Are you ready? The Corporate Transparency Act becomes effective Jan 1, 2024

TAX COMPLIANCE Are you ready? The Corporate Transparency Act becomes effective Jan 1, 2024 Thomson Reuters Tax & Accounting October 19, 2023 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. The Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity […]

Read Me

Families who got the child tax credit last year need to watch for this letter from the IRS

PUBLISHED MON, JAN 3 20221:33 PM EST Carmen Reinicke@CSREINICKE Filing 2021 taxes will look slightly different for families who received the enhanced child tax credit last year. That’s because the monthly payments that were sent to millions of families with eligible children from July to December only accounted for half of the credit. Now, those who got the money need to show what they received […]

Read Me

IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts

IR-2020-248, November 2, 2020 WASHINGTON — The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because of the pandemic, expanding taxpayer options for making payments and […]

Read Me

The IRS says it still hasn’t opened more than 2 million returns this tax season

Published: Oct. 8, 2020 at 1:46 a.m. ET By Andrew Keshner The Internal Revenue Service still has to process an estimated 2.5 million hard copy income tax returns within a pile of unopened mail that stands at 5.3 million pieces. That’s according to IRS Commissioner Charles Rettig, who testified Wednesday on the agency’s efforts to dig out from a mountain of unopened mail that accumulated […]

Read Me

How people can reconstruct records lost in a natural disaster.

IRS Tax Tip 2020-127, September 28, 2020 Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. Most importantly, records can help people prove their disaster-related losses. More accurately estimated losses can help people get more recovery assistance like loans or grants. Whether it’s personal or business property that has been lost or destroyed, here are some steps that can […]

Read Me

COVID-19: IRS Provides Relief from Enforcement Actions

During the COVID-19 pandemic, the last thing you need is the IRS doing bad things, like auditing you or levying your bank account or wages. But don’t worry—the IRS is pausing most of its collection and audit enforcement actions. Installment Agreements If you have an installment agreement with the IRS, then the IRS is suspending your payments due between April 1 and July 15, 2020. […]

Read Me

COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay

Bradford Tax Institute April 2020   COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay More Relief: Retirement Account Required Minimum Distribution Rules Suspended for 2020 The $2 trillion COVID-19 economic recovery bill finally made it through Congress and was signed into law by President Donald Trump on March 27. The legislation is titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). […]

Read Me

COVID-19: New SBA Loans for Small Businesses – Maybe a Great Deal

Mary Lee Miller EA LLC April 3, 2020 Dear Client: The COVID-19 pandemic has upended all aspects of life around the world, including the worldof business here in the U.S. If your business is struggling, you may be able to get some help from the federal Small BusinessAdministration (SBA), which is authorized to provide loans to small businesses on an as-neededbasis. There are two types […]

Read Me

COVID-19: Tax Season Delayed Until July 15 – Wait or file now?

Mary Lee Miller EA LLC04-02-2020 Dear Client: As you know, the COVID-19 pandemic has shut down much activity in the United States.The IRS decided to use its authority in a national emergency to postpone certain tax return filingsand payments. This change affects every one of you, and the rules are tricky—after all, this is taxlaw. We’ll explain who gets relief; what the IRS postponed; and […]

Read Me

Payment Deadline Extended to July 15, 2020

e-News for Tax Professionals March 18, 2020 Inside this Issue The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the […]

Read Me