New Beneficial Ownership Information Reporting

The recently passed Corporate Transparency Act (CTA), enacted as part of the National Defense Act, mandates millions of entities to begin reporting their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The CTA is not a part of the tax code, but rather, a part of the Bank Secrecy Act with reports filed to FinCEN rather than the IRS.  This additional requirement will require additional planning with your attorney or legal counsel.

IRS Issues Proposed Regulations on Reporting by Brokers for Sales and Exchanges of Digital Assets

On August 25, 2023, the IRS issued proposed regulations that would require brokers to report sales and exchanges of digital assets by customers, a move that is intended to make digital asset tax reporting similar to the tax reporting required for other financial assets.

2023 Tax Filing Season Updates

On January 23, 2023 the IRS began accepting and processing 2022 tax returns and is expecting more than 168 million individual tax returns to be filed this year. Unless they request an extension, Taxpayers need to have their returns filed by April 18 because the usual April 15 deadline falls on a Saturday and Washington, DC celebrates the Emancipation Day holiday on Monday, April 17. There are a number of changes that will impact the 2022 filing season.

What is Not in the Inflation Reduction Act & Why You Should Start Year-End Tax Planning

It's time for individuals, businesses and family offices to start 2022 year-end tax planning. This is an opportunity to understand your tax situation with your Reese Henry advisor and make decisions on reductions, deferments or even accelerating tax obligations. Working with your Reese Henry advisor, we can estimate your tax liability and consider tax minimization strategies.