Coprorate Transparency Act
(CTA):
December 24, 2024 UPDATE: Just released-Court upheld filing and updated due date to
January 13, 2025. To go to filing portal BOI E-FILING
Be aware it is going to be extremely busy with such a short period to file. Failure to file fine $591 per day
up to $10,000 with possible prison time.
UPDATE: This now
has a temporary injuction but will go on to a higher court. Keep your eye on this! This goes into effect on
January 1, 2024. It is a new federally mandated filing requirement on most corporations, limited liability
companys and limited partnerships and certain other business entities. There are exceptions and additions as
you would expect. I will not be able to file them for you at this time. Please click thie following
link for more information: Beneficial Ownership Information Reporting |
FinCEN.gov
Identity
Theft: If you have been a victim of tax related identity theft, please check this link from the
IRS. It will help you through the maze of getting this fixed. http://www.irs.gov/Individuals/Identity-Protection
IRS
Scams: IRS Scaming has now hit Clinton County. It
may be through e-mail, phone or text message. Please be aware that IRS will not call and demand money without
first sending a paper bill (usually by registered mail). Please read the article on the IRS Website for more
information on what to do if you are called-
https://www.irs.gov/newsroom/security-summit-partners-warn-tax-pros-of-heightened-fraud-activity-as-filing-season-approaches
Michigan minimum
wage Check it out on the Employment Forms and Links page! LEO - Michigan
Minimum Wage Rate 2025 Increase Schedule
2025 Standard
Mileage Rates
Beginning January 1, 2025, the standard mileage rates for the use of a vehicle
will be:
- .70 cents per mile driven for business purposes - (2024 was
.67)
- .21 cents per mile driven for medical or moving purposes (2024
was .21)
- .14 cents per mile driven in service of charitable organizations (no
change)
IR 2024-312 contains the
standard mileage rates for 2025, the amount a taxpayer must use in calculating reductions to basis for depreciation
taken under the business standard mileage rate and the maximum standard automobile cost that a taxpayer may use in
computing the allowance under a fixed and variable rate plan.
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