Kansas Food Sales Tax Rate Reduction
Reduction in state sales and use tax rate on food. Continue reading “Kansas Food Sales Tax Rate Reduction”
Reduction in state sales and use tax rate on food. Continue reading “Kansas Food Sales Tax Rate Reduction”
On 03/21/25, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule (IFR) that removes the requirement for U.S companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
In this interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly know as “foreign reporting companies”). FinCEN also exempts entities previously know as “domestic reporting companies” from BOI reporting requirement.
Thus, through this interim final rule, all entities created in the United States–including those previously know as “domestic reporting companies”–and their beneficial owners will be exempt from the requirement to report BOI to FinCEN. Foreign entities that meet the new definition of a “reporting company” and do not qualify for an exemption from the reporting requirement must report their BOI to FinCEN under new deadlines,. These foreign entities, however, will not be required to report any U.S. persons as beneficial owners, and U.S. persons will not be required to report BOI with respect to any such entity for which they are a beneficial owner.
Upon the publication of the interim final rule, the following deadlines apply for foreign entities that are reporting companies:
The IRS recently announced an increase in the standard mileage rates for taxpayers who use this method to deduct their business mileage. Continue reading “Increased Standard Mileage Rates”
We wish to make you aware of a new law that the Kansas Legislature passed this spring. Continue reading “New Kansas Tax Law”