As explained in a FinCEN release, the bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. Companies that are required to comply (“reporting companies”) must file their initial reports by the following […]

The Internal Revenue Service has announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The IRS will be providing $1 billion in penalty relief. Most of those receiving the penalty relief make under $400,000 a year. Due to the unprecedented […]

If you’re planning to enter the world of tax-exempt organizations, you first need to understand what a tax-exempt organization actually is. According to the IRS, the organization must fall into one of the following categories: charitable, religious, education, scientific, literary, testing for public safety, fostering national or international amateur sports competition or preventing cruelty to […]

The IRS has released a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing Employee Retention Credit claims in error. Note: This is only for employers who believe they should have not filed as they did not qualify for ERC. This is part of a larger effort at […]

According to an IRS statement, starting in 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mile driven for business use, up 1.5 cents from 2023. 21 cents per mile driven for medical or moving purposes for qualified active-duty members of the […]

Many businesses, their accountants and advisers have been wondering what’s happening with the employee retention credit, a refundable tax credit for businesses and tax-exempt organizations that had employees and were affected by the COVID-19 pandemic. In recent weeks, the IRS has been focusing on weeding out companies that applied but were not eligible. Copies of […]

Yes, interest rates in 2023 were much higher than in 2020 through 2022, when interest rates on 30-year, fixed-rate mortgages hovered around the 3% range. It’s important, though to look at rates historically. If you do, you’ll find that today’s interest rates are actually more normal than the lower ones borrowers saw in 2020 through […]

Join CPAs Kelsie Smith and William Cummings as they discuss end-of-year items to consider. This video highlights eleven items to pay attention to when preparing Forms W-2 and W-3 and resources available to you.

New rules, issued in early 2023, change a wide range of filing requirements. The goal, according to the IRS, is to increase e-filing without undue hardship on taxpayers. Perhaps the biggest change is that the IRS has reduced the 250-return threshold enacted in prior regulations to generally require electronic filing by filers of 10 or […]

The Affordable Care Act (ACA) affordability percentage for 2024 has been decreased to 8.39% of the employee’s household income. Applicable large employers (ALEs), employers with 50 or more full-time employees, need to actively review their contribution structures and be aware of any penalties. What does this change mean for ALEs? ALEs must offer affordable health […]