As a real estate professional, you work hard to build wealth and maximize your investments. But are you leveraging the best tax strategies to keep more of your earnings? At Visibility CFO & Tax Advisors, we help real estate agents, investors, and brokers implement smart tax planning strategies that minimize liability and maximize savings.

On December 27, 2024, FinCEN issued a critical update regarding the reporting requirements under the Corporate Transparency Act (CTA). Due to ongoing litigation, businesses are not currently required to submit beneficial ownership information, and no penalties will be imposed for non-compliance while this situation remains in effect. However, companies may still choose to submit beneficial ownership reports voluntarily.

A Fifth Circuit Court of Appeals ruling on Monday December 23rd has now lifted the December 3rd injunction against the Corporate Transparency Act (CTA) and its reporting requirements, reinstating the initial deadline for filing beneficial ownership information (BOI) reports. The Financial Crimes Enforcement Network (FinCEN) has extended the deadline for most reporting companies to file BOI reports to January 13, 2025.

As we approach the 2025 tax filing year it is important for taxpayers to be aware of upcoming changes.

One change we look for each year is inflation-adjusted tax brackets. The IRS has released information on its new inflation-adjusted tax brackets for 2025.  Inflation-adjusted tax brackets occur as the IRS adjusts various tax provisions in an effort to prevent "bracket creep" (when inflation pushes taxpayers into higher income tax brackets despite their purchasing power not having increased).