Stinnette, Craighead & Golston, PC

01/03/2025

If you use your car for business, charity, medical or moving purposes, you may be able to take a deduction based on the mileage used for that purpose.

2025 mileage rates
The standard mileage rates for 2025 are:

Self-employed and business: 70 cents/mile
Charities: 14 cents/mile
Medical: 21 cents/mile
Moving (military only): 21 cents/mile

12/04/2024

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction prohibiting enforcement of the Corporate Transparency Act (“CTA”) and associated regulations by the Treasury Department’s Financial Crimes Enforcement Network.

In Texas Top Cop Shop, Inc. et al. v. Garland et al., No. 4:24-cv-478-ALM (E.D. Tex.; 12/24), the court ruled that the plaintiffs met the requirements for a preliminary injunction, including demonstrating that “the CTA is likely unconstitutional as outside Congress’ power.” The court granted the plaintiff’s motion for a preliminary injunction:

Therefore, the CTA, 31 U.S.C. § 5336 is hereby enjoined. Enforcement of the Reporting Rule, 31 C.F.R. 1010.380 is also hereby enjoined, and the compliance deadline is stayed under § 705 of the APA. Neither may be enforced, and reporting companies need not comply with the CTA’s January 1, 2025, BOI reporting deadline pending further order of the Court.

Note that the court’s injunction is nationwide and is not limited to the plaintiffs in the case. By contrast, on March 1, 2024, the Federal District Court for the Northern District of Alabama entered an order declaring the CTA unconstitutional and permanently enjoining the government from enforcing the CTA against only the named plaintiffs in that case.

Although the court specifically addresses its stay to only the year-end filing deadline for companies formed prior to 2024, the scope of the injunction would appear to preclude enforcement of any of the filing requirements of the CTA. For example, the 90-day filing deadline for companies formed in 2024 also appears to be stayed, pending further action of the court.

This ruling is a preliminary injunction and further proceedings, including any appeal by the Justice Department, could affect this order. We will keep you informed of any future developments.

For now, while companies do not need to file reports under the CTA, it is advisable to continue to evaluate the applicability of the CTA and, if not exempt from reporting, to gather the necessary beneficial ownership information. In that way, reporting companies will be prepared to submit reports in the future, in the event that the injunction and stay are lifted or modified.

09/01/2021

In an interview with Yahoo, SBA Administrator Isabella Casillas Guzman revealed there are still billions of dollars available in COVID relief money for small businesses.

03/18/2021

IRS Extends the Tax Paying and Filing Deadline for Individuals

For the second year in a row, April 15 won't be "Tax Day" due to the COVID-19 pandemic. The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year will be extended. Note: Not all deadlines are extended

01/29/2021

Today marks the 10th anniversary of our firm. It's amazing how time has flown by. Thank you to all of our clients and colleagues that are a part of our business family and a special thank you to our employees who have helped to make this dream a reality. Looking forward to many more years to come with all of you.

12/22/2020

Congress passed the $900 billion COVID-19 relief package on Monday that provides $284 billion for a revised Paycheck Protection Program (PPP) and clarifies that businesses can claim tax deductions for expenses paid for with forgiven PPP loans. The legislation includes measures for stimulus payments to individuals, unemployment benefits, Sec. 501(c)(6) not-for-profit organizations eligibility for loans, extension of the employee retention credit, temporary allowance of 100% business expense deduction for meals and several expiring tax provisions.

11/23/2020

IMPORTANT INFORMATION FOR ALL WHO RECEIVED PPP FUNDS:

Many small businesses may be hit with a surprise tax bill related to Paycheck Protection Program (PPP) loans unless Congress acts soon.

In the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress clearly intended for recipients of forgiven PPP loans to be able to deduct otherwise-deductible expenses associated with those loans for tax purposes.

But the IRS has contradicted congressional intent. It has declared that borrowers who expect their PPP loan to be forgiven cannot deduct those expenses on their federal tax returns.

Tell your members of Congress to support small businesses by quickly passing S. 3612 and H.R. 6821, the Small Business Expense Protection Acts of 2020, or H.R.6754, the Protecting the Paycheck Protection Program Act.

This legislation will ensure that the receipt and forgiveness of coronavirus assistance through the PPP does not result in an unexpected and burdensome tax cost for organizations that complied with the terms of the PPP. Passing this legislation as soon as possible will allow small businesses more certainty as they focus on year-end business planning that is especially important in these challenging economic times.

03/20/2020

Just announced.

"All taxpayers and businesses will have this additional time to file and make payments without interest or penalties," Treasury Secretary Steven Mnuchin said Friday.

03/18/2020

We wanted to share updates about the tax deadline and decisions about extension of tax payments as we receive them. Please check back to our page as we will update it with pertinent information.

We are here to answer any questions that you may have now and in the upcoming weeks.

About Treasury General Information Role of the Treasury The Secretary Officials Organizational Chart Orders and Directives Offices Domestic Finance Economic Policy General Counsel International Affairs Management Tax Policy Terrorism and Financial Intelligence Inspectors General Bureaus Alcohol and....

12/10/2019

12/05/2019

Does your employer offer a 401(k) or Roth 401(k) plan? Contributing to it is a taxwise way to build a nest egg. If you’re not already socking away the maximum allowed, consider increasing your contribution between now and year end. With a 401(k), an employee elects to have a certain amount of pay deferred and contributed by an employer on his or her behalf to the plan. The contribution limit for 2019 is $19,000. Employees age 50 or older by year end are also permitted to make additional “catch-up” contributions of $6,000, for a total limit of $25,000 in 2019. The IRS just announced that the 401(k) contribution limit for 2020 will increase to $19,500 (plus the $6,500 catch-up contribution).

11/28/2019

Our office will be closed today and tomorrow. We will resume normal business hours on Monday.