During this month of September 2023, we have read numerous articles on the IRS efforts to use more AI tools (in addition to hire more IRS agents). Over this summer of 2023, we have seen an increase of IRS examinations and notice of deficiencies where either you agree to the change or if you disagree,
As part of the updates applicable to next year, from January 1st, 2024, you must electronically file (e-file) form 8300 if you e-file the other similar returns, such as 1099, w2s, etc. As mentioned in the IRS website, this form is a method to raise money laundering and illicit transactions "The Form 8300, Report of
From January 1st, 2024, any new company (exemptions are listed below) will have 30 days to file their initial Beneficial Ownership information (BOI) report. For the companies already in business before that date, the BOI has to be filed before January 1st, 2025. Also, you should be reporting any changes in the BOI within the
On September 14th, 2023, the IRS released their IRS Newswire IR-2023-169 for the immediate stop to the new Employee Retention Credit as they were flooded with fraudulent claims, or as the IRS wrote "questionable claims". This stop would be at least until the end of the year. This moratorium happened less than ten days after
Yesterday, the Federal Trade Commission FTC released the initial ruling where TurboTax (Intuit) was deceiving customers with the use of "free" tax preparation that required the payment for those services. Also, this initial ruling could be applied to other "free" promotions that are truly not so. As mentioned in CNBC's article, Intuit already had an
A few months back, I was giving a small training for small businesses in LAEDA's office in Camden, New Jersey. While going over my presentation, I try to make it interactive and allow participants to ask questions on the topic being discussed or similar ones (at the end, there is always a Q&A portion for
Since Connecticut enacted the first Pass Through Entity (PTE) tax in April 2018, more States have enacted or proposed this tax tool. It was around 14 in June 2021, around 30 in January 2023 and at the date of this article is 36 States and one localty (NYC) according to the AICPA listing (link below).
As announced in July 2023 and shared in the IRS Tax Tip 2023-98, the IRS will stop the unannounced visits. Note that there has been numerous cases of fraud with people impersonating IRS agent by mail, by phone and in person requesting outstanding tax liabilities or requesting payments to avoid liens or criminal charges. The
It is extremely important to keep in mind the full strength of the US government against the citizens, and in this case, the authority of the IRS to access information without submitting summonses for collection purposes. The IRS can access bank information (banks), credit card statements (banks or financial institutions), and probably point of sale
According to different surveys, it seems that almost two out of five Americans have a side hustle. The pandemic, expansion of remote work, and the increase of living cost (inflation) has increased the number of people working on the side in addition to their regular job. We had numerous conversation with our clients to determine
