Michael J. Gollob, CPA

Day: April 15, 2024

  • Is the BOI Already Dead?

    Is the BOI Already Dead?

    Is the BOI already dead?

    A federal judge has ruled that the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirement are unconstitutional, but only for the National Small Business Association (NSBA) and its 60,000+ members as of March 1, 2024. The ruling, however, has the potential to have nationwide consequences as other court cases may now arise as a result.

    Small businesses who are required to file should continue to meet compliance requirements while waiting for official court decisions. Businesses that fail to file on time are risking significant civil fines, interest, penalties, and possible criminal penalties if the Treasury prevails in the appeals process. Filing provides peace of mind and ensures compliance, even if it means potentially losing filing fees and advisor costs. The BOI requires small business owners to submit a copy of their driver’s license before January 1, 2025.

    More (BOI) information.

  • How to File an Extension for Your Tax Return

    How to File an Extension for Your Tax Return

    Are you ready for Tax Day? Need more time to prepare your federal tax return? Please be aware that an extension of time to file your return does not grant you any extension of time to pay your taxes. You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties. You must file your extension request no later than the regular due date of your return. Taxpayers in certain disaster areas do not need to submit an extension electronically or on paper.

    Check to see if you qualify and the due date of your return at irs.gov. 

    Filing an extension gives you until October 15 to file a return. You can also get an extension by electronically paying all or part of your estimated income tax due and indicating the payment is for an extension. To get the extension, you must estimate your tax liability on this form and should also pay any amount due. You can make a same day payment or schedule a payment by accessing your IRS Individual Online Account, using Direct Pay, using the Electronic Federal Tax Payment System (EFTPS) or with a credit or debit card. If an extension is selected when making your payment, you won’t have to file a separate extension form and you’ll receive a confirmation number for your records.