The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

BOI Reporting Reignited with New Deadline

By CHRISTOPHER S. MAYNARD

The Corporate Transparency Act (CTA) requirement that companies and business owners complete annual Beneficial Ownership Information (BOI) reporting has been hotly contested for several months. Since late last year, various lawsuits have been filed and injunctions implemented and rescinded within weeks. Most recently, in the case of Smith vs. the U.S. Department of Treasury, adjudicated in the Eastern District Court of Texas, the court ruled the previous injunction should be removed and a new reporting deadline established.

Trump’s Tariffs and Business Implications

By ISHAAN ANAND

President Donald Trump recently announced new tariffs on imports from China, Canada, and Mexico, citing economic and national security concerns. A 10% tariff on all Chinese goods took effect on February 4, while proposed 25% tariffs on Canadian and Mexican imports have been delayed for 30 days as negotiations continue. The full impact on businesses remains uncertain, but higher costs and supply chain disruptions are likely. With over 40% of U.S. imports coming from these three countries, industries that rely on foreign materials and goods are watching closely.

NJ Announces New Property Tax Relief Application

By MICHELLE ROBB

In late January 2025, the state of New Jersey took a step toward streamlining the property tax relief process for senior citizens and disabled homeowners.  Instead of separate applications for ANCHOR, Senior Freeze, and the upcoming Stay NJ benefit, seniors aged 65 years and older and disabled homeowners will now only have to take care of one application with a single deadline for all programs.

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