News

A federal court in Texas has issued an order that now prohibits the federal government from enforcing the Corporate Transparency Act nationwide.  In the Texas Top Cop Shop case brought before the Court this week, the Court held that the Act, which required many small businesses to file a Beneficial Ownership Information (BOI) report with the US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) before January 1, 2025, was likely unconstitutional, and that enforcing the Act would harm reporting companies if forced to comply.  As a result, the Court enjoined the enforcement of the Corporate Transparency Act in its entirety nationwide.  

If it seems we are living in meme-reality, it just might be that we are. The newly implemented Department of Government Efficiency, or “DOGE” for short has their sights set on cutting unnecessary government spending and increasing accountability in all government agencies as well. This includes the IRS, and its reportedly many IRS employees who were delinquent on their own tax responsibilities and obligations last year. Delinquent to the tune of almost $50 million dollars, that is. 

Waiting on Employee Retention Credit claims? The IRS announces it is continuing to process claims, with over 400,000 worth about $10 billion underway. 

Hey Louisiana – have you heard?  After stating that the State will need tax reform in order to avoid a $1 billion deficit over the next 4 years, Governor Jeff Landry has just announced a series of tax reform proposals at the State Capitol on Tuesday, October 1, 2024.

Our September 2024 Resolution Results are IN, and we saved our Clients over half a million dollars this month! 

So, you messed up when preparing your income tax return.  Maybe you did not include all your income, or perhaps you overstated your deductions.  Whatever it is, you’re stressed about the potential for issues with the IRS and are ready to resolve it – so, what do you do?

An announcement was made by the IRS – they’re teaming up with State Tax Agencies and the tax community to combat the increase of scams threatening Taxpayers and tax systems seen this tax season, exploiting vulnerable Taxpayers. 

The IRS has finally begun to respond to the multitude of IRS Employee Retention Credit claims submitted over the last several months. 

The Louisiana Department of Revenue has announced that there are plans to amend Louisiana Administrative Code provision 61.I.4919 regarding Installment Agreements for outstanding taxes owed. 

As previously discussed here on the Bryson Blog, the IRS Employee Retention Credit has been subjected to a multitude of scrutiny and changes over the last several months in response to the suspected misuse of this tax credit.  The IRS has been working to analyze data on pending ERC claims for the last several months.