On Monday, December 23rd, a federal appeals court issued a ruling reinstating reporting requirements under the Corporate Transparency Act (“CTA”), with the Treasury Department’s FinCEN extending key deadlines to accommodate the recent legal uncertainty.
Last week, the US District Court for Eastern District of Texas ruled on reporting under the Corporate Transparency Act, issuing a nationwide injunction against its enforcement. The CTA otherwise required entities to report Beneficial Ownership Information on or before January 1, 2025. While this injunction is not permanent, we will suspend filings for companies until the injunction is overturned on appeal.
Kotz Sangster Wysocki P.C., a leading business law firm based in Detroit, has announced that attorney Douglas Eyre has joined the firm in its Detroit office. Eyre is a seasoned attorney, bringing over 20 years of experience in construction law and commercial litigation to the firm.
Due to the COVID-19 pandemic, the federal government announced on March 20, 2020, that Tax Day has been moved from April 15, 2020 to July 15, 2020. This gives taxpayers an additional 90 days to both file their returns AND pay their outstanding tax liability.
The announcement changes one earlier this week, which included a 90-day extension to pay taxes by July 15, 2020 if returns were filed by April 15, 2020 and owed money to the IRS.
According to tax attorney Jeff Sternberg, the filing dates and automatic extensions will continue to be a moving target as the White House and Congress deal with the current situation
Should you have questions or concerns regarding your 2020 tax filing, contact your Kotz Sangster tax attorney for additional information.