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
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 your home such as solar, wind, geothermal, fuel cells or battery storage technology. If you expect to owe federal taxes this year, it’s worth investing...Read More
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 access to a retirement plan through their job. That fact prompted legislative action to propose and pass a solution, HB 2174 … a remedy referred to...Read More
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 of the COVID-19 pandemic in early 2020. The driving principle for Congressional adoption of the incentive was to help pandemic-impaired businesses and tax-exempts to retain...Read More
