enhancing transparency in corporate ownership and combating illicit financial activities. Enacted as part of the National Defense Authorization Act for Fiscal Year 2021, this Act represents a pivo...

12/15/2023

In the realm of business structures, S Corporations stand out as a popular choice for entrepreneurs and small business owners, offering a unique blend of liability protection, operational flexibility, and significant tax-saving opportunities. Understanding the intricacies of how S Corporations can p...

12/07/2023

https://www.msn.com/en-us/money/other/irs-penalty-for-underpayments-soars-to-8-nearly-triple-what-it-was-2-years-ago/ar-AA1kVXzo

With interest rates rising the IRS is increasing their underpayment penalty to 8%. This affects self-employed workers and others who have income without withholding. Message us or email [email protected] to learn more.

The Internal Revenue Service penalty for tax underpayments has nearly tripled since 2021, putting gig economy workers and consultants at the largest risk of having to cough up big bucks to Uncle Sam. As of Oct. 1, the IRS will now charge 8% interest on estimated tax underpayments, up from 3% two yea...

07/26/2023

Information on Gift Tax

Gift tax is a tax imposed on the transfer of assets from one person to another without any monetary consideration or with consideration below the fair market value. While gift-giving is a common practice, it can have potential tax implications, and it’s essential to understand how gift tax works t...

03/22/2023

For small business owners. When reporting business expense deductions on your tax return, DON’T use round numbers. They are an AUDIT flag for the IRS. You are not supposed to use estimates. What are the odds your cell phone bill is exactly $500, your supplies expense at Office Depot was exactly $15,000, your utilities were exactly $4000, etc? The IRS will be very suspicious of this.

Mathew Finkelson-Reece

02/18/2023

Friendly reminder for New Jersey residents who do not own there house. There is a tax deduction on the NJ-1040 Resident Income Tax Return for rent paid on your primary residence. Many are unaware of this. Reach out if you would like to learn more.

01/25/2023

https://www.irs.gov/newsroom/irs-sets-january-23-as-official-start-to-2023-tax-filing-season-more-help-available-for-taxpayers-this-year
The IRS officially has officially started accepting returns electronically for the 2023 tax filing season. Tax year 2022 individual income tax returns are due April 18, 2023, with those that go on extension due October 16, 2023. Reach out to Janus, Curran, Finkelson-Reece PLLC, Certified Public Accountants for assistance on filing your returns.

IR-2023-05, January 12, 2023 — The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation's 2023 tax season when the agency will begin accepting and processing 2022 tax year returns.