Tax and Accounting News

One Big Beautiful Bill Act Tax Highlights

Currently in Congress as part of the budget reconciliation process, Congress is working on President Trump’s One Big Beautiful Bill Act (OBBBA) which the Senate hopes to have on the President’s desk by July 4th.  This is the bill that Elon Musk has recently come out against.  So what does this mean to you?

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woman using calculator and working on business finances

Corporate Transparency Act

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:

  • Reporting companies registered to do business in the United States before the date of publication of the IFR must file BOI reports no later than 30 days from that date.
  • Reporting companies registered to do business in the United States on or after the date of publication of the IFR have 30 calendar days to file an initial BOI report after receiving notice that their registration is effective.

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New Login System

 What you need to know:

  • You’ll need to create a new username and password. To do this, you’ll need your current NetClient CS login ID and password. If you’ve saved these details to your browser, please memorialize them. If you’ve forgotten your login ID, please contact our office and ask for Johna Carr.
  • The sign-in page will look different but will function the same way. This video showcases the new experience. Please watch this video as it is very helpful.
  • You’ll need to enable two-factor authentication. There are several options available to verify your identity when you log in. One option is the Auth0 Guardian mobile app, which is free on the Apple App Store for iOS and Google Play Store for Android. Learn more about two-factor authentication.
  • We recommend using the option that will send a text message to your phone. This method may be more familiar and is commonly used for two-factor authentication.