Drop In Tax LLC

03/20/2025

Werner Law Group is now Drop In Tax LLC.

We love our clients, so feel free to contact us to make an appointment. Most appointments are via Google Meet or phone. We make house calls, too!! Email us at [email protected]

03/03/2025

BOI reporting requirement CANCELED for most businesses (03-03-25)

On Sunday, March 2, 2025, FinCEN continued with its rollercoaster guidance by announcing that it will NOT ENFORCE ANY penalties or fines associated with the beneficial ownership information (BOI) reporting rules under existing regulations. Additionally, FinCEN will not enforce any penalties or fines against U.S. citizens or domestic reporting companies, or their beneficial owners.

The reason for the relief is that the Department of the Treasury will propose new rulemaking that will narrow the scope of the beneficial owner reporting rules to apply to foreign reporting companies only. This means that domestic entities will not be required to file any BOI reports.

At this time there is no information on what, if anything, will need to be done for domestic entities that have already filed.

Financial Crimes Enforcement Network news releases.

02/19/2025

Corporate Transparency Act Reporting Requirements (BOI) Back in Effect with Extended Reporting Deadline
FinCEN Announces Intention to Revise Reporting Rule

Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act ARE BACK IN EFFECT, with a new deadline of March 21, 2025 for most companies.

FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

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02/13/2025

House passes bill to delay BOI reporting mandate (02-13-25)
The House has unanimously passed the Protect Small Businesses From Excessive Paperwork Act of 2025 (H.R. 736), which would delay the beneficial ownership information (BOI) mandatory reporting requirement due date to January 1, 2026, for entities formed PRIOR to January 1, 2024. The bill has now been sent to the Senate.
The bill would not impact the reporting requirement for entities formed after 2023, which means that if the preliminary injunction issued in the Smith case is stayed, entities formed after 2023 would still be required to file their initial reports and any updates or corrections to these reports. (Smith vs. U.S. Treasury (January 7, 2025) U.S. Dist. Ct., E. Dist. of Texas, Case No. 6:24-cv-0036). However, it is important to note that FinCEN has indicated that if the injunction is lifted, it will postpone the filing deadline for 30 days, during which time period it will revise which entities may be required to file the reports. Stay tuned for future details.

United States Department of the Treasury

01/28/2025

For real estate investors, are you familiar with the concept of Cost Segregation? Separating the different components of real estate in order to maximize depreciation (expense write off) in earlier years.

How can you use real estate to pay $0 in taxes? Here's how the rich do it!___________________________________________________________________________________...

01/27/2025

If you, as an employer, hire a person who is not athorized to work in the United States, you are breaking federal law. That is not new.

In 1986, Congress reformed U.S. immigration laws to preserve the tradition of legal immigration while seeking to close the door to unlawful entry. The employer sanctions provisions, found in section 274A of the Immigration and Nationality Act (INA), were added by the Immigration Reform and Control Act of 1986 (IRCA).

Employment is often the magnet that attracts people to reside in the United States unlawfully. The purpose of the employer sanctions law is to remove this magnet by REQUIRING EMPLOYERS TO HIRE ONLY INDIVIDUALS WHO MAY LEGALL WORK HERE: U.S. citizens, noncitizen nationals, lawful permanent residents, and other noncitizens who are AUTHORIZED to work. To comply with the law, employers must: (1) Verify the identity and employment authorization of each person they hire; (2) Complete and retain a Form I-9, Employment Eligibility Verification, for each employee; and (3) Refrain from discriminating against individuals on the basis of national origin, citizenship or immigration status.

Form I-9, Employment Eligibility Verification, is Mandatory for employer hiring. E-Verify uses Form I-9 as the key element of E-Verify’s web-based employment eligibility verification. E-Verify electronically compares information the employer enters from Form I-9 to records available to the Social Security Administration and the U.S. Department of Homeland Security. This verification confirms an employee’s eligibility to work in the United States.

E-Verify is a web-based system that allows enrolled employers to confirm the eligibility of their employees to work in the United States. E-Verify employers verify the identity and employment eligibility of newly hired employees by electronically ...

01/04/2025

Pay for your tax prep with your refund this season.