Business Tax Highlights
§ If you have or own a Partnership, S-Corp, or C-Corp the due date for those returns is March 15th (if no extension). The penalty for failing to file (or filing a valid extension) by this deadline is $220 per shareholder/partner per month.
§ There is a new federal regulation called the BOI or Beneficial Ownership Information filing. This new regulation is a filing to FinCen about who ultimately owns a company.
o Companies in existence prior to 2024 will have until 2025 to file.
o Companies created in 2024 will have 90 days to file.
§ Meal deduction is back to 50% from 100% for sit down restaurants.
