As you might be aware, the IRS was established by the Tax Relief and Health Care Act of 2006 and paid its first award one year later. As mentioned in the IR-2024-199, "... since issuing its first award in 2007 through June 2024, the IRS has paid over $1.2 billion in awards based on the
The IRS shares details on how its budget is allocated to resources, the composition of its workforce, and many other details that are relevant to see what areas the IRS is prioritizing. You can read from their official website (link below) and see more details on the graphs, tables and even download Excel files with
In the FS-2024-28, the IRS reminds us how to treat crowdfunding transactions. Note that there were several articles and posts published related to this topic in the IRS website (See links below) and now the IRS is updating some of their guidance, like the 1099K thresholds. If there is a platform or website to request
The Cohan rule originated from a case from 1930, but it is still applicable and used to this date. The Cohan rule allowed to claim deductions even if the taxpayer had no documentation for these expenses (in general and in practice, the Court allows lower expenses that the ones claimed by the taxpayer). Cohan was
As mentioned in IR-2024-217, the IRS has released interim guidance in late August 2024 allowing that employers with retirement plans (401(k) plan, 403(b) plan, governmental 457(b) plan or SIMPLE IRA plan) can provide matching for employees payments to their student loans in plan years beginning Dec 2023. Previously the employer matching was only if the
Note that we are noticing more and more of our colleagues having overseas help as a way to reduce cost in some cases and others because of the lack of accounting and tax professionals in the United States. As of the date of this post, we do not outsource our accounting and tax preparation to
From mid October 2024, Delaware businesses with 5 or more employees will have to register by 10/15/24 in the Delaware EARNS (Expanding Access for Retirement and Necessary Saving) website. You could be exempt if you already offer a tax qualified retirement plan to the employees, such as 401k plan or similar. The employee can opt
The numbers for the FinCen BOI requirement starting 2024 are staggering. FinCen is going to allow access to the data collected from business owners to different financial institutions and State and Local authorities. From different articles, "...FinCEN also estimated that 15,934 entities will seek access to BOI, and that the vast majority of them—15,716—will be
More and more often, personal data gets hacked, exposed, etc. Some of you remember the Equifax data breach with 147 million people impacted and a settlement of up to $425 million dollars and there have been many other cases since then. The most recent one is the National Public Data that exposed 3 billion individuals
At the end of August 2024, a Federal judge from Texas put a hold to all the ban on non compete agreements. As you might remember, the Federal Trade Commission released a nationwide ban on noncompete agreements on April 23rd, 2024 as reported in our previous blog post from early May 2024 - FTC implementing
