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.
If you are a US citizen or resident alien (i.e. green card holder), then, you are suppose to file taxes with the United States authorities, especially at the Federal level (IRS) even if you do not live in the United States. The United States (and Eritrea, only two countries in the World) taxes its citizens
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
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
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
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
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
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
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
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
