Enacted by Congress in 2021, the CTA objective is to curb unlawful financial activity including tax fraud, money laundering, and terrorism financing. Compliance requires many companies doing business in the...
The SECURE 2.0 Act, passed as part of an omnibus spending bill in December 2022, added new exceptions to the 10% federal income tax penalty for early withdrawals from tax-advantaged...
The National Taxpayer Advocate Service (TAS) is an independent organization within the IRS. TAS helps taxpayers resolve problems with the IRS, makes administrative and legislative recommendations to prevent or correct the problems,...
This year’s January issue of the Pearson Perspective alerted small business owners to be sure to find out if your business is one of millions affected by the Corporate Transparency...
Legal and regulatory debates have repeatedly taken center stage at the state and federal levels, the topic … what workers may appropriately be deemed “employees” and which class of workers...
If you weren’t frustrated and inconvenienced by inefficiency in responses by the IRS, certainly you know one or more taxpayers who have … or heard of the considerable backlog in...
Congress identified a widespread tactic by individuals with malicious intent to affect national security and economic integrity. Specifically, the scheme is to conceal or profit from the ownership of U.S....
Energy improvements to your home may make you eligible to enjoy tax credits for a portion of qualifying expenses. To be eligible, it takes your investment in renewable energy for...
In 2020, a report by Virginia’s Legislative Information System to the General Assembly alerted lawmakers to a major employee financial shortcoming … about 45% of private-sector workers in Virginia lack...
Over a year ago, we reported on the Employee Retention Credit (ERC) included in the CARES Act providing $80 billion dollars to encourage employers to retain employees at the height...
Six months overdue, the Virginia budget was finally approved by lawmakers on Wednesday, September 6, 2023. Included in the budget is about $1.05 Billion in tax reductions for eligible Virginians...
National Taxpayer Advocate Erin M. Collins released her statutorily mandated 2024 Objectives Report to Congress. She wrote in her introduction to the report, "In submitting this report, I'm finally able to...
At the height of the C-19 pandemic, the Employee Retention Credit (ERC) was introduced to help both business owners and workers maintain payrolls and income respectively. For those businesses that...
The Secure 2.0 Act was signed into law in late December 2022. The legislation builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 to further...
IRS Commissioner Danny Werfel sums up the threat: "Scammers are coming up with new ways all the time to try to steal information from taxpayers. People should be wary and...
IRS Form 1099-K is an information form typically provided to freelancers or small business owners who receive payments of income from a client via a third-party payment system. Third-party settlement...
In this article, we offer a summary of the ERC requirements and benefits. Additionally, we’ll share some cautionary thoughts for those of you who are contemplating or have already enlisted...
If you weren’t frustrated and inconvenienced by inefficiency in responses by the IRS, certainly you know one or more taxpayers who have … or heard of the considerable backlog in...
Effective January 1, 2023, taxpayer-drivers who fit the above profile enjoy a 3 cents bump in the mileage rate … up from the 62.5 cents midyear increase in 2022. The...
Here we are in the closing days of December 2022. In addition to enjoying the Holiday Season, it’s also an excellent time to get ready to visit with your tax-preparer...
Pearson & Company has helped small to mid-size companies and individuals with their strategic financial goals and related tax needs since 1989. Our offices are conveniently located in Mechanicsville, Virginia...
The Inflation Reduction Act, was signed into law on Aug. 16. It includes numerous tax provisions that relate to both businesses and individuals … including clean-energy-related tax incentives, and expanded...
The Employee Retention Credit (ERC) is an $80 billion dollars tax savings program. With knowledge of qualification criteria, hundreds of businesses and tax-exempt organizations have applied for and been approved...
