Beneficial ownership information (BOI) reporting: The continuing resolution that was enacted this weekend did not defer the January 1, 2025, BOI reports for reporting companies formed prior to 2024. However, the temporary restraining order issued by the U.S. District Court in East Texas remains in place, meaning that all BOI reporting deadlines are currently on hold. (Texas Top Cop Shop v. Garland (December 3, 2024) U.S. Dist. Ct., Eastern Dist. of Texas, Case No. 4:24-CV-478)
Social Security Fairness Act sent to the president: Congress passed H.R. 82, the Social Security Fairness Act, which will retroactively increase the Social Security benefits paid to millions of individuals by eliminating the windfall elimination provision and government pension offset. This means these individuals will qualify for increased Social Security benefits, retroactive to January 1, 2024. President Biden is expected to sign the bill.
2021 Recovery Rebate Credits being sent out: The IRS announced that it will be issuing over one million 2021 Recovery Rebate Credits to eligible taxpayers who failed to claim the credit on their 2021 tax returns. (IR-2024-314) Eligible taxpayers should begin receiving these payments of up to $1,400 by late January.
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