After numerous delays and suspensions of the BOI reporting deadline, the Treasury Department announced on March 2 that it will no longer enforce the Corporate Transparency Act and beneficial ownership information reporting requirements. Furthermore, a proposed new rule will narrow the scope to foreign reporting companies only - good news for small businesses!

These deadlines are still in effect:

• March 17 - filing deadline for November year-end C-corporations, multi-member LLCs, Partnerships, and S-corporations
• April 1 - tax info is due to us for those wishing to extend and also for Non-profits for the May 15 filing deadline

We have been anxiously waiting for Colorado to finish updating their tax software this year and start accepting returns. We had to wait until the end of February to file individual returns and Forms 1065. As of this morning, Colorado is now accepting forms associated with the federal Forms 1120 and 1120S for corporations.

So we are doing our best to get these out in time - please help us by returning your e-file authorization forms as soon as you have received your returns to review!

The Social Security Administration has announced that it will pay retroactive benefits per the Social Security Fairness Act signed into law on January 5, 2025, which eliminated provisions that reduced benefits for over 3.2 million people who received a non-covered pension. This will increase Social Security benefits for certain types of workers such as teachers, firefighters, police officers, some federal employees, and those covered by a foreign social security system. Retroactive payments will be sent this month, and Increased monthly benefits will begin in April.

More information is available here: https://www.ssa.gov/benefits/retirement/social-security-fairness-act.html