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IRS still finalizing some forms for e-file acceptance

At the present time, the IRS is still finalizing some forms for the e-file acceptance. As a result, there could be rejections or errors on the e-file in certain forms or schedules are e-filed as part of the tax return. The U.S. Government Accountability Office GAO "...  provides fact-based, nonpartisan information to Congress. Often called

By |2024-02-19T04:26:10+00:00February 19th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , , , , , , |

NJ Thrives – Small Business taxes & BOI updates RECORDED WEBINAR LINK

The NJ SBDC posted our webinar related to the Small business taxes and BOI (Beneficial Ownership Interest) updates. They have an extremely curated website where there are over 100 videos for subjects relevant to any business owner, check it out - NJ Thrives NJ SBDC. Link for the WEBINAR (Around minute 53 educational example to

By |2024-02-15T18:40:58+00:00February 15th, 2024|Categories: Business, Individuals|Tags: , , , , , , , |

Beneficial Ownership Interest (BOI) – General information and filing guidance (webinar link)

If you are a small business owner with an EIN or State registration, you are probably required to file identifying information about the individuals who directly or indirectly own or control your company with the Financial Crimes Enforcement Network in order to satisfy requirements under the Corporate Transparency Act. The Beneficial Ownership Information Reporting Rule

The IRS to implement the Simple Notice Initiative

On January 23rd, the IRS released communication IR-2024-19 which provide more details on their Simple Notice Initiative. The IRS releases around 170 million notices / letters each year to taxpayers and the IRS wants to make it easier for the taxpayer to understand them, and hopefully reduce the number of follow up calls and communications

By |2024-01-24T18:18:21+00:00January 24th, 2024|Categories: Business, Individuals|Tags: , , , |

IRS will waive failure to pay penalties for 2020 or 2021

On January 10th, 2024, the IRS communicated that will remove/waive failure to pay penalties on unpaid taxes less than $100k for tax years 2020 or 2021. The rational for this removal of penalties is because the IRS suspended sending automated notices during the pandemic so certain taxpayers were not aware of any amounts due for

By |2024-01-24T16:49:28+00:00January 14th, 2024|Categories: Business, Individuals|Tags: , , , , , , |

The IRS delays again the 1099k implementation and potential new thresholds

Yesterday, the IRS made official the delay on the 1099-k implementation for the $600 threshold for 2023. In 2023, the 1099-k will be released if the taxpayer receives over $20,000 and has more than 200 transactions in 2023. Based on the IRS website, the current plan for 2024 is the threshold to be $5,000 and

By |2023-11-22T16:47:13+00:00November 22nd, 2023|Categories: Business, Individuals|Tags: , , , , |

More notice of deficiencies in circulation and potential last resort, U.S. Tax Court

Over the summer and until now, we have observed a higher number of Notices of Deficiencies from the IRS in forums, colleagues discussions and through clients' consultations. This trend seems in line with other tax authorities at the State and Local levels (i.e. Philadelphia) were they put on hold the automatic notices and some collection

By |2023-11-17T17:43:10+00:00November 17th, 2023|Categories: Business, Individuals|Tags: , , , , , , , , |

IRS to receive an additional 30 million 1099-k

The IRS will received approximately 44 million forms 1099-k (this form is for electronic transactions over $600 during the year and related to applications for payment settlement entities such as Vemno, eBay, Paypal, etc.) in 2024 related to the 2023 tax year from about 14 million received in the prior year. Note that Zelle is

By |2023-11-17T16:17:00+00:00November 17th, 2023|Categories: Business, Individuals|Tags: , , , , , , , |

IRS estimated tax gap of around $668 billion for 2021

The IRS is reporting the tax gap (amount of money that taxpayers are not settled with the Federal tax authority or the true tax liability versus the paid tax on time) amounts to around $668 billion for 2021. The breakdown is as follows (per IRS blog), comprising three components: Nonfiling, which means tax not paid

By |2023-10-14T21:00:46+00:00October 14th, 2023|Categories: Individuals|Tags: , , , , , , , , |

CP508R – Reversal of notice of certification… to the State Department (you can get your passport back)

After working on an offer in compromise for a married client with over $100k in Federal tax outstanding, we are finally closing an offer in compromise (forms 433-A and 656) that has been discussed with the IRS agent as there are no assets to cover the liabilities and the taxpayers' income is just to cover

By |2023-10-13T13:19:48+00:00October 13th, 2023|Categories: Individuals|Tags: , , , , , , , |
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