FinCEN
Federal Beneficial Ownership Reporting FinCEN is now Requiring Beneficial Ownership Information (BOI) to be reported through their BOI E-Filing System. Do I Need to Report? Most businesses are small businesses that may need to file. Your company may need to report information about its beneficial owners if it is: There are 23 types of entities that […]
Taxpayers see wave of summer email, text scams; IRS urges extra caution with flood of schemes involving Economic Impact Payments, Employee Retention Credits, tax refunds
IR-2023-131, July 21, 2023 WASHINGTON — The Internal Revenue Service warned taxpayers today to be on the lookout for a summer surge of tax scams as identity thieves continue pounding out a barrage of email and text messages promising tax refunds or offers to help ‘fix’ tax problems. The latest email schemes touch on a […]
IRS announces administrative transition period for new Roth catch up requirement; catch-up contributions still permitted after 2023
IR-2023-155, Aug. 25, 2023 WASHINGTON — Today, the Internal Revenue Service announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401(k) and similar retirement plans must be designated as after-tax Roth contributions. At the same time, the IRS also clarified that plan participants […]
IRS extends relief to farmers and ranchers in 49 states, other areas impacted by drought; more time to replace livestock
IR-2023-179, Sept. 27, 2023 WASHINGTON − The Internal Revenue Service today reminded eligible farmers and ranchers forced to sell livestock due to drought may have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales. The IRS posted Notice 2023-67PDF listing the applicable areas, a county […]
Tax Reform Takes On New Momentum as Year-end Approaches
Tax reform discussions continue on Capitol Hill with legislation expected to be released very soon. GOP lawmakers in the House and Senate appear to be aiming for a comprehensive overhaul of the Tax Code. President Trump and Republicans in Congress have set out an ambitious schedule of passing a tax reform bill before year-end. Tax […]
Challenges and Opportunities for 2017 Year-end Tax Planning
Year-end tax planning can provide most taxpayers with a good way to lower a tax bill that will otherwise be waiting for them when they file their 2017 tax return in 2018. Since tax liability is primarily keyed to each calendar tax year, once December 31, 2017 passes, your 2017 tax liability for the most […]
ACA Requirements Remain in Effect for 2017 Tax Season
As the 2018 filing season nears, the IRS is reminding taxpayers that the Affordable Care Act (ACA) remains on the books. The ACA’s reporting requirements for individuals have not been changed by Congress. At the same time, the Trump Administration has proposed administrative changes to the ACA, which could expand health reimbursement arrangements (HRAs), the […]
How does a business handle holiday gift-giving?
Are Holiday gifts deductible? Holiday gifts made to customers are generally deductible as ordinary and necessary business expenses as long as the taxpayer can demonstrate that such gifts maintain or improve customer goodwill. Such gifts must bear a direct relationship to the taxpayer’s business and must be made with a reasonable expectation of a financial […]
How do I Compute the Nanny Tax
For purposes of federal tax, employers must withhold and pay FICA taxes (7.65%) if they paid a household employee cash wages of at least $2,000 in 2016 or in 2017 ($2,100 in 2018). Employers must pay FUTA tax (6%) if they paid total cash wages of at least $1,000 in a calendar quarter to household […]
November 2017 tax compliance calendar
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2017. November Employers. During November, ask employees whose withholding allowances will be different in 2018 […]
Congressional Tax Writers Set to Take Up Reform Proposals
Tax writers in Congress are set to begin debating and writing tax reform legislation. On September 27, the White House and GOP leaders in Congress released a framework for tax reform. The framework sets out broad principles for tax reform, leaving the details to the two tax-writing committees: the House Ways and Means Committee and […]
IRS Exam Staffing Falls – Audit Coverage Declines
IRS Exam staffing in fiscal year (FY) 2016, the latest tax year with statistics available, reached a 20-year low. As a result, the Treasury Inspector General for Tax Administration (TIGTA) has reported that the IRS undertook fewer audits. Staffing “Examination is a vitally important aspect of maintaining a voluntary tax compliance system because 85 percent […]
Recent Posts
- FinCEN
January 5, 2024 - Taxpayers see wave of summer email, text scams; IRS urges extra caution with flood of schemes involving Economic Impact Payments, Employee Retention Credits, tax refunds
October 23, 2023 - IRS announces administrative transition period for new Roth catch up requirement; catch-up contributions still permitted after 2023
October 23, 2023
