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 Since late last year, various lawsuits have been filed and injunctions implemented and rescinded within weeks.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.

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.

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.

In mid-December, the IRS announced the new optional standard mileage starts that will be in effect starting January 1, 2025. The rates are used to calculate the deductible costs of operating a vehicle for business, charitable, medical, or moving purposes.

The $600 threshold for Form 1099-K reporting for third-party settlement organizations (TPSOs) has been delayed again. The IRS made  the announcement on November 26th with the issuance of Notice 2024-85. This change means that TPSOs will only be required to report transactions when the total payment amounts exceed $5,000 in 2024, more than $2,500 in 2025, and more than $600 in 2026 and beyond.

As the end of 2024 approaches, now is the time for individuals to fine-tune financial strategies and explore opportunities to reduce federal income taxes due at year end. There are several steps which can be taken in the closing weeks of the year to help reduce 2024 income taxes.

In November 2024, the IRS announced that interest rates will decrease for the first quarter of 2025, which begins January 1, 2025. The changes outlined in IR-2024-290 outline all the relevant interest rate changes including various reductions.

Earlier this month, the IRS announced the retirement plan contribution limit changes for 2025. The limits are adjusted annually to account for inflationary changes and other economic factors. Starting next year, there are several increases coming. This is welcome news for individuals and families that rely on employer sponsored and other retirement plans as the main retirement savings vehicle.

The State of New Jersey’s Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) property tax relief program officially opened for 2024 in August.  Payments for eligible homeowners and renters began going out on a rolling basis in mid-October; however, just a short time later, the State pulled the ANCHOR benefit payments from some taxpayers’ accounts, due to possible fraud.

New Jersey’s Open Public Records Act (OPRA) is undergoing transparency and procedural changes due to a new bill signed into law by Governor Murphy. The new law, which became effective on September 3rd, calls for several changes to existing OPRA rules. This includes updates to the attorney’s fee provision, a new requirement on state agencies to include public records on their websites, and allowances for lawsuits to be filed against those making requests for the purpose of disrupting government operations.