Let's start this week's edition with a prayer for everyone suffering from the California wildfires. What a tough situation. And the IRS recognizes this, hence the extension for fire victims to file their tax returns.
As for the rest of the latest buzz, we've got information on small businesses gaining traction regarding business ownership information (BOI) reporting, up-to-date numbers on the best and worst states for sales taxes, and the major acquisition of Citrin Cooperman.
The Internal Revenue Service announced today tax relief for individuals and businesses in southern California affected by wildfires and straight-line winds that began on Jan. 7, 2025.
These taxpayers now have until Oct. 15, 2025, to file various federal individual and business tax returns and make tax payments. Read more...
The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s modernization efforts.
The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the Tuesday, April 15 federal deadline. More than half of all tax returns are expected to be filed this year with the help of a tax professional, and the IRS urges people to use a trusted tax pro to avoid potential scams and schemes. Read more...
The Department of the Treasury and the Internal Revenue Service today issued final regulations identifying certain partnership related-party “basis shifting” transactions as transactions of interest—TOIs—subject to the rules for reportable transactions.
Treasury and IRS received comments on the proposed regulations stating that the final regulations should avoid unnecessary burdens for small, family-run businesses, limit retroactive reporting, provide more time for reporting and differentiate publicly traded partnerships, among other suggested changes. The final regulations address these comments and include certain changes reflecting the comments. Read more...
The Treasury Department and the Internal Revenue Service have proposed amendments to Circular 230, which governs practice before the IRS. The amendments are the most extensive since 2014 and cover significant developments that have affected practice before the service since that time. Read more...
In today’s fast-paced business landscape, keeping your financial house in order can feel like trying to juggle flaming torches while riding a unicycle. Between the complexities of tax regulations and the demands of accurate financial reporting, it’s no wonder many professionals find themselves feeling overwhelmed.
But fear not! The rise of accounting and tax tech tools has arrived as a game-changer for businesses large and small. Whether you’re a seasoned accountant or an entrepreneur navigating the world of finance, these innovative solutions promise to simplify your life by streamlining processes and ensuring compliance with ease. Read more...
OnPay, a leading provider of payroll, HR, and benefits solutions, announced today that it has secured more than $100 million in funding.
The funding consists of a $63 million Series B funding round led by Carrick Capital Partners, with participation from AB Private Credit Investors, the middle market private capital platform of AllianceBernstein, as well as existing investors, and a debt facility provided by MC Credit Partners. Read more...
Within one month of each other, two federal judges ruled that a law passed by Congress is “likely unconstitutional” and ruled in favor of small businesses.
At issue is the Corporate Transparency Act, which Congress passed in 2021, later overriding a veto issued by then President Donald Trump. The law requires entities incorporated under state law to disclose the personal information of their stakeholders, including current address, identification documents, and other sensitive information, to the Department of the Treasury’s Financial Crimes Enforcement Network.
The Treasury also announced that there have been “fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act.” Read more...
In the Tax Foundation's 2025 State Tax Competitiveness Index, the organization judged each state based on five areas: individual income taxes; sales, use, and excise taxes; corporate taxes; property and wealth taxes and unemployment insurance taxes. Sales and excise taxes was the second highest-weighted category at 22.8%.
The most competitive states are ranked from one to 10 according to their scores, one being the most competitive within the group and 10 being the least. For the states at the tail end of the spectrum, which are the least competitive in terms of sales and excise taxes, rankings are from 50 for the least competitive to 40 for the state with the highest comparative score. Read more...
Top 20 firm Citrin Cooperman announced Tuesday its second recent ownership shift orchestrated by private equity.
Blackstone has acquired a "significant" stake in Citrin Cooperman, acquiring the majority investment initially made in April 2022 by private-equity investment company New Mountain Capital LLC. Terms of the transaction were not disclosed. Read more...
Paychex (PAYX) has announced a definitive agreement to acquire Paycor HCM in an all-cash transaction valued at $22.50 per share, representing an enterprise value of approximately $4.1 billion. The acquisition will create one of the most comprehensive human capital management (HCM) solution suites in the industry.
Paycor, headquartered in Cincinnati, serves over 49,000 clients and supports approximately 2.7 million employees across the United States with its 2,900 employees. The transaction represents a 19% premium over Paycor's 30-day volume weighted average trading price as of January 3, 2025. Read more...
Brex, the modern corporate card and spend management platform for startups and enterprises, today announced the closing of a two-year, $235 million revolving credit facility. Citi serves as senior lender for the credit facility, joined by TPG Angelo Gordon as a participating lender.
This credit facility, combined with Brex's existing warehouse facilities and master securitization trust—through which the company has closed three securitization issuances to date— will act to further support Brex's recent growth acceleration. Read more...
Ohio Gov. Mike DeWine signed a broad range of regulatory reforms into law Wednesday, including House Bill 238, which eliminates the requirement for accountants to obtain 150 college credit hours in order to become licensed certified public accountants in the state and provides alternative paths to licensure, according to The Ohio Society of CPAs.
Beginning Jan. 1 of next year, the state will offer two revamped routes to CPA licensure: One requiring a master’s degree with an accounting concentration, one year of professional work experience and the passing of the CPA Exam, and a second requiring a bachelor’s degree with an accounting concentration, two years of professional work experiences and the passing of the CPA Exam, according to a LinkedIn post by the OSCPA. Read more...
The Federal Trade Commission has finalized an order requiring the tax preparation company H&R Block to make a number of changes for the 2025 tax filing season in addition to longer-term changes. The settlement also requires the company to pay $7 million to be used to compensate consumers harmed by the company’s unlawful practices.
In a complaint announced in February 2024, the FTC charged that H&R Block unfairly required consumers seeking to downgrade to a cheaper H&R Block product to contact customer service, unfairly deleted users’ previously entered data and made deceptive claims about “free” tax filing. Read more...