March 2025:
The Department of Treasury is proposing new rules that will narrow the scope of the beneficial owner information (BOI) reporting rules to apply to foreign reporting companies only. This means that domestic entities will not be required to file any BOI reports. 
As a result, FinCEN announced on March 2 that it will not enforce any penalties or fines associated with the BOI reporting rules under existing regulations. 
Stay tuned for more information on this rollercoaster guidance.

January 2025:
President Biden recently signed the Social Security Fairness Act, which retroactively eliminated Social Security provisions that reduced the amount of Social Security benefits paid to those also receiving income from public pensions. 
Eligible recipients will see an increase in their benefits, and will also receive a lump sum payment for 2024 and part of 2025. Effected taxpayers should be aware that the additional income could increase their tax liability, and in order to avoid underpayment penalties, withholding or estimated payments should be increased. 
If you are impacted by this new law, please contact us for more information.