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 United States … both domestic and foreign … to report specific facts about the individuals who own or control them.Read More
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 retirement accounts. Withdrawals covered by these exceptions can be repaid within three years to an eligible retirement plan.Read More
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, and protects taxpayer rights. TAS is required to provide an Annual Report to Congress in January of each year and a follow-up Objective Report in...Read More
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 Act (CTA). Congress enacted the CTA in 2021 to combat sources of financial criminal activity and abuse of anonymous companies. The law became effective January...Read More
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 may be classified as “independent contractors”? A worker’s classification has real world financial consequences for both the individual worker and the company utilizing their services.Read More
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 unprocessed returns and unissued refunds for the past three tax years. Erin Collins is our National Taxpayer Advocate. In her 2023 Annual Report to Congress she...Read More
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. companies to facilitate illegal operations. The Corporate Transparency Act (CTA) was enacted by Congress in 2021. The purpose of the legislation is to curb unlawful...Read More
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 at an attractive, safe and well-maintained office park.Read More
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 funding for IRS enforcement.Read More
