Robyn D. Young, CPA, LLC

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NEWSLETTERS AND RESOURCES

• These newsletters are relevant, timely, and to the point. No subscription or fee is required.
• Our helpful Items tab has calculators, calendars, and many other...well, helpful items!

THE CORPORATE TRANSPARENCY ACT - Pause in Compliance Requirement

UPDATE: On March 1, 2024, the U.S. District Court for the District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional. In the case of National Small Business Association v. Yellen (Case No. 5:22-cv-01448) [1], initiated by the National Small Business United, the challenge was against the CTA's mandate for small businesses to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The ruling has the effect of suspending all BOI filing requirements for now, and enforcement actions. It is likley the ruling will be appealed, so this is a temporary filing requirement suspension until a final appeal is exhausted. Voluntary filing appears to still be allowed if persons desire to file.

• What is the CTA? Quickly, it is the requirement that, with some exceptions, all individuals with beneficiary ownership of businesses must have their personal information and ownership recorded with FinCen, and changes need to be reported within 30 days.
• https://www.fincen.gov/boiv/boi

THE IRS AND YOUR TAXES

• We recommend accessing your taxpayer account and records with the IRS to match tax payments, credits, and what is being reported to the IRS.
• Fix mistakes or late filing is allowed, but hurry! The Statute of Limitations differs depending on when or if you filed a tax return. Claims for refunds do expire!
• For 2023 tax filing - Standard Mileage rates:
  • 65.5 cents per mile driven for business use (2024 - 67 cents, up 1.5 cents from 2023)
  • 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces from (2024 - 21 cents, YES - a decrease from 2023!)
  • 14 cents per mile driven in service of charitable organizations; this rate is set by statute and sadly remains unchanged

ARIZONA AND YOUR TAXES

• Arizona Families Tax Rebate - some individual taxpayers qualified for up to $750 in a tax rebate from Arizona. This is currently taxable by the IRS, but not by Arizona. Click this for some FAQ
• New for 2023 - we moved to a 2.5% flat tax starting in tax year 2023.
• Keep your records a little longer - Arizona has a 4-year statute of limitations (the IRS is 3 years)
• Education Savings Deductions are per Beneficiary, not per Taxpayer.
• • Contributions to college savings plans (529 Plans) are $2,000 per *beneficiary* ($4,000 per beneficiary for a married filing joint return)
  • Here's some more education on saving for education: https://az529.gov/faq/
• In addition to claiming the standard deduction, you can claim 27% of qualified charitable contributions made during the year
• Use available Arizona taxes with Charitable Tax Credits to pay your taxes. You have until 04/15/2024 to make donations and apply them to 2023.

Updated 03/05/2024

FOR YOUR DAILY DOSE OF HUMOR

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Contact our office to address your specific accounting, tax or other planning needs. This website is a valuable resource. Material is intended to provide accurate, current and general information.