On March 1, a district court judge ruled that the Corporate Transparency Act (CTA) is unconstitutional. However, his decision applied only to the plaintiffs in the case: the National Small Business Association (NSBA) and its members. In an expected move, the Justice Department has appealed the decision. While this litigation is ongoing, the Financial Crimes Enforcement Network (FinCEN) will continue to implement the Corporate Transparency Act for all other reporting companies. Failure to comply could result in hefty penalties and/or jail time.  ..read more

Bookkeeping is strategically important for every business because financials form the foundation for daily operations and future planning. Identifying and correcting bookkeeping problems allows you to find and fix problems before they escalate so you can move forward with confidence ..read more

In a decision issued March 1, 2024, U.S. District Court Judge Liles Burke ruled that the Corporate Transparency Act (CTA) is unconstitutional. However, the ruling only applies to members of a certain association ..read more

Several types of trusts can help you manage your assets in a way that supports your estate planning goals while providing potentially significant tax advantages. One of them is a GRIT–grantor retained income trust. Is this an option you should consider? As with all asset management strategies, there are pros and cons depending on your specific situation and estate distribution preferences ..read more

January 25, 2024 - Canada has implemented a new client portal that allows companies to interact and share data with Canada Border Services Agency (CBSA). This portal, developed as part of the CBSA Assessment and Revenue Management (CARM) digital initiative, will be used to facilitate all taxes and duties with CBSA, along with providing additional accounting functions and payment processing ..read more

January 24, 2024 - The House Ways and Means Committee, by a vote of 40-3, recently approved the Tax Relief for Working Families and Workers Act of 2024. The tax framework would restore certain 2017 tax reform business provisions, as well as boost the child tax credit. Surprisingly, the bill overwhelmingly passed through the committee in a show of bipartisan support rarely seen in a tax-focused bill. While there is still uncertainty regarding its ultimate passage, the bill sits in limbo waiting for the full House chamber to return on January 29.  ..read more

January 15, 2024 – The U.S. Department of Labor (DOL) recently issued a final rule, effective March 11, 2024, that reshapes its guidance on distinguishing between employees and independent contractors under the Fair Labor Standards Act (FLSA). This update replaces the 2021 Independent Contractor rule and introduces an analysis that is more aligned with longstanding judicial precedent. While one goal of the final rule is to continue to help ensure workers receive the appropriate minimum wage, overtime pay, and other protections that they may be entitled to, the primary goal of the rule is inten ..read more

Buyers and sellers have always taken taxes and tax law into account when evaluating a potential transaction. Sellers want to make sure that the proceeds they receive, net of their tax liability, are appropriate for what they think the company is worth. Similarly, buyers want to make sure the economic return they make, after paying taxes, will justify their purchase price. Now, with provisions in the Tax Cuts and Jobs Act (TCJA) set to expire in 2025 unless lawmakers extend them, both buyers and sellers need to be even more strategic about how deals are structured ..read more

While an initial flurry of buyer interest can create an illusion of a quick finish, translating that enthusiasm into firm commitments is a crucial, yet intricate, stage in an M&A transaction. However, these phases require astute decision-making, careful interpretation of proposals, and navigating the ever-present tension of a competitive landscape ..read more

Selling a business or planning an exit is a complex process that many people will only ever do once in their lifetime. Starting early is important. Even if someone is a veteran at the M&A process, each transaction is unique and presents its own potential risks for a retrade scenario.  ..read more