Betty G Gonzalez, CPA, MBA

02/04/2025

When you're expecting a tax refund, the first question that comes to mind is, "When will it come?" Your filing situation affects when you receive your refund. If you claimed certain credits, the law prevents the from releasing your refund before mid-February. Some filers may receive their refund as early as March 3.

Find out when you can expect your refund and how to track it at https://www.irs.gov/refundtiming.

02/04/2025

Scammers impersonating the IRS are texting taxpayers leading them to believe they're going to receive an economic impact payment, also known as a recovery rebate credit, but it's a scheme to steal their personal data, TIGTA said on Jan. 28.

02/04/2025

Here is a video to help with setting up your portal

Vidyard video

12/28/2024

https://share.newsbreak.com/aljsnqz6. BOI halted again.

Missing this BOI report can come with a $10,000 penalty, but there's an injunction on it.

12/04/2024

December 3, 2024, 6:41 PM EST
Corporate Transparency Act Blocked Nationwide by Texas Court

• Law invalidated less than one month before reporting deadline
• Court says requirements exceed Congress’s commerce authority
The Corporate Transparency Act and its implementing regulations, which require US business entities to report stakeholder information to the Treasury Department, were preliminarily blocked nationwide by a Texas federal court on Tuesday.
Judge Amos L. Mazzant III of the US District Court for the Eastern District of Texas issued the injunction at the request of a family-run fi****ms and tactical gear retailer, called Texas Top Cop Shop Inc., among other co-plaintiff businesses and the Libertarian Party of Mississippi. Their lawsuit alleged that the CTA falls outside of Congress’s powers to regulate interstate and foreign commerce because it regulates incorporated entities regardless of whether they engage in commercial activity.
“For good reason, Plaintiffs fear this flanking, quasi-Orwellian statute and its implications on our dual system of government,” Mazzant wrote.
The CTA required that an estimated 32.6 million existing business entities disclose their beneficial owners to the Treasury Department’s Financial Crimes Enforcement Network before 2025. The government argued that the law’s function—to crack down on anonymous shell companies and deter money laundering, terrorism financing, and other illicit economic activity—falls within Congress’s regulatory duties.
But the CTA still fails to pass muster, even if anonymous corporate operations can be regulated by Congress, because the Constitution’s Commerce Clause can’t be leveraged to compel the disclosure of information for law enforcement purposes, the court’s opinion said.
“The fact that a company is a company does not knight Congress with some supreme power to regulate them in all aspects—especially though the CTA, which does not facially regulate commerce,” Mazzant said.
The Justice Department didn’t immediately respond to an emailed request for comment.
S|L Law PLLC and the Center for Individual Rights represent the plaintiffs.
The case is Texas Top Cop Shop, Inc. v. Garland, E.D. Tex., No. 4:24-cv-00478, 12/3/24.

12/04/2024

BOI - Has been blocked - victory for small businesses! This grants a preliminary injunction blocking the US Department of Treasury from enforcing the BOI reporting requirements

The Corporate Transparency Act and its implementing regulations, which require US business entities to report stakeholder information to the Treasury Department, were preliminarily blocked nationwide by a Texas federal court on Tuesday.

10/30/2024

Here is the link for all businesses to file before the end of the year. It is mandatory! This is not a service that I am offering. I just all my clients to know this is required.

Starting January 1, 2024, U.S. business owners must submit Beneficial Ownership Information Reports (BOIR) to FinCEN. File your BOI report easily with BOIR.COM

08/10/2024

IRS relief for Hurricane Debby victims. Tax returns have been extended to February 3, 2026. There are 4 states. See below, most of Florida, but need to check for your county in the article.

IR-2024-205, Aug. 9, 2024 — The Internal Revenue Service today announced tax relief for individuals and businesses in four states affected by Hurricane Debby.

07/02/2024

https://share.newsbreak.com/7k09ctvd. Florida new HOA law started July 1

Start planning your backyard vegetable garden. For many Florida homeowners, Monday marked the day they could finally relax a little. Homeowner associations (HOAs) were created to maintain standards, uniformity and a sense of community while collecting dues to pay for common areas, services and gener...

06/10/2024

Please be aware that the IRS has been late with applying payments to taxes due. They have sent our error notices! Please wait six to eight weeks to see if payments were posted.

04/15/2024

Thank the IRS for another curve ball. For those of you that requested an automatic withdrawal of your taxes on April 15th, the IRS and state of New York decided to take the money out on the 12th…..

02/29/2024

What is BOI - Beneficial Ownership Information. Anti-money laundering reporting requirements issued by FinCEN
(Financial Crimes Enforcement Network – a bureau of the Treasury Dept.)
• Existing companies file between Jan 1, 2024, and Jan 1, 2025
• Companies created in 2024 have 90 days to file then reverts to 30 days
• Companies that have a change in ownership or need to correct information
have 30 days to file
• Domestic and foreign entities may be subject
• 23 exemptions
• Certain “large operating entities” are exempt if employ more than 20 people
in the U.S.; have reported gross revenue (or sales) of over $5M on the prior
year’s tax return; and physically present in the U.S.
• Penalties on business up to $10,000 and 2 years of jail time

Please see small entity compliance guide below