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Important BOI Reporting Update

New BOI Filing Deadline: March 21, 2025

The last nationwide block on enforcing the Corporate Transparency Act (CTA) has been lifted, meaning beneficial ownership information (BOI) reporting is now required.

*FinCEN has extended the BOI filing deadline by 30 days to give businesses more time to comply.

*The new deadline is March 21, 2025, unless a later date applies due to a federally declared disaster area.

*The U.S. House voted 408-0 to postpone the deadline to Jan. 1, 2026, but the Senate still needs to approve this.

*A key court case on April 1 may impact further CTA enforcement.

With ongoing developments, it’s critical to stay informed. We’re monitoring the situation closely and will keep you updated.

IRS Issues Answers to FAQ About 2021 Child Tax Credit (3/3)

Q: What happens if two different taxpayers claimed the CTC for the same qualifying child?

A: In some cases, a child meets all the IRS tests to be a qualifying child for multiple taxpayers. Generally, however, only one taxpayer may claim the child for the CTC. As a result, the IRS may reject a return because the taxpayer claimed the CTC for a child already listed on a return filed earlier by someone else. If this situation arises with your return, you will need to submit a paper return instead of filing electronically. You will then receive an IRS notice detailing next steps, so that IRS personnel can determine which taxpayer may actually claim the credit.