Clarke Newsletter
The Financial Crimes Enforcement Network (FinCEN) extended the deadline for entities registered prior to 2024 to file their initial beneficial ownership information (BOI) reports to Jan. 13, 2025. The original filing deadline was Jan. 1, but a Texas federal court judge issued an injunction earlier this month that temporarily barred FinCEN from penalizing non-filers. The U.S. Court of Appeals for the 5th Circuit issued an order Dec. 23 staying the injunction until it had a chance to address the constitutionality of the Corporate Transparency Act (CTA), which requires many entities registered with their secretary of state to file BOI reports.
Read More: THE CORPORATE TRANSPARENCY ACT UPDATE
Congress recently voted to eliminate two provisions that have kept millions from receiving full Social Security (SS) benefits at retirement. Under the Windfall Elimination Provision (WEP), public service workers like teachers and firefighters were unable to receive a full SS benefit at retirement if they also earned a pension.
Read More: SOCIAL SECURITY FAIRNESS ACT
The IRS and Treasury Department have issued final regulations amending the definition of “coverage month” and amending certain other rules in existing income tax regulations addressing the computation of an individual’s premium tax credit. The regulations apply to tax years beginning after Jan. 1, 2025, for taxpayers who may be eligible for the premium tax credit to enroll themselves or a family member in individual health insurance coverage through a health care exchange.
Read More: Premium Tax Credit Regulations Finalized
IRS Releases 2025 Standard Mileage Rates The IRS has released the 2025 optional standard mileage rates used in calculating the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. The rates apply to electric and hybrid-electric vehicles as well as vehicles powered by gasoline and diesel fuel.
Read More: 2025 Standard Mileage Rates
On Aug. 16, 2022, President Biden signed into law H.R. 5376 – Inflation Reduction Act (IRA) of 2022. In general, this legislation provides incentives for investment in domestic energy production and manufacturing and the reduction of carbon emissions by roughly 40% by 2030. The bill will also finally allow Medicare to negotiate for prescription drug prices and contains the following key tax provisions
Read More: 2022 Inflation Reduction Act Summary
President Biden closed out 2022 by signing a legislative package into law that included the
Securing a Strong Retirement Act of 2022—or as it is more commonly known: SECURE 2.0.
Supporters of the bipartisan legislation say it will increase access to 401(k) and individual
retirement plans, especially among low- to middle-income workers. It is also expected
to provide incentives for U.S. workers to save for retirement and make it easier for small
businesses to offer retirement plans.