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Business

Corporate Transparency Act: New Obligations to Disclose Beneficial Ownership in Private Companies

On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA” or the “Act”) as part of the greater National Defense Authorization Act for Fiscal Year 2021.  The CTA requires certain domestic and foreign companies to disclose beneficial ownership information to the U.S. Department of…

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Businesses That File Indiana Sales and Withholding Taxes Must Transition Accounts to New Indiana Department of Revenue System Starting September 8, 2020

Background

In early September 2019, the IDOR launched the first of four rollouts of a tax modernization project, Project NextDOR, and is launching Phase 2 this month. Project NextDOR’s new technology includes INTIME, a new online e-services portal which will enable Indiana taxpayers to manage their…

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IRS Confirms Payroll Tax Deferral Not Mandatory

In its monthly payroll industry teleconference held on September 3, 2020, the Internal Revenue Service (IRS) confirmed that the payroll tax deferral of the employee portion of the FICA tax described in IRS Notice 2020-65 is not required. Employers may choose to exercise the deferral option but are…

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