Learning Center for Tax and Financial Insights

Gifts from employers to employees are typically taxable, but de minimis fringe benefits can offer a tax-free alternative. In this video, we'll discuss leveraging these benefits to provide thoughtful employee gifts without the burden of additional taxes.

In a prior communication dated February 19, 2025, it was announced that the federal district court has lifted the final nationwide injunction affecting beneficial ownership information (BOI) filing mandates. Consequently, FinCEN has reinitiated BOI reporting obligations.For organizations established prior to 2024, the newly mandated reporting deadline is now March 21, 2025. It is important to note that this revised deadline does not apply to companies established post-2023. For entities formed on or after January 1, 2024, the deadline remains 90 days from the date of formation, while entities formed on or after January 1, 2025, have a 30-day timeframe from the date of formation to submit their reports.Failure to comply with these reporting requirements may result in stringent penalties, including a civil penalty which was recently inflation adjusted to $606 per day and a criminal penalty of up to two years imprisonment and/or a fine of $10,000. Despite existing pending legislation in Congress aimed at extending the filing due date, there is no guarantee of its enactment. Furthermore, although FinCEN has indicated its intention to consider extended deadlines or amended reporting requirements for low-risk entities, including many U.S. small businesses, there is no certainty regarding implementation.

We no sooner sent out a reminder about the pending March due date for BOI reporting and FinCEN declared a temporary halt on the imposition of fines, penalties, or any enforcement actions against organizations that fail to file or update Beneficial Ownership Information (BOI) reports. This suspension will remain in effect until the issuance and implementation of a new interim BOI reporting final rule, along with the expiration of any new deadlines established therein.

The Saver’s Credit incentivizes saving for retirement for lower- and moderate-income taxpayers by providing a credit to help pay for their retirement plan contribution, enhancing financial security. Watch this video to learn if you can claim this credit in your tax returns.