In the recent IR-2024-299 released at the end of November, the IRS indicated that the 1099-K threshold is delayed again. The 1099-K form is used by Third Party Settlement Organizations (TPSOs) like Venmo and similar cash apps and credit card processing vendors. The thresholds will be: 2024 - $5,000 2025 - $2,500 2026 - $600
Yesterday, a Federal Judge Mr. Amos Mazzant issued a nationwide injunction to block the BOI (Beneficial Ownership Information). Based on this injunction, you are not required to comply with the CTA (Corporate Transparency Act) reporting requirement - BOI filing report. As you might recall in some of our posts, other Federal Judges ruled then injunction
Even the IRS is reminding us of the requirement to file the BOI (Beneficial Ownership Information), in their IR-2024-288 released around mid November 2024, the IRS shared information on this requirement and a free one hour seminar held by FinCen (Financial Crimes Enforcement Network) representatives. Why do we consider that even the IRS is urging
Earlier this month, a Texas Federal judge struck down the DOL (Department of Labor) exempt salary rule that raised the minimum salary as exempt from overtime and minimum wage requirements under the Fair Labor Standards Act (FLSA). It is reverted now to the rules before July 1, 2024. The salary level test amount for executive,
Probably all of us have had some interactions with Artificial Intelligence (AI) at this point. Either providing more advanced search results, creating presentations or writing papers, automating manual processes, or even having a discussion on the phone (yes, there are many sales and marketing tools available). Also, you have probably seen an increase of advertising
Back in 2022, the Secure Act 2.0 was passed and made numerous changes in retirement plans and individual retirement plans, included in the over 90 provisions, there was a Saver's credit to be applicable from 2027. The interesting part about this provision is that from 2027, "... by making annual contributions of up to $2,000
The Federal Trade Commission is extremely busy targeting businesses that are misleading consumer or employ deceptive claims for money making opportunities. Misleading consumer on social media, which it is extremely common even in the tax industry ensuring $50,000 of tax savings for clients on average, a million dollar tax refund, etc. might generate a
Over the past twelve months, we’ve noticed a concerning rise in IRS deficiency notices (CP3219N) sent to taxpayers. In most cases, these letters result from discrepancies between filed tax returns and the IRS's records from third-party sources. When the IRS identifies a difference, they send a notice with the following options: File a Tax Return
You might have hear derogatory terms to refer to the IRS agents or to the entity in general, like "in my audit, I just threw them a bone to leave me away". However, this is nothing farther from the truth as in the recent years, the funding has been increased and the IRS employees has
Similar to the IRS focus on partnership that we shared in our last week post, the S Corporation is another higher scrutiny entity type for the IRS. Back in June 2024, the IRS Chief Counsel Margie Rollinson announced the creation of new Associate Office that would focus on partnerships, S Corporations, trusts and estates. She
