BOI Reporting is Back on with January 13 Deadline
December 24, 2024Court Reinstates Corporate Transparency Act BOI Reporting FinCEN Extends Filing Deadlines to January 13, 2025 On December 23, 2024, the federal Court of Appeals decided most reporting companies are once again required to file Beneficial Ownership Information (BOI) with Financial Crimes Enforcement Network (FinCEN). The Department of the Treasury, that oversees FinCEN, recognizes that reporting… Read more »
Full Retirement Age to be 67 in 2025
December 18, 2024Social Security Increases Full Retirement Age to 67 by 2025. People considering retiring better check their birth certificate. The full retirement age has gradually increased by two months each year since 1983. For individuals born in 1958, it is 66 years and 8 months. By 2025, it will reach 67 years for those born in… Read more »
New Illinois Law to Disclose Pay and Benefits
December 17, 2024Employers in Illinois Will Need to Disclose Pay and Benefits Under New Law A new Illinois law will add a new twist to the search for a new job. Under the provisions of HB 3129, most Illinois-based businesses will be required to include information on pay scale and benefits on job listings beginning on Jan…. Read more »
End of Year Estate Planning Checklist
December 16, 2024Year-End Estate Planning for 2024 Not that we want to add to your “to do” list this time of year, yet you may want to review your estate plan and make adjustments. The following is a short check list to wrap up before the year end. These are easy to implement strategies that you can… Read more »
BOI Reporting Paused and CTA Enforcement in Question
December 11, 2024BOI Filing Halted While Constitutionality is Disputed The saga of the Corporate Transparency Act and its beneficial ownership information reporting requirement continues. On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction prohibiting the federal government from enforcing the Corporate Transparency Act (CTA) and its beneficial… Read more »
Fixing Not-So-Common Problems in Estate Plans
December 02, 2024Estate planning is a critical step for ensuring that your assets are distributed according to your wishes. However, even the most well-crafted plans can encounter less common issues that may disrupt your intentions. At Anthony J. Madonia & Associates, Ltd., we understand that these issues often arise from oversights or changes in circumstances that were… Read more »
Honoring Leo Joseph Madonia by Hospital Gift
November 27, 2024In this season of giving, the Loving Leo Foundation was thrilled to donate a Cuddle Cot to Edward Hospital. Made to honor the memory of Leo Joseph Madonia who died on January 22, 2022. This allows us to know Leo is making a big impact in so many ways. The Edward Hospital share program means… Read more »
Be On the Lookout -IRS 1099 TIN Mismatch Letters
November 26, 2024IRS 1099 TIN Mismatch Letters Issued Recently the IRS issued a series of 1099 TIN mismatch letters, also known as CP2100 and CP2100A notices for 2022 and 2023, indicating a ramp-up in enforcement and penalties related to 1099 filings. These notices can lead to significant compliance obligations. The 1099 TIN mismatch notice is straightforward: the recipient’s name and the… Read more »
What a GOP Sweep Could Mean For Businesses
November 26, 2024Looking Into the Horizon for Businesses Under a GOP Government As we all know, former President Donald Trump won a second presidential term, and the GOP secured control of the Senate and quite possibly the House of Representatives on November 5th. Now business owners and investors are asking themselves how this result affects them. There… Read more »
Veterans Scams on the Rise, The Worst of the Worst
November 07, 2024Veterans Scams Highlight The Worst of the Worst As we take this day to reflect, honor, and remember that freedom is not free, we celebrate all veterans. We personally want to honor those who served. Yet according to IRS information, scams on veterans abound. We want to also issue a warning to veterans especially as… Read more »