Important Filing Update Entities that have been formed through registration with a state’s Secretary of State or similar office must file an information report with Treasury’s Financial Crimes Enforcement Network…
Caution: This explanation is general in nature and should not be used for specific planning. Beneficial Ownership Information Reporting Penalty IncreaseAs if a $500 per day penalty were not large…
We are writing this letter to emphasize to our clients and others on the mailing list the importance of complying with the Corporate Transparency Act (CTA). The CTA requires the…
The Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. It is…
Earlier this year, the Department of the Treasury and the Internal Revenue Service issued final regulations amending the rules for filing returns and other documents electronically (e-file). The final regulations…
There has been a substantial amount of advertising of the benefits to employers of the Employee Retention Credit (ERC). The credit is beneficial if an employer qualifies, but many of…
The IRS has made cryptocurrency one of its enforcement priorities. The IRS has created a new program for this endeavor referred to as “Operation Hidden Treasure.” The program will use…
The total of all salary deferrals a participant makes to various retirement plans – including 401(k), 403(b), SARSEP, and SIMPLE IRA plans – is limited to $19,500 (plus an additional…
he following information is presented in order to illustrate the lack of responsiveness by the IRS in processing refunds, addressing correspondence, and even processing tax returns. The data relayed to…
This is another reminder of how important it is to report and file a Report of Foreign Bank and Financial Accounts (FBAR). Every U.S. person with a financial interest in,…
