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FinCen Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines
In a recent announcement, the Financial Crimes Enforcement Network (FinCEN) declared that it will not impose fines or penalties on companies failing to file or update Beneficial Ownership Information (BOI) reports by the current deadlines set under the Corporate Transparency Act (CTA). This decision aims to alleviate regulatory burdens on businesses while ensuring that entities posing significant law enforcement and national security risks are prioritized.
Retirement Plans for the Self-Employed in 2025: What You Need to Know
If you’re self-employed and have no employees, planning for retirement is entirely up to you. The good news? There are several tax-advantaged retirement plans designed specifically for business owners like you. With 2025 contribution limits updated, now is the perfect time to evaluate your options and maximize your savings.
NOSAL PROFESSIONAL GROUP, P.C. YEAR-END TAX PLANNING MEMORANDUM
Another year is quickly coming to an end. This memorandum is intended to give you some ideas on saving taxes for 2024. However, it is general in...
Overview of the New Overtime Rules for Salaried Employees
Starting January 1, 2025, the U.S. Department of Labor (DOL) will implement new overtime rules that raise the salary threshold for employees who are...
Top Tax Deductions for Small Business Owners: Maximize Year-End Savings and Lower Your Tax Bill
Effective tax planning can significantly reduce your taxable income, keeping more money in your business. Here’s a list of high-impact deductions that are often missed. Each one has unique benefits, so discuss these options with your CPA to ensure they’re applied correctly. Our team is here to help with tailored tax planning – reach out today to maximize your savings.
Tax Planning Opportunities for Midwestern Pass-Through Entities
The State and Local Tax (SALT) deduction cap, introduced under the 2017 Tax Cuts and Jobs Act, limits the amount of state taxes you can deduct on your federal return. For many pass-through business owners in the Midwest, this can result in a higher federal tax bill.

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