Robyn D. Young, CPA, LLC

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THE CORPORATE TRANSPARENCY ACT

I think this is finally a FLOP! Really! We may finally be done with the toxic flip-flopping over compliance mandates for this.

Check the most recent news in the Newsroom updates (of which there are plenty of updates) https://www.fincen.gov/boi/newsroom which now indicates there are no intentions to impose any penalties.

Voluntary filing still appears to be allowed if a person desires 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 2025 tax filing - Standard Mileage rates:
  • 70 cents per mile driven for business use (2024 - 67 cents)
  • 14 cents per mile driven in service of charitable organizations; this rate is set by statute and sadly remains unchanged
  • 21 cents per mile driven for medical (or moving purposes if for qualified active-duty members of the Armed Forces)
  • 21 cents for moving purposes if for qualified active-duty members of the Armed Forces

ARIZONA AND YOUR TAXES

• 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.
• • Deductions for contributions 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/
  • No deduction for Coverdell accounts - but the benefits of specific stock investing are very appealing!
• The Arizona Standard Deduction is comparable to the Federal limits; with a bonus of adding 33% of qualified charitable contributions not used for credits or claimed on your Federal return
• Use available Arizona taxes with Charitable Tax Credits to pay your taxes, even up until 04/15/2025 to make donations and apply them to 2024!

Updated 03/03/2025

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.