There’s a new threshold for electronically filing information returns
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
Read MoreBusinesses: Do you have to comply with the new corporate transparency reporting rules?
Posted December 18, 2023 / No comments
Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes Enforcement
Read MoreIRS delays new reporting rule for online payment processors
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
Read MoreTake action now to reduce your 2023 income tax bill
Posted November 13, 2023 / No comments
A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good news is that you still have time to implement year-end tax planning strategies that may
Read MoreIRS suspends processing of ERTC claims
Posted September 19, 2023 / No comments
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of honest small business owners being scammed
Read MoreSocial Security’s future: The problem and the proposals
Posted August 17, 2023 / No comments
Recent reports have raised anew concerns about the impending insolvency of the Social Security program, absent congressional action. Social Security reform has long been considered a “third rail” of American politics and understandably so — the options for heading off insolvency will inevitably cause pain for significant segments of the population. Yet some in Congress
Read MoreIRS guidance coming regarding the IRA’s Clean Vehicle Credit
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.
Read MorePresident Biden’s proposed budget includes notable tax provisions
Posted March 16, 2023 / No comments
President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and businesses. While most of these proposals stand little chance of enactment with a Republican
Read MoreU.S. Supreme Court rules against the IRS on critical FBAR issue
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
Read MoreTax Collection Scams
Posted February 20, 2023 / No comments
With each tax season comes more opportunities for criminals to find ways to run scams. Scammers find creative ways to try to get personal information and payments from individuals. We would like to share a quick video on tax collection scams to raise awareness. Watch Video
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