Hasselback Tax Blog
James R. Hasselback
263 Haven Road Cape San Blas
Port St. Joe, Florida
jrhasselback@gmail.com
Breaking
On Friday March 1, 2024, the U.S. District Court for the District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional.
In the case of National Small Business Association v. Yellen (Case No. 5:22-cv-01448) [1], initiated by the National Small Business United,
the challenge was against the CTA's mandate for small businesses to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
The ruling has the effect of suspending all BOI filing requirements for now, all enforcement actions, and all compliance concerns including
questions of "practicing law without a license." Experts believe the ruling will be appealed, probably to the Supreme Court, so this is a
temporary filing requirement suspension until a final appeal is exhausted. Voluntary filing appears to still be allowed if for some reason
a client desires to file.
On March 4, 2024, FinCEN issued a notice announcing that it will not enforce the BOI requirements against the plaintiffs: the National Small
Business Association (NSBA) and its 65,000 members and an Alabama businessman.
Bottom Line: Every business meeting the criteria is subject to the BOI Reporting Requirements except those that were a member of NSBA on March 1, 2024.
Click Here to Retrieve BOI Reporting Video
This is a 38 minute video that explains the ins and outs of the Beneficial Ownership Information
Reporting Requirement under the Corporate Transparency Act. This video is primarily for tax
practitioners and discusses the risks for the practitioner.
BOI Outline
Click Here to Retrieve Missed Depreciation Video
This section contains a 26 minute video on recouping depreciation not taken in prior periods.
This is a change of accounting method that allows prior depreciation that is beyond the statute
of limitations.
Failed Depreciation Outline
Click Here to Retrieve NATP Form 3115 Missed Depreciation
Included is a pdf file showing a completed Form 3115 to pick up depreciation that was not taken on
prior year's tax return.
Click Here to Retrieve Form 7203 Video
This is a 19 minute video that explains the workings of Form 7203
Form 7203 Outlinne
Click Here to Retrieve Identity Protection Video
This is a 9 minute video that explains the IRS IP PIN program
Identity Protection Outline
Click Here to Retrieve Employer Identification Number Video
This is a 4 minute video that explains obtaining an Employer Identification Number (EIN)
Employer Identification Number Outline
Click Here to Retrieve Payments Made to Individual Instead of S Corporation Video
This is a 3 minute video that discusses how to handle payments made to an individual rather than the S Corporation
Misapplied Payment Outline
Click Here to Retrieve Net Investment Income Tax Video
This is a 22 minute video that discusses the Net Investment Income Tax
Net Investment Income Tax Outline
Click Here to Retrieve Capitalizing Carrying Cost Video
This is a 22 minute video that discusses the Capitalizing Carrying Cost under Section 266
Capitalizing Carrying Cost Outline
Click Here to Retrieve Selling Sec. 1202 Stock Video
This is a 19 minute video that discusses the advantage of forming a C corporation instead of a passthrough entity
Selling Sec. 1202 Stock Outline
Click Here to Retrieve Virtual Currency Video
This is a 12 minute video that discusses the Virtual Currency rules
Virtual Currency Outline
Click Here to Retrieve Estate Tax Portability Election Video
Portability allows a surviving spouse to retain the deceased spouse`s unused estate and gift tax exemption.
This is a 23 minute video that discusses the Estate Tax Portability Election
Estate Tax Portability Election Outline
Click Here to Retrieve Qualified Charitable Deduction Video
This is a 9 minute video that discusses making a Qualified Charitable Distribution From a Traditional IRA
Qualified Charitable Distribution Election Outline
Click Here to Retrieve Qualified Business Income Deduction Video
This is a 89 minute video that discusses taking the Qualified Business Income Deduction
Qualified Business Deduction Outline
Click Here to Retrieve Rollovers From a 529 Plan to a Roth IRA Video
This is a 5 minute video that discusses Rollovers From a 529 Plans to a Roth IRAs
Rollovers From a 529 Plan to a Roth IRA Outline
Click Here to Retrieve Home Energy Audit Video
This is a 6 minute video that discusses the requirements for a Home Energy Audit Credit
Home Energy Audit Outline
Click Here to Retrieve Sale of Residence and Land Video
This is a 15 minute video that covers a situation where a fire destroyed a residence after a period of rental.
The land was exchanged for another pirce of land. This video discuses the Section 121 exclusion along withe the
use of Section 1031 for the exchange
Sale of Residence and Land Outline
Click Here to Retrieve Converting Personal Residence to Rental Video
This is a 12 minute video that covers a converting a personal residence to rental property.
Click Here to Retrieve Sale of Personal-Use Asset at a Loss Video
This is a 9 minute video that covers the receipt of a Form 1099 from the sale of a personal-use asset at a loss.
Sale of a Personal-Use Asset at a Loss Outline
Click Here to Retrieve Taxpayer Filing Status Video
This is a 12 minute video that covers the Selection of the Correct Filing Status for Taxpayer.