BOI e-Filing Alert: A federal court order issued on February 19, 2025, has reaffirmed that businesses must file a Beneficial Ownership Information (BOI) report. The Corporate Transparency Act (CTA) and its BOI reporting requirement have been deemed unconstitutional in court rulings, but the legal battles continue. This law has been in and out of court multiple times, with decisions reversing course along the way. It is our opinion that these requirements will change again, but at this time, businesses must comply with the filing requirement to avoid penalties.  File your BOI HERE

As you may be aware, the Corporate Transparency Act (CTA) requires many businesses to file a Beneficial Ownership Information (BOI) report with FinCEN. However, not all businesses are required to file.

This article will help clarify who must file and who is exempt so you can determine whether you need to take action.

Who Must File a BOI Report?

Any domestic or foreign business entity that was formed by filing with a Secretary of State (or equivalent office) is required to file, including:

After filing your taxes, you may start wondering... Where is my refund?

The answer depends on how you filed your return:

• E-Filing will have your refund faster... your refund should be issued between two and three weeks.
• If paper filing via US Mail, this process will slow down the refund... your refund will be received in approximately six to eight weeks of filing a paper return.  In the last 2 years, the process has been considerably lower.

You can check on the status of your refund by clicking on the links below.

Check your Federal Refund... click here

Check your State Refund...
 CA - Click Here
 AZ - Click Here

The IRS has issued 282 pages of proposed digital asset reporting regulations, along with official IRS explanation of the provisions, which cover a range of digital asset issues where there have been questions. Issues addressed include expansive definitions of brokers and a requirement that proceeds from the sale of digital assets be reported to the IRS starting in 2026, on new Form 1099-DA for transactions on, or after January 1, 2025.

What is a Digital Assts?
With the rise of blockchain technology, the term "digital assets" refers to digital tokens or cryptocurrencies, like Bitcoin, Ethereum, and many others, which represent various forms of value or access rights on a blockchain.

Noteworthy aspects of the proposed regula ons include:

• The IRS has proposed numerous ques ons on various digital asset topics and is requesting public comment for a public hearing scheduled for November 7;
• Tiebreaker rules for brokers help to determine how to report a digital asset transaction that can also be classified as a non-digital asset transaction:
  • If a transaction could be classified as either a securities transaction or a digital asset transaction, then starting January 1, 2025, the broker must report the transac on as a
    digital asset transaction (on Form 1099-DA);
  • If the transaction could be classified as either a real estate transaction or a digital asset transaction, then the transacion must be reported as a real estate transaction (under
    existing rules);
• The definition of “digital asset” is expansive and includes non-fungible tokens (NFTs) and stablecoins;
• Digital assets requiring broker reporting do not include:
  • Digital assets used in “closed systems” (such as video game tokens that can be purchased with real currency but can be used only in-game and that cannot be sold or exchanged outside the game for real currency); or
  • Distributed ledger technology or similar technology for ordinary commercial purposes that do not create a new transferrable asset, such as inventory tracking or processing orders for purchase and sale transactions;
• There is no de minimis excep on for broker repor ng on new IRS Form 1099-DA.

We will keep you updated as these new rules develop!

If you have any questions, please do not hesitate to call our offices at 855-922-WeDo (9336)

As required by law, in every Form 1040 instruction booklet there's a section that shows where our federal government gets its money and where it is spent. As taxpayers it makes sense to know this information. Here is the data for the government's fiscal year ending September 30, 2023, as reported by the IRS in the 2024 instruction booklet for Form 1040:

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The One Big, Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, and with it comes many new tax provisions that may directly affect you. There are many tax provisions contained in OBBBA beyond the ones we have highlighted here.

Extension of expiring tax provisions

The center point of OBBBA is a permanent extension of most of the provisions of the Tax Cuts and Jobs Act of 2017 that apply to individual taxpayers and were scheduled to expire at the end of 2025. These provisions include, among many others:

• Lower income tax brackets with the top rate at 37% instead of 39.6%;
• The higher standard deduction, with an additional $6,000 deduction for taxpayers age 65 and over ($12,000 for married taxpayers who are both age 65 and older);
• The $750,000 mortgage interest limitation, with a renewed deduction for mortgage insurance premiums;
• The elimination of 2% miscellaneous itemized deductions, which includes investment advisor fees, tax preparation fees, and unreimbursed employee business expenses (except that qualified educators will be allowed to deduct many of their unreimbursed expenses);
• The increased Child Tax Credit, with modifications that make the credit more attractive;
• Permanent extension of the §199A 20% qualified business income deduction for business owners, with minor modifications; and
• The increased unified estate and gift tax exclusion, with a bump up to $15 million on January 1, 2026.

State and local tax deductions

The itemized deduction for state and local taxes (SALT) is temporarily increased from $10,000 to $40,000 for five years. The increased deduction is reduced for higher earners. Taxpayers who are owners of passthrough business entities and make a passthrough entity elective tax election can still use the election to maximize their SALT deductions.