An Updated Timeline of BOI Reporting Requirements
Recent legal developments have impacted the enforcement of beneficial ownership reporting requirements under FinCEN regulations…
Plan Now, Save Later: Year-End Tax Tips for Business Owners
While 4th quarter estimated payments aren’t due until January 15th, 2025, some tax strategies - like payroll-related bonuses - must be addressed before December 31st, 2024. Making a payment by January 15th instead of waiting until April or October can significantly reduce penalties and interest, keeping more money in your pocket…
Injunction Halts BOI Reporting Requirements
A federal district court in Texas has issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act’s (CTA) beneficial ownership reporting requirements…
Safeguard Against Identity Theft with IP PINs
As the 2025 tax season approaches, the IRS is encouraging taxpayers to protect themselves from tax-related identity theft by getting an Identity Protection PIN (IP PIN)…
IRS Reports Progress on Processing $10 Billion in Employee Retention Credit Claims
The Internal Revenue Service (IRS) announced today that it has made continued progress in processing Employee Retention Credit (ERC) claims, with approximately 400,000 claims currently under review, totaling around $10 billion in eligible claims…
Coinbase Challenges SEC in Court Over Crypto Regulations
The SEC and Coinbase have clashed in a federal appeals court in Philadelphia as Coinbase, the largest U.S. cryptocurrency exchange, pushes the regulator to establish clearer rules for digital assets...
Summer Day Camp Expenses May Qualify for Child and Dependent Care Tax Credit
The IRS has reminded taxpayers that they might be eligible for the Child and Dependent Care tax credit if they pay for summer day camps...
FTB's New Legislation: A Guide to Voluntary Dissolution for Corporations and LLCs
The California Franchise Tax Board (FTB) has provided guidelines for the voluntary administrative dissolution or cancellation of qualified domestic corporations and limited liability companies (LLCs)…
IRS Struggles with Errors in Processing Pandemic Tax Credit Claims
The IRS's first major batch of rejected claims for a controversial pandemic-era tax credit includes clear mistakes by the government, according to tax advisers…
Changes to Nevada's Minimum Wage and Overtime Regulations
Assembly Bill 456, enacted in 2019, gradually increased the minimum wage by 75 cents annually over five years. The final increase, effective July 1, 2024, will set Nevada’s minimum wage at $12 per hour…
Identity Theft Case Delays and Fraudulent ERC Claims Challenge Agency's Progress
An independent watchdog within the IRS has reported that despite improvements in taxpayer services, the agency remains too slow in resolving identity theft cases…
IRS to Begin Processing Older ERC Claims
The IRS intends to gradually pay out older claims for the Employee Retention Credit (ERC) this summer, while continuing to reject improper high-risk claims…
Taxpayers Options for Missed Filing
The IRS has outlined options for taxpayers who missed the April deadline to file their 2023 federal income tax return…
New Program Expedites Over $1 Billion in EV Tax Credits for Car Buyers
Car buyers have received over $1 billion in electric vehicle (EV) tax credits through a new program that enables quicker payouts, according to Treasury Department officials…
Republican Party Debates Future of Expiring Trump-Era Tax Cuts
A major debate is ongoing within the Republican party about the Trump-era tax cuts set to expire after 2025 and how to finance them…
Navigating Art Donation Tax Rules: Guidelines and Precautions
The IRS is intensifying efforts against inappropriate deductions linked to inflated art valuations for tax purposes, caution Meaghan Gregg, Justin Cohen, and Samantha Lauri from Hughes Hubbard & Reed…
IRS Issues Warning on Tax Scams and Offshore Schemes
The IRS has wrapped up its Dirty Dozen initiative by cautioning taxpayers against promoters who peddle fake tax strategies and deceitful offshore schemes…
Record Spending and Future Tax Battles in Congress
Amidst the modest output of new laws from the 2023 Congress, the influence industry was ablaze, setting a new spending record as lawmakers strategically positioned themselves for forthcoming debates on tax policies…
IRS CI’s Crackdown on COVID-Related Fraud
The IRS Criminal Investigation (CI) division has probed 1,644 cases involving tax and money laundering linked to COVID-related fraud, estimated at a value of $8.9 billion…
Time’s Ticking: Over $1Billion in Unclaimed Tax Refunds Await Americans!
The Internal Revenue Service (IRS) announced on Monday that nearly 940,000 individuals in the U.S. are required to file tax returns for the 2020 tax year by May 17…