Severe Penalties – Potential Criminal Charges
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…
Corporate Transparency Act – Effective January 1, 2024
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…
Important Notice Regarding Information Returns (W-2, 1099-series, etc.) Due in 2024
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…
Employee Retention Credit
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…
2023 IRS Cryptocurrency Reporting Requirements
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…
401k vs 403b retirement plan. Pros and cons in the notebook.
401(k) 403(b), SARSEP and Simple Plans
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…
IRS Processing and Refund Delays
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…
Book with title Report of Foreign Bank and Financial Accounts (FBAR)
Foreign Bank and Financial Accounts
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,…
Tax forms
IRS struggles to fill jobs, deal with backlog through difficult tax season
THIS ARTICLE appeared in Accounting Today that is titled “IRS struggles to fill jobs, deal with backlog through difficult tax season.” The article provides details illustrating the serious backlog of work from…
PPP Second Draw
Changes to Paycheck Protection Program Second Draw At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the COVID-19…