Please see below for a communication from the Financial Crimes Enforcement Network (FinCEN) that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. U.S. businesses or U.S. individuals who may have already completed and filed a BOI report do not need to […]
Have you ever faced a Buffalo winter without a warm winter coat? Have you known what it’s like to avoid going to prom because you can’t afford a prom dress and accessories like all the other students? Colvin Cleaners, one of WNY’s most well-known and long-standing dry cleaners, has been focused on helping children and […]
On Monday, February 19, 2025, the Department of Justice (DOJ) was granted a request for a stay of the court’s nationwide beneficial ownership information (BOI) reporting requirement by a federal district court. Most small businesses required to file BOI reports will have until March 21, 2025 to do so. However, during this 30-day delay period, […]
Bursting with must know and good-to-know information, our Winter 2025 Small Business newsletter is hot off the digital press. We have introduced special features that we plan to bring you in each issue going forward, including a focus on a special not-for-profit organization having a big impact on our community. Click here to read or […]
In yet another legal turn of events, the court-ordered injunction regarding BOI reporting is back in effect. Businesses may continue to voluntarily submit BOI Reports while the court order remains in effect. As we saw last week, should the filing injunction be lifted, businesses will likely have only a short period of time in which […]
Please be aware that the Beneficial Ownership Information (BOI) Reporting Requirement has been reinstated based on a federal Court of Appeals decision on December 23, 2024. The following information was published on the FinCEN website and can be found at https://www.fincen.gov/boi. Updates to Beneficial Ownership Information Reporting Deadlines – Beneficial Ownership Information Reporting Requirements Now […]
On December 3, 2024, the 5th U.S. District Court issued a decision that the “Corporate Transparency Act (CTA)” is likely unconstitutional. This decision includes an injunction, which applies nationally, prohibiting the enforcement of the CTA and its “Beneficial Ownership Interests (BOI)” reporting requirement. Under the injunction, the U.S. Treasury’s Financial Crimes Enforcement Network (FINCEN) is […]
As year-end quickly approaches, businesses often face an uptick in activity and can become overwhelmed by the number of tasks required before the start of a new year. Obtaining the necessary W-9’s from vendors is one of those tasks that can be commonly overlooked. IRS Form W-9 serves as a data collection tool to request […]
Payroll Tax Reminders: NYS Paid Sick Leave: New York’s paid sick leave law requires employers to provide up to 56 hours (7 days) of paid sick leave to employees. This requirement is based on the employer’s number of employees and net income. For example, employers with 5 to 99 employees must provide up to 40 […]
The new Beneficial Ownership Reporting (BOI) requirement put into effect by the Corporate Transparency Act is applicable for all legal entities formed in the United States or non-U.S. entities registered to do business with a state government. Each legal entity formed in the United States before January 1, 2024, must report their beneficial ownership to […]