IRS nonfiler cases: Delays and renewed enforcement A recent Treasury Inspector General for Tax Administration (TIGTA) review highlights a significant issue in the IRS’s efforts to pursue high-income taxpayers who have not filed required federal tax returns. The findings also reinforce an important practical point: a delayed IRS notice should never be mistaken for a
Why hospitals, universities and other nonprofits face growing federal scrutiny Universities, hospitals and other nonprofit institutions provide education, health care, research and community services that benefit the public. In exchange, qualifying Section 501(c)(3) organizations generally do not pay federal income tax on mission-related income, and their donors may receive charitable deductions. Depending on state and
The numbers for the FinCen BOI requirement starting 2024 are staggering. FinCen is going to allow access to the data collected from business owners to different financial institutions and State and Local authorities. From different articles, "...FinCEN also estimated that 15,934 entities will seek access to BOI, and that the vast majority of them—15,716—will be
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
