With tax season kicking off and Congressional deadlines approaching, a number of policies might change that could directly impact you. We’ll keep you updated with our tax policy alerts right here, so check back regularly. If you have questions or concerns about any of the items below, please contact your GSG partner, or send us an email and we’ll direct you to the right person.
Federal court rejects FTC’s noncompete agreement ban
In April 2024, the Federal Trade Commission (FTC) approved a final rule prohibiting most noncompete agreements with employees. The ban was scheduled to take effect on September 4, 2024, but ran into multiple court challenges. Now the court in one of those cases has knocked down the rule, leaving its future uncertain.
Employee Retention Tax Credit
Your last day to apply MIGHT be January 31, 2024
The current draft of the Tax Relief for American Families and Workers Act of 2024 includes a proposed provision that would shorten the deadline to file claims for the Employee Retention Tax Credit (ERTC) to January 31, 2024. If you are considering submitting a claim, you should act quickly. We put together a resource center to help you figure out your next steps:
Tax Relief for American Families and Workers Act of 2024
A portion of your Child Tax Credit might become refundable
Business expenses might return to earlier rule allowing them to be deducted in the year incurred
While this legislation needs to make its way through the Senate, there are many key points taxpayers need to know about the Tax Relief for American Families and Workers Act of 2024.
Get to know what’s in this bill
Corporate Transparency Reporting Rules
March 2024 Update:
A recent Alabama court ruling says that the Corporate Transparency Act (CTA) is unconstitutional, which could have an impact on beneficial ownership reporting.
According to a recent Thomson Reuters article, the ruling’s impact is currently unknown. However, the U.S. government is expected to appeal it, and the Treasury Department is complying with the court’s injunction in the meantime.
GSG will keep you apprised of any updates on this case. In the meantime, you can read the full Thomson Reuters here.
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Your business may have to meet new reporting requirements that take effect on January 1, 2024
Almost all limited liability companies, corporations (both C and S corporations), limited partnerships (LPs), and other closely-held entities that are created by a state filing, are Covered Entities. There are few exceptions to the reporting requirement.
Here is a briefing to help you understand these changes.
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Categories: Emerging Regulations, BOI, Tax, Tax Planning, Small Business
