Tax Newsletter May 2024

Form 990

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

Digital Assets

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

File storage

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 […]

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 […]

Tax Newsletter December 2023

In this Issue: More Q & A from the Fall Virtual Series IRS Opens Annual Self-Certification and E-file Application URL Registration IRS Reduces Fees to Obtain or Renew a PTIN 1040 MeF Production Shutdown Schedule Employee Retention Credit Eligibility Checklist: Publication5887 Educational Assistance Programs Can Help Pay Workers’ Student Loans Reminder: Payers Filing Erroneous Information Returns […]

Q&A Summary 2023 Fall Tax Seminars

The Q & A from the Fall Virtual Seminars are below. 1099 -K Issues What happens if you receive 1099k which includes business income and repayment for example pay for the whole bill and people and then send you a reimbursement. The 1099-k includes business income and personal deposits mixed. You are going to have […]

Tax Newsletter November 2023

In this Issue: IRS Announces Withdrawal Process for Employee Retention Credit Claims Proposed Regulations for R&D Credit Coming Requesting § 6103 Information from OPR FinCEN Requests Comments on Beneficial Ownership Information Reporting Deadline Extension Notice of Proposed Rulemaking IRS Extends Relief to Farmers and Ranchers in 49 states, Other Areas Impacted by Drought; More Time […]

Tax Newsletter October 2023

2023 Basics & Beyond Tax Blast- October 2023 In this Issue: ERC Moratorium on Processing New Claims through December 31, 2023 IRS to hire 3,700 Employees Nationwide Large Case Revenue Agents Cash Payments Over $10k Must Be Reported Online Next Year IRS Issues Frequently Asked Questions for Pass-through Entities to Report Negative Amounts to the […]

Tax Newsletter September 2023

In this Issue: Corporate Transparency Act – New Requirement for Most Businesses Beginning January 1, 2024 IRS Announces Administrative Transition Period for New Roth Catch‑up Requirement; Catch-up Contributions Still Permitted After 2023 – IR-2023-155, Aug. 25, 2023  IRS Issues Prop Regs on Reporting by Brokers for Sales and Exchanges of Digital Assets – IR-2023-153, Aug. 25, […]