In a significant regulatory change, the Financial Crimes Enforcement Network (FinCEN) has finalized a rule that permanently eliminates Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act (CTA). The final rule became effective upon its publication in the Federal Register on August 11, 2026. Under the revised…
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Category: Notice
Why Private Equity Firms Need Specialized Tax and Accounting Support
Private equity firms operate in an increasingly sophisticated investment environment. As funds grow larger, investment structures become more complex, and regulatory requirements continue to evolve, tax and accounting considerations have become critical drivers of both operational efficiency and investor satisfaction. From fund formation and partnership tax compliance to investor reporting and multistate tax obligations, private…
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Understanding IRS Notice CP53E: Why You May Receive a Refund You Shouldn’t Cash (Yet)
A recent Executive Order 14247, “Modernizing Payments To and From America’s Bank Account” has introduced updates to available direct deposit options. Under these changes, individual taxpayers may now be able to provide a new or updated bank account for receiving their tax refund via direct deposit, provided certain conditions are met. If you or your…
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New York Secure Choice Savings Program
What New York Employers Need to Know New York State is rolling out the New York Secure Choice Savings Program, a new retirement savings initiative designed to help employees who do not have access to a workplace retirement plan save for the future. This program will affect many private-sector employers across New York, introducing new…
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3 Financial Reports Every Business Owner Should Review Monthly
Whether you’re reviewing numbers over your morning coffee or sorting through receipts at the end of a long week, understanding your business’ financial reports is one of the most powerful ways to stay in control of your business. At Bucknam & Conley CPAs, we often remind clients that successful financial management comes from consistently reviewing…
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Multi-State Tax Strategy Isn’t Compliance, It’s Risk Management
Many CPA firms are built around compliance. They file returns, track deadlines, and ensure forms are submitted correctly. That works, until a business starts operating across multiple states. When companies expand geographically, state and local tax (SALT) complexity increases dramatically. Nexus rules, apportionment formulas, pass-through entity tax elections, and audit exposure can all create significant…
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Fraudulent Credit Schemes Circulating Social Media
The Internal Revenue Service (IRS) is warning taxpayers about a surge in fraudulent tax schemes circulating online — particularly on social media — that encourage the misuse of credits such as the Fuel Tax Credit and the Sick and Family Leave Credit. Since 2022, thousands of taxpayers have been misled by false claims suggesting that…
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Scam Alert: Fraudulent Tax Refund Text Messages
We want to alert you to a current scam targeting taxpayers. Scammers are sending fraudulent text messages that appear to come from state revenue departments or the IRS. These messages often claim you are owed an income tax refund and ask you to provide personal or banking details so the “refund” can be deposited. This…
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NY State Biennial Statement: What It Is, How It Works, and When to File
We are posting this alert as a reminder of a state reporting requirement that is easily overlooked. Corporations and LLCs operating in New York are required to file a Biennial Statement every two years with the New York Division of Corporations. This form serves to confirm and update your business information on file with the…
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