As of today, the so-called "OBBB Act" is waiting for the U.S. Senate to wade through it and make (helpful?) changes. Tax planning is taking a back seat for most folks, since expiring provisions have been a cornerstone of federal tax legislation since the early 2000s.
If enacted, the OBBBA will likely be different from the version passed underwhelmingly by the House of Representatives.
After the months-long roller-coaster ride that started last December 31, the Department of the Treasury's Financial Crimes Enforcement Network has decided not to require a Beneficial Owners Information Report for entities that have only U.S. owners.
For others, there is a requirement to prepare a report.
Check the FinCEN website for details.
As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.
Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!"
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