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Monday, 15 April

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There’s a new threshold for electronically filing information returns

Timothy King

Posted By: Timothy King

Posted January 18, 2024 / No comments

Does your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. The threshold for electronically filing most information returns has dropped from 250 to 10. Before the

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IRS delays new reporting rule for online payment processors

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 30, 2023 / No comments

For the second consecutive year, the IRS has postponed implementation of a new rule that would have led to an estimated 44 million taxpayers receiving tax forms from payment apps and online marketplaces such as Venmo and eBay. While the delay should spare such taxpayers some confusion, it won’t affect their tax liability or income reporting responsibilities. And

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IRS guidance coming regarding the IRA’s Clean Vehicle Credit

Timothy King

Posted By: Timothy King

Posted April 14, 2023 / No comments

The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the IRS will publish proposed regulations to clarify how a CV can qualify for the credit.

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U.S. Supreme Court rules against the IRS on critical FBAR issue

Robert Tighe

Posted By: Robert Tighe

Posted March 9, 2023 / No comments

The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts

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Reading the tea leaves: Potential tax legislation in the new Congress

Timothy King

Posted By: Timothy King

Posted February 14, 2023 / No comments

The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it remains to be seen if — and when — any tax-related legislation can muster the requisite bipartisan support, a review of certain provisions in existing laws may provide an indication of the

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Year-end spending package tackles retirement planning, conservation easements

Keith Orr

Posted By: Keith Orr

Posted December 28, 2022 / No comments

On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering retirement savings The original SECURE Act,

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The IRS again eases Schedules K-2 and K-3 filing requirements for 2021

Robert Tighe

Posted By: Robert Tighe

Posted March 1, 2022 / No comments

The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items

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New tax reporting requirements for payment apps could affect you

Keith Orr

Posted By: Keith Orr

Posted February 3, 2022 / No comments

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your recordkeeping burden, as well as the number of tax-related documents you

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Infrastructure law sunsets Employee Retention Credit early

Posted By: Amanda Glasby

Posted November 22, 2021 / No comments

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers survive the COVID-19 pandemic. A new law has retroactively terminated it before it was scheduled to end. It now only applies through September 30, 2021 (rather than through December 31, 2021) — unless the employer is a “recovery startup business.” The Infrastructure Investment and

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The Infrastructure Investment and Jobs Act includes tax-related provisions you’ll want to know about

Robert Tighe

Posted By: Robert Tighe

Posted November 10, 2021 / No comments

Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked

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