Beneficial Owner Reporting: Our Role as Trusted Advisors
The Anti-Money Laundering Act of 2020, enacted on Jan. 1, 2021, contained the first-ever federal requirement for certain legal entities to identify and report their beneficial owners, also known as the Corporate Transparency Act (CTA).
March 22 deadline approaching to resolve incorrect Employee Retention Credit claims; IRS urges businesses to review questionable claims to avoid future compliance action
With a key March 22 deadline rapidly approaching, the Internal Revenue Service renewed calls for businesses to review the Employee Retention Credit (ERC) guidelines to avoid future compliance action for improper claims.
Small Businesses No Longer Have to File Business Tax
It’s almost time to file your 2023 business tax return. Thanks to recent legislation, beginning this year over 100,000 small businesses will no longer be required to file a return and pay this tax.
IRS Reminder: Taxpayers impacted by the terrorist attacks in Israel qualify for tax relief; Oct. 16 filing deadline, other dates postponed to Oct. 7, 2024
The Internal Revenue Service announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions.
TN Franchise Tax Legislation – What you need to know now!
As reported in our previous legislative update, TSCPA continues to monitor and engage in the discussion about SB 2103/HB 1893.
IRS Offering Additional Time at Taxpayer Assistance Centers
The IRS recently announced nearly 250 IRS Taxpayer Assistance Centers around the country will extend their weekly office hours to give taxpayers additional time to get the help they need during the filing season.
Treasury, IRS update frequently asked questions for the Premium Tax Credit
The Internal Revenue Service today updated its frequently asked questions (FAQs) for the Premium Tax Credit.
Preparing for an ERC Audit? Six Key Questions IRS Will Ask
By Sonny Grover, CPA; Darren Guillot; and Rick Meyer, CPA, MBA, MST
IRS Revenue Procedure 2024-13
This revenue procedure provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2024; and (2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2024.
IRS Employer-Provided Childcare Tax Credit page helps employers determine eligibility for up to $150,000 business tax credit
The Internal Revenue Service announced the launch of a new page on IRS.gov explaining the Employer-Provided Childcare Tax Credit, an incentive for businesses to provide child care services to their employees.