If you are a visual person, probably, you are aware of Visual Capitalist, a website that contains great graphics in almost any topic (i.e. Economy, Wealth, Automotive, Healthcare, etc.). This website is always posting interesting graphs, tables and other visual elements. Recently, they posted two tax related ones that are worth mentioning: 1) What Frustrates
Early March 2024, the IRS released their Strategic Operating Plan Update in their IR-2024-130 communication with the following updates: a) Better services: Keep enhancing live assistance in call centers (hopefully lower wait times even in the tax priority line and more experienced IRS phone agents), simplifying up to 200 notices so it might be easier
As published on IR-2024-119 on April 24th, 2024, " The Internal Revenue Service Independent Office of Appeals today announced the formation of a new Alternative Dispute Resolution Program Management Office. This office will collaborate with the IRS Business Operating Divisions to help taxpayers resolve tax disputes earlier and more efficiently." "...For years, the IRS has
The Managing partner Victor Garrido has been recognized as one of the Top 200 CPAs in America in its first edition. As mentioned in Forbes, "CPAs are often called upon to fill the role of separating financial fact from fiction. A reliable CPA is a bodyguard for your accounting. And as with a bodyguard, the
As the interest rates for money market funds are over 5%, the estimated tax penalties that the tax authorities charge if no payment was made when due and other cases is around 8%. To avoid having to pay that extra 8%, then, taxpayers should: Make tax payments when due, especially estimated tax payments Review any
The Federal Trade Commission released a nationwide ban on noncompete agreements on April 23rd, 2024. Note that this new rule is subject to a moratorium of 120 days and we are expecting that this ban will be challenged in court so it could be deemed an invalid ban before being in place in August 2024.
In this year so far, we have published several posts regarding the Beneficial Ownership Information (BOI) enforced by Financial Crimes Enforcement Network (FinCen). The latest BOI related post titled " When in doubt, keep filing BOI reports" from March 2024 expressed our recommendation to keep filing the BOI as the unconstitutional declaration by the U.S.
On April 4th, 2024, the IRS shared that the Federal Communications Commission issued a cease and desist letter to Veriwave Telco as the company was making millions of calls (prerecorded message) regarding a National Tax Relief Program. "... The FCC’s Enforcement Bureau today issued a cease-and-desist letter against Veriwave Telco. The letter ordered Veriwave Telco
As mentioned in previous posts, we highly recommend to keep filing BOI post as needed even after the unconstitutional declaration by the U.S. District Court, N.D. of Alabama. In a press release from FinCen, this organization will not enforce the Corporate Transparency Act (and BOI filing) against the plaintiffs, but everyone else is still required
Last Friday night (March 2nd, 2024), as reported in different CPA societies like the Florida Institute one, "... a federal court ruled the Corporate Transparency Act (CTA) unconstitutional, potentially putting a temporary halt to the much anticipated beneficial ownership interest (BOI) reporting." As of right now, the CTA and BOI are on hold until there
