Articles
What’s Happening at BLCO
UPDATE: BOI report filing suspended indefinitely
On 12/3/24 a federal district court in Texas issued an order halting the enforcement of the Corporate Transparency Act (CTA) along with the Beneficial Ownership information (BOI) reporting rules contained in its regulations. The court’s injunction, issued in Texas Top Cop Shop, Inc. vs. Garland, applies nationwide.
The injunction states that the CTA and the BOI reporting rule will not be enforced, and companies formed before 2024 need not comply with the Jan. 1, 2025 deadline until the matter is further adjudicated. Penalties for noncompliance will also not be imposed on newly formed companies with the shorter 90-day and 30-day filing thresholds during this stay.
Buckno Lisicky will continue to keep you updated with further developments.
What You Need to Know: CORPORATE TRANSPARENCY ACT
By now you are probably aware of a new non-tax regulatory filing requirement administered by the Financial Crimes Enforcement Network (FINCEN) called the Beneficial Owner Information (BOI) report.
BOI reporting requires certain corporations, limited liability companies (LLC), limited partnerships (LP) and business trusts to disclose those individuals who ultimately own or control the entity.
Forgive & Forget? – Many PPP loan recipients still searching for answers
The Paycheck Protection Program or PPP has been a lifeline for may small businesses that have been crippled by the coronavirus. Much of the credit for the recent economic recovery has been attributed to the $2.2 trillion CARES Act stimulus package that Congress passed back on March 27th.
By JOSEPH A. MASTRIANI, Winter, 2021
Charitable giving more important now than ever
Now, more than ever, charitable giving can mean a world of a difference. That is the message from Joseph Mastriani, Carbon County Foundation board treasurer. His message to community:
By JOSEPH A. MASTRIANI, Winter, 2020
What the future holds for Social Security and should you expect to receive benefits when you retire?
Joe Mastriani’s article explores the current financial condition and challenges the Social Security Trust Fund faces and if steps need to be taken to bolster retirement savings.
By JOSEPH A. MASTRIANI, Summer, 2019
CEO Challenges for 2019
As we enter into a new year, we face a new era of challenges with no clear resolutions. 2019 presents a combination of hurdles never before faced by businesses.
By CYNTHIA MERRITT, Spring 2019
Ruling on interstate online sales tax levels playing field
If you sell wares online, you may have seen the U.S. Supreme Court’s decision to change course when it comes to the collection of sales tax by remote companies selling on the internet.
By LOUIS J. LEMASTER, August 13, 2018
Fraud examinations can stem the rate of forensic probes
“Forensic accounting is the use of accounting skills to investigate fraud or embezzlement and to analyze financial information for the use in legal proceedings.” That’s a definition found with a web search. So, that clears it up, right? Probably not.
By DAVID MARAKOVITS, July 9, 2018
Lehigh Valley tax accountant on new tax law: It's going to be a very busy spring
Now that President Donald Trump and the Republican Congress have gotten their tax-reform dream to come true, an army of tax experts and accountants are beginning the process of understanding how it will work in real life.
By TIM DARRAGH, Contact Reporter Of The Morning Call, January 10, 2018
Behavioral economics: Why ‘now’ trumps retirement saving
There is nothing quite like being awarded the Nobel Prize in economics for attracting media attention. Richard Thaler, professor of economics at the University of Chicago, recently was awarded by the Royal Swedish Academy of Sciences for his pioneering work in the field of behavioral economics.
By JOSEPH A. MASTRIANI, January 8, 2017
Three sources for buyers of your business – but start early
Several business platitudes come to mind for owners of closely held businesses that do not consider succession planning a priority, including “begin with the end in mind” and “failure to plan is a plan to fail.
By BRUCE A. PALMER, November 13, 2017
An owners’ agreement on buy-sell will do everyone well
There are many issues to discuss in a family-owned business, but the one most often overlooked is the drafting of a buy-sell agreement.
By CYNTHIA MERRITT, October 23, 2017
When leaves fall is your call to tax plan for capital gains
As year-end approaches, investors should review their capital gains to see what, if any, options they have to reduce their tax exposure for 2017.
By STANLEY J. BUSHNER, October 16, 2017
Trust-based traps: Why it’s vital to set aside these funds
Primarily focused on operating their business and providing their family with the financial support and benefits to thrive, business owners can forget or overlook important tax and employment laws. Here are three areas you need to ensure that your accounting system is prepared to handle for you.
By LOUIS J. LEMASTER, August 14, 2017
Using Single-Member LLCs to Own Real Estate
Single-member LLCs (SMLLCs) are LLCs with only one member (owner). Thanks to the taxpayer-friendly “check-the-box” entity classification regulations, SMLLCs have become a popular entity choice for various business and investment activities.
By JACK S. LISICKY, Summer 2017
Integrity, examination, education are keys to curb fraud
If you’re an owner or manager, likely you have at least a mild curiosity about fraud and how it may have a direct effect on your business or organization.
By DAVID MARAKOVITS, July 10, 2017
IRS TAX PENALTY REMOVAL: Ask and You Could Receive
With the tax filing season upon us, many small business owners take responsibility for the timely filing and payment of their business and personal tax obligations.
By JOSEPH A. MASTRIANI, April 5, 2017
NETWORKING OPPORTUNITIES FOR PROFESSIONAL ADVISORS
Professional advisors such as accountants, lawyers, insurance agents, bankers, trust officers, financial planners, investment advisors, etc. depend on each other when working with mutual clients as well as creating new business opportunities for each other.
By BRUCE A. PALMER, January 18, 2017
THE CANDIDATES ON TAXES Trump plan restores growth, boosts deficit; Clinton's slows economy, trims deficit
Never in the history of presidential campaigns has there been such a contrast of candidates’ positions and styles as there is in this year’s race pitting Hillary Clinton against Donald Trump.
By JOSEPH A. MASTRIANI, October 17, 2016
Maximizing Depreciation Deductions For Business Real Estate
When buying business real estate, for your personal occupancy or rental to others-you should take steps that maximize the income tax depreciation deductions that you can claim for the property. Here are a few suggestions.
By JACK S. LISICKY, October 5, 2016
Find the financial statement that fits your business' needs.
“The company needs an audit.”
This statement often is heard from small-business owners when asked to provide financial statements. An audit, though, is not always what is required.
By EVELYN A. WILLIAMS, October 12, 2015