LATEST NEWS
BOI is on again – Deadline to file: March 21st, 2025
The BOI saga keeps going on – Now requirement is
Crowfunding contributions might be considered gifts, equity or gross income
In the FS-2024-28, the IRS reminds us how to treat crowdfunding transactions. Note that there were several articles
Cohan rule – Use of estimates for allowable business deductions without documentation
The Cohan rule originated from a case from 1930, but it is still applicable and used to this
New IRS guidance allows 401k matching based on student loan payments
As mentioned in IR-2024-217, the IRS has released interim guidance in late August 2024 allowing that employers with
Careful if your accountant or tax professional sends info overseas – Sec 7216
Note that we are noticing more and more of our colleagues having overseas help as a way to
MORE NEWS
Most serious problems (IRS report): #5 Lack of competency of tax preparers
In the 2023 National Taxpayer Advocate report to Congress, this organization lists a number of issues that the IRS should address as
Partnerships – New IRS form for property distributed in 2024, plus bonus on special transactions
The IRS has been putting more focus on partnerships in recent times. Back in June 2024, the IRS released a statement were
More regulations for digital assets and crypto brokers
From the IRS release in June 2024, there will be more reporting requirements to digital and crypto brokers (the ones taking possession