November 2024 Newsletter

November 19, 2024

TAX PLANS FOR 2025 AND BEYOND

By Nick Hopkins, CPA, CFP®

Partner, Director of Tax Services

As Donald Trump looks to enter his second term as President, there will be an increased focus on future tax policy, as many of the provisions of the Tax Cuts and Jobs Act (TCJA) enacted in 2017 are set to expire at the end of 2025. Trump has said he will look to both renew and expand on the original provisions of the TCJA, which will impact both individuals and businesses. Below is an overview of some of the key tax components Trump outlined during his bid to secure a second presidential term:

REMINDER: FILING YOUR BENEFICIAL OWNERSHIP INFORMATION REPORT

By Liz Belcher, CPA

Partner, Tax Services

Email Liz

Have you filed your Beneficial Ownership Information Report (BOIR) with the Financial Crimes Enforcement Network (FinCEN) yet?

You may have heard of this new reporting requirement that is in place as a result of the Corporate Transparency Act (CTA) that was enacted in 2021, but have you completed the filing submission yet? This disclosure with the Financial Crimes Enforcement Network (FinCEN) is intended to address and guard against money laundering, terrorism financing and other forms of illegal financing by mandating certain entities (primarily small and medium size businesses) to report beneficial ownership information (BOI). While similar reporting is already completed at the banking level, this new mandate provides FinCEN with a much broader reach and deeper understanding of who ultimately owns a specified entity.

Employee Fun Facts: Klo Mu, Tax Staff

A new member of our tax staff, Klo Mu is a prime example of how our team hails from a wide variety of backgrounds. Although she was born in Thailand, Klo's family originated in Burma, and she had the opportunity to visit a few relatives there this summer. (In the upper left corner photo above, she is holding a durian that her aunt harvested during her trip.) Klo's summer was quite busy, as she also visited the Smoky Mountains, taking the beautiful landscape shots on the right side of the photo collage. In addition to hiking and photography, she also enjoys playing pickleball with friends.

Stay tuned for more fun facts about the Sponsel team in the months ahead!

Farewell to Kendra

Next month, we bid farewell and warm wishes to Receptionist Kendra Koerting, who has dedicated nearly a decade to our team. We'll be celebrating Kendra in the weeks to come, but we can't thank her enough for all of her contributions since 2015. Thank you so much, Kendra, and enjoy your retirement!

2025 Retirement Plan Limits

Please visit our Resources page or open this PDF for information regarding the latest Retirement Plan Limits.

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