Article Highlights Corporate Transparency Act (CTA) Financial Crimes Enforcement Network (FinCEN) Companies Required to Report Beneficial Ownership Information Who is a Beneficial Owner Filing Due Dates Penalties Updates Small Entity Compliance Guide How Does a Company File a BOI Report In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part […]
Article Highlights: New Lower threshold for e-filing information returns Why the e-filing mandate? What is an Information Return? Other affected filings Corrected information returns Noncompliance Penalties Waivers IRS Portal Businesses, whether operating as a corporation, partnership, or a sole proprietorship, have been required to electronically file information returns when the aggregate number of these returns, […]
Article Highlights: 1099-K Reporting. Third-party Settlement Organizations. American Rescue Plan of 2021 Mandated Reporting Threshold. Delayed Implementation 2023 Threshold 2024 Planned Phase-in Threshold Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement […]
Article Highlights for End of Year: Not Needing to File a 2023 Year Return? Are Your Children Attending College? Did You Sell Your Home This Year? Do You Have an Employer Health Flexible Spending Account? Did You Become Eligible to Make Health Savings Account (HSA) Contributions This Year? Is Your Income Unusually Low This Year? […]
December 2023 Individual Due Dates December 1 – Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2023. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2023 should call for a […]
In today’s dynamic financial landscape, it’s imperative to explore innovative ways to save and grow your nest egg. This comprehensive guide outlines practical and proven savings hacks that can significantly enhance your financial security and future prosperity. 1.Craft a Comprehensive Budget: The foundation of any successful savings plan starts with a well-defined budget. By meticulously […]
Article Highlights: Watch Out for Holiday Gift Scams Gifts with Tax Benefits Gift of College Tuition Gift of College Student’s Supplies Payoff of Student Loan Debt Clean Car Credit Qualified Tuition Programs Qualified Charitable Distribution Donor-Advised Funds Work Equipment Employee Gifts Monetary Gifts to Individuals Documentation Timing The holiday season is customarily a time of […]
December always seems to fly by. In just a few short weeks, Thanksgiving dinner will be over and it will be time to welcome the New Year. The holiday season brings personal obligations, but for retailers, it’s also the busiest time of the year. Even if you’re not in the retail business, you probably have […]
As a business owner, understanding the value of your company is crucial for various scenarios, from transactions to tax reporting, financial reporting, and even potential litigation. In this comprehensive guide, we’ll address ten commonly asked questions about business valuations, providing you with the knowledge you need to navigate this important aspect of business ownership. Why […]
Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Work Opportunity Tax Credit (WOTC) allows an employer who is willing to help disadvantaged individuals to benefit from a substantial federal tax credit. The WOTC is typically worth up to $2,400 for each eligible employee, but it can be worth up to […]