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).