From the IRS Website

 

IR-2024-253, Oct. 1, 2024

WASHINGTON — The Internal Revenue Service today announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia.

Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. Among other things, this includes 2024 individual and business returns normally due during March and April 2025, 2023 individual and corporate returns with valid extensions and quarterly estimated tax payments.

Many people currently qualify for a 0% federal income tax rate on net long-term capital gains (LTCGs) and qualified dividends earned in their taxable accounts. Investment assets that may qualify include marketable securities and real estate held outside of tax-favored retirement accounts. Here's how you might be able to take advantage of this favorable rate — even if your income is too high to qualify for it yourself.

Once your business has survived the start-up phase, it's got a solid foundation to grow. Business and financial advisory services are critical at this stage of development. Here are some major areas or functions of your company to focus on as you look to take it to the next level.

Although digital transactions are growing exponentially, check fraud remains a persistent threat to you and your business. The Federal Reserve processed just over 19 billion paper checks in 1993, compared to 3.4 billion in 2022. While fraudsters may target paper checks sent and received by individuals, business checks are likely to be more valuable because business accounts are often well-funded. Plus, businesses may take longer than individuals to detect check fraud.

Inflation adjustments have significantly increased the civil monetary penalties for violating the beneficial ownership information (BOI) reporting rules and for the unauthorized disclosure or use of BOI. The rules requiring the reporting of BOI just went into effect this month.

 

The penalties are included for the first time in the annual final rule issued by the Financial Crimes Enforcement Network (FinCEN) that provides the list of inflation adjustments of civil monetary penalties within FinCEN's jurisdiction.