Hudson Business Service

I heard a funny today - it has been said I am retiring!!!
🤣😂Not a chance!
HBS is busy preparing for the future - Melody

FINCEN UPDATE:
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
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The Corporate Transparency Act (CTA) plays a vital role in protecting the U.S. and international financial systems, as well as people across the country, from illicit finance threats like terrorist financing, drug trafficking, and money laundering. The CTA levels the playing field for tens of millions of law-abiding small businesses across the United States and makes it harder for bad actors to exploit loopholes in order to gain an unfair advantage.
On Tuesday, December 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.), a federal district court in the Eastern District of Texas, Sherman Division, issued an order granting a nationwide preliminary injunction that: (1) enjoins the CTA, including enforcement of that statute and regulations implementing its beneficial ownership information reporting requirements, and, specifically, (2) stays all deadlines to comply with the CTA’s reporting requirements. The Department of Justice, on behalf of the Department of the Treasury, filed a Notice of Appeal on December 5, 2024.
Texas Top Cop Shop is only one of several cases in which plaintiffs have challenged the CTA that are pending before courts around the country. Several district courts have denied requests to enjoin the CTA, ruling in favor of the Department of the Treasury. The government continues to believe—consistent with the conclusions of the U.S. District Courts for the Eastern District of Virginia and the District of Oregon—that the CTA is constitutional.
While this litigation is ongoing, FinCEN will comply with the order issued by the U.S. District Court for the Eastern District of Texas for as long as it remains in effect. Therefore, reporting companies are not currently required to file their beneficial ownership information with FinCEN and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. Nevertheless, reporting companies may continue to voluntarily submit beneficial ownership information reports.

Would someone please buy QuickBooks Desktop from Intuit and return the software to its original purpose - an inexpensive but powerful accounting software for small business. The price hikes and discontinuation of software is totally out of hand.

It's that time of year again! Our drop-off service is now available. For those that may require an appointment: Please give us a call today before space runs out! 724-283-2831

IRS: If you didn’t get the third stimulus check, here’s what you should do You must use this form to get any stimulus checks you missed.

IRS has announced that you should expect delays during this filing season - this is why: According to recent IRS and TAS updates, the IRS backlog included 6 million original individual returns as of Dec. 31, 2021 and 2.3 million amended individual returns as of Jan. 8, 2022; 1.1 million unprocessed quarterly business tax returns and about 440,000 amended quarterly business tax returns as of Jan. 19, 2022; and nearly 5 million pieces of other taxpayer correspondence as of mid-December 2021.