On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that companies required to report beneficial ownership information that have not yet submitted the required report will not be subject to any fines, penalties or other enforcement actions for now. FinCEN indicated that it intends to extend the previously-announced March 21, 2025, filing due date. FinCEN did not i...
Effective March 1, 2025, Suffolk County is increasing its local sales and use tax rate from 4¼% to 4⅜%. As a result, the combined local and state sales and use tax rate will increase from 8⅝% to 8¾%.
On February 19, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that companies required to report beneficial ownership information that have not yet submitted the required report generally have until March 21, 2025 to file the report. FinCEN also indicated it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the mos...
On February 17, 2025, a federal district court in Texas lifted the remaining nationwide injunction that had paused the filing requirements under the Corporate Transparency Act. This injunction had been entered in the case of Smith et al v. United States Department of Treasury, et al (No. 6:2024cv00336-JDK Document 30 (E. D. Tex. 2025)). The Department of Justice of the new administration petition...
It took the IRS until February 7, 2025 to issue the 2025 version of Form 1040-ES, Estimated Taxes for Individuals. As a result of this delay, tax software companies will need a few more days before the final version of the voucher is incorporated into tax software packages. The delay of the availability of the paper form provides a chance to highlight the benefits of using debits to pay estima...
The 2025 federal lifetime unified estate and gift tax exclusion is $13,990,000, up from $13,610,000 in 2024. In addition, the annual federal gift tax exclusion in 2025 is $19,000 per person per year, up from $18,000 in 2024. The 2025 New York estate tax exclusion is $7,160,000, up from $6,940,000 in 2024. (There is no gift tax in New York State.)
