Batley CPA Tax & Business Alert March 2025

If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to Social Security and income taxes, which must be withheld from employees’ wages.

Batley CPA Tax & Business Alert February 2025

Updated guide to robust depreciation write-offs for your business

When your business places newly acquired qualifying assets into service, tax-saving benefits are generally available. Under Section 179 of the tax code, businesses can take substantial depreciation deductions, with limits based on their taxable income.

Alert: Alert [December 27, 2024]: Impact of Ongoing Litigation in regards to FinCEN

FinCEN update

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

Corporate Transparency Act

corporate transparency act

The Corporate Transparency Act (“CTA”) was enacted by Congress on a bipartisan basis on January 1, 2021, as part of the National Defense Authorization Act. The CTA seeks to prevent and combat money laundering, terrorist and proliferation financing, serious tax fraud, and other financial crimes by making it harder for bad actors to hide or […]