Federal Tax Updates

Navigating New Beneficial Ownership Rules

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Roger and Annie kick off the 2024 tax season by explaining the new beneficial ownership reporting requirements under the Corporate Transparency Act. They detail who must comply, what information must be disclosed, and the tight deadlines and penalties involved. They also discuss whether accountants should assist clients with these complex filings or refer them to attorneys. Additionally, Annie provides an update on navigating ERC claims during the current filing season and Roger warns listeners to pay attention to potential last-minute tax law changes from Congress.

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  • (00:00) - Welcome To Federal Tax Updates Episode 25
  • (00:55) - The 2024 Tax Season
  • (01:41) - Beneficial Ownership Interest Reporting
  • (02:42) - Understanding the Rules and Implications
  • (03:25) - Exploring the Corporate Transparency Act
  • (04:04) - Impact on Small Businesses
  • (06:56) - Challenges and Concerns with the New Law
  • (08:05) - Defining Beneficial Owners
  • (10:14) - Understanding the Reporting Process
  • (12:17) - Discussion on the Challenges of Compliance
  • (15:36) - Advice for Navigating the New Law
  • (22:58) - What Should People Be Doing Right Now?
  • (39:53) - Updates on the Employee Retention Credit
  • (44:11) - Final Thoughts and Thanks For Listening

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    Roger Harris
    Annie Schwab

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    The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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    Federal Tax UpdatesBy Roger Harris, EA and Annie Schwab, CPA
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