Tax Newsletter September 2024
In this Issue: Voluntary Disclosure Program Reopens to Help Businesses with Incorrect ERC Claims New IRS, Treasury Guidance Focuses on “Basis Shifting” Transactions Used by Partnerships Mediation Can Help Taxpayers Settle Tax Issues Retirement Plan Distributions: IRS Provides Guidance on Certain Exceptions from 10% Additional Tax for Emergency Personal or Family Expenses and for Survivors […]
Tax Newsletter August 2024
Special Edition – Energy Credits Energy Credits have been around for a long time – but changes at the whim of Congress. The newsletter will discuss a bit of history so we understand how we arrive at the current energy policy and then will delve into the current law. 2024 virtual seminar registration discount deadline […]
Tax Newsletter July 2024
IRS has issued new FAQ’s on a few topics, and we have included a few reminders on some issues. TIGTA reports are always interesting as well as for nothing else then clarification on what IRS is doing right or wrong. With 2024 being an election year – most legislation is stalled – so now is […]
Tax Newsletter June 2024
In this Issue: Watch Out for These Current Scams Tax Pros: Use Current Version of Offer in Compromise Booklet To Protect Against Identity Theft, IRS Adds Additional Protectionsto Centralized Authorization File, Transcript Delivery System; Changes Designed to Protect Sensitive Tax Pro, Taxpayer Information Procedures for §355 PLR Requests Updated Home Improvements Could Help Taxpayers Qualify […]
Tax Newsletter May 2024
In this Issue: When is the Form 990 series filing deadline? IRS Reminds U.S. Taxpayers Living, Working Abroad to File Tax Return ERC Claim Withdrawal Program Still Open; Recheck Claims Fiscal Year 2024 Mandatory Review of Compliance with the Freedom of Information Act IRS Delivers Strong 2024 Tax Filing Season; Expands Services for Millions of […]
Tax Newsletter April 2024
In this Issue: New Digital Assets IRS Page Inflation Reduction Act: Continued Assessment of Transformation Efforts Businesses: Electronically file Form 8300 to report cash payments over $10,000 Auto Dealers Must Register with the IRS to Receive Advance Payments of the Clean Vehicle Tax Credit IRS Launches New Effort Aimed at High-Income Non-Filers Deadline Approaches for […]
Tax Newsletter March 2024
This month we are including the Taxpayer Advocate annual report which defines many of the issues IRS faces and how they intend to improve on. It is worth a read, as it identifies key points which we as tax professional struggle with such as delays in correspondence and processing. It also acknowledges the improvements IRS […]
Tax Newsletter February 2024
In this Issue: Beneficial Ownership Information (BOI) & the Corporate Transparency Act (CTA) Resource Materials Developed by A.J. Reynolds Taxpayers Should Continue to Report All Cryptocurrency, Digital Asset Income Business Digital Asset Transaction Reporting Delayed – Form 8300 E-file Unavailable for Form 990-T and Form 1120-POL until March 17, 2024. An Extension Can be Filed […]
Tax Newsletter January 2024
In this Issue: 60 Tax Provisions for Tax Year 2024 – Revenue Procedure 2023-34 – IR-2023-208, Nov. 9, 2023 Employee Retention Credit IRS reminder: Still Time to Withdraw Pending ERC Claims Credit for Builders of New Energy-Efficient Homes IRS: 2024 Flexible Spending Arrangement Contribution Limit Rises by $150 Preparers Receiving Due Diligence Reminders OPR Issues […]
Q & A Summary Year-End Seminars
Corporate Transparency Act Can I refer all my LLC customers to a lawyer for the new “BOI” filing requirements and still be compliant? You decide what forms you want to prepare. If you chose not to prepare the form, you would notify your clients. as such. I would recommend that you have something signed by […]
