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BOI Update: Federal Court Halts Beneficial Ownership Reporting Requirements
UPDATED 12/27/24 The enforcement of Beneficial Ownership Information (BOI) reporting requirements remains in flux, with ongoing rulings and deadline changes continuing to alter its status:
Understanding Maine’s New Sales Tax Rules for Lease and Rental Transactions
Starting January 1, 2025, Maine is implementing significant changes to its sales tax laws, specifically affecting lease and rental transactions. These tax law changes attempt
Disaster Planning for Auto Dealerships: Safeguarding Your Business from Natural Emergencies
Protecting your business is critical, especially in the face of natural disasters such as hurricanes, floods, wildfires, and tornadoes. According to FEMA, about a quarter
Introducing IRS Form 15620: Your Ticket to Streamlined Savings on Equity Compensation Tax
On November 7, 2024, the IRS introduced Form 15620 to standardize the Section 83(b) election process for taxpayers receiving unvested property such as restricted stock.
CECL Implementation: Reflections from Year One and Expectations for Year Two
The initial year of implementing Current Expected Credit Losses (CECL) regulations across U.S. financial institutions marked a transformative period for credit unions. Moving beyond the
Opportunity Ahead: Auto Dealer Class Action Lawsuit Settlements 2024 – How to File Your Dealership’s Claim
In Brief: Two class action settlements in 2024 present significant opportunities for auto dealerships to recover damages: the CDK/Reynolds and Reynolds antitrust settlement, addressing alleged
Thriving Independently: A Credit Union’s Guide to Sustainable Growth
The credit union industry has experienced a wave of mergers in recent years, often driven by unprecedented growth, economic pressures, regulatory challenges, or member attrition.
Depreciation Made Simple: Bonus, Section 179, MACRS, and Straight-Line Explained
When you buy a heavy vehicle for your business, choosing the right depreciation method can significantly impact your taxes. Depreciation methods not only influence your
Maine Employers: Certified Private Plan Options Now Available for Paid Family and Medical Leave
Maine’s Paid Family and Medical Leave (PFML) program has certified 12 insurance policies for use as private plan substitutions. For Maine employers considering alternatives to
TCJA Expiration: Seven Ways U.S. Manufacturers Will Be Affected and How to Prepare
Since the enactment of the Tax Cuts and Jobs Act (TCJA) in 2017, U.S. manufacturers have experienced significant economic growth. The law lowered corporate tax
BOI Update: Filing Requirements Restored as Court Lifts Injunction
Read the latest update on the status of BOI here. The last nationwide injunction blocking Beneficial Ownership Information (BOI) reporting requirements has been lifted following