Advanced Management Systems

"A bonus $6,000 deduction for taxpayers 65 and older, good for tax years 2025 through 2028, to coincide with Trump’s second term in office. That means tax filers would see it in the refunds they get early next year.

In total, under the Senate bill, a married senior couple would get standard deductions of $34,700. Adding the bonus $6,000 each would bring their total deductions to $46,700. That compares to $43,200 under the House version."

Trump Said ‘No Tax on Social Security.’ The Tax Bill Comes Closer to It. The bill that passed the Senate includes a $6,000 senior tax deduction.

The Beneficial Ownership Reporting is back!

The new due date is March 21, 2025

Read more at the link below, which includes a link to send a message to Congress!

https://www.nfib.com/advocacy/now/?vvsrc=%2fcampaigns%2f119960%2frespond&mkt_tok=NDgzLVNZTS0wNDkAAAGYv064QRiIrVrHTJPWtkqBmx5wUKNbj97Zw85Ypqo5y8H6yzbdgsH81wPuo8Ug7d7BRKCxbn_gYRMqCBAV5aVPBcruyPnekfF6BfNA6lGL5ys

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The following is a statement direct from the Financial Crimes Enforcement Network (FinCEN) regarding the latest on the Corporate Transparency Act and Beneficial Ownership Information (BOI) reporting. I will continue to follow the situation and update as necessary.

Alert: Ongoing Litigation – Texas Top Cop Shop, Inc., et al. v. McHenry, et al., No. 4:24-cv-00478 (E.D. Tex.) & Voluntary Submissions [Updated January 24, 2025]

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.

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On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.