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November 11, 2024

In this issue:

  

  

  
   Post it mess   

2024 Year-End Checklist for Businesses

Amanda J. DernovshekTaylor A. Gast 
and Lindsey M. Mead

This checklist is intended to be a friendly, annual reminder for companies and corporations.

1. Confirm compliance with the Corporate Transparency Act.

The Corporate Transparency Act (“CTA”) went into effect on January 1, 2024. If your company or corporation is subject to the CTA and classified as a “reporting company”, the following is required for compliance with the CTA:

(a) Ensure your business timely files its initial beneficial owner information (“BOI”) report with the Financial Crimes Enforcement Network (“FinCEN”). Companies and corporations created before January 1, 2024 are required to file their initial BOI report by January 1, 2025...

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   Deepfake Technology   

What is a Deepfake and How Might it Impact Your Business?

Taylor A. Gast and Lindsey M. Mead

With the rise of generative artificial intelligence (AI) and its various synthetic media outputs, deepfakes are just one of many new risks to businesses. Deepfakes pose considerable threats to companies, potentially damaging reputation, trust, and financial stability through malicious impersonation and manipulation of digital content.

Deepfakes are artificially-constructed images, audio recordings, or videos. AI creates deepfakes through a process referred to as “deep learning.” Essentially, the AI-trained machine is given examples of images, audio, or videos, and replicates those images to create an imitated version of the sample material. Often, deepfakes are used to replace the likeness of one person with another through a digital media medium...

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   Retirement Jar   

IRS Announces 2025 Cost-of-Living Adjustments for Retirement Plans and for Health and Welfare Benefit Plans

Amanda J. Dernovshek, Julie L. Hamlet 
and Mindi M. Johnson

The IRS has announced the 2025 cost-of-living adjustments for retirement plan and health and welfare benefit plan limitations.  The charts below set forth the applicable limitations.

Retirement Plans

Similar to previous years, the IRS has again increased the limits for several retirement plan limits for 2025. The rows below represent some of the important changes. The changed limitations are between the 2024 limits and the 2025 limits...

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Holiday Talks: Essential Estate Planning and Tech Safety for Aging Family Members

Now is a busy time for businesses as they wrap things up before year-end. But the holiday season can be stressful for a different reason when the owner or some of the employees are responsible for the care of aging family members on top of working full-time.

Join our November 2nd Wednesday as elder law and business attorneys address long term care financing options, the importance of using an attorney to put affairs in order and preventing senior family members from getting scammed. 

Moderator Paul Millenbach welcomes fellow attorneys Matt Fedor and Lindsey Mead as they discuss:

  • Understanding the Basics of Estate Planning

    • Matt will address the importance of wills, trusts, and powers of attorney in protecting assets and ensuring wishes are honored.

  • Long-Term Care Considerations

    • Matt will address options for long-term care, including Medicaid eligibility, and how to plan for potential nursing home expenses when family members can no longer live on their own.

  • Cybersecurity and Technology Safety for Seniors

    • November 10-16 is International Fraud Awareness Week and Lindsey will discuss the importance of protecting an elder family member's personal information online and recognizing common scams targeting the elderly.

  • Navigating Digital Assets and Online Accounts

    • Lindsey will highlight the need to plan for digital assets, such as social media accounts and online banking, and how to manage them in estate planning.
  

  

  

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Foster Swift Collins & Smith, PC E-Newsletters are intended for general information for our clients and friends. This newsletter highlights specific areas of law and is not legal advice. The reader should consult an attorney to determine how this information applies to any specific situation.

IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.

Copyright © 2024 Foster Swift Collins & Smith, PC.

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