Business and Tax Reporting Update: What You Need to Know Now for 2024

Description

Tax laws are constantly evolving, and it's crucial to stay informed. Join professionals from BST and Whiteman Osterman & Hanna for an enlightening session designed to help you make well-informed decisions. 

In this two-hour CPE-accredited session, you'll discover: 

Corporate Transparency – The Corporate Transparency Act's impact extends beyond just companies. CEOs and senior executives need to be aware of potential compliance deficiencies. This session will cover filing requirements for both new and existing entities, as well as exemptions, helping you avoid serious problems for your executives and your company. Penalties for late filing can reach up to $500 per day, and failure to comply can lead to criminal prosecution.

Federal Tax Updates – H.R. 7024, introduced in January, includes several provisions that could significantly affect both current reporting and prior year tax filings. These changes may impact the amortization of R&E Expenditures under §174, Bonus Depreciation and §179 deductions, and the calculation of business interest deduction limitations, among others. The bill also updates and modifies the current structure of ERC reporting. You'll also learn about other enacted tax reporting updates. 

State Tax Updates – State reporting depends heavily on each state's conformity to federal law. With federal changes on the horizon, the impact on state reporting could be immediate. This session aims to prepare businesses for possible ripple effects, whether immediate or in the near term. Additionally, you'll learn about other important updates on how certain states impose their income and/or franchise taxes.

Q&A will follow the presentation.

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