From our Director of Taxation, Joseph Kim, CPA/MST: The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert on December 18, 2024, to raise awareness of fraud schemes abusing FinCEN’s name, insignia, and authorities. Please note that these fraud schemes include scams which exploit Beneficial Ownership Information (BOI) reporting. The scammers may convince …
Category Archives: Taxes
UPDATED: Beneficial Ownership Information (BOI): Do You Need to Act?
UPDATE (12/05/2024): Today, a federal court in Texas issued an injunction applying to taxpayers nationwide, where they state that small businesses affected by BOI reporting deadline of January 1, 2025, do not need to comply with the filing deadline. However, the AICPA recommends that CPAs assisting their clients with the BOI continue to gather the …
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Which Business Structure is Right for You?
A lot of people want to work for themselves. That’s one of the conclusions of the September 2023 report The Global Entrepreneurship Monitor, an annual study by Babson College. They found that 19% of adults—nearly one in five—have founded a business in the past three and a half years, or in the process of founding …
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“How Long Should I Keep My Tax Returns?”
“So how long should I keep my tax returns, anyway?” According to our president, Phyllis, this is one of the most common questions she’s asked. I’m guilty of asking her myself. It’s a valid question. I’ve heard everything from two years to ten years, with the most common response being seven. But what’s the actual …
IRS Announces New Mileage Reimbursement Rates for 2022
Finally… we’re getting a (small) break from the IRS! The IRS released its mileage reimbursement rates for 2022 on December 17, and we are seeing some benefits for business, individuals, and other organizations. Effective January 1, 2022, the following rates will apply: 58.5 cents per mile driven for business use (an increase of 2.5 cents …
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Changes to the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) was extended through December 31, 2021, with the passage of the American Rescue Plan in March; given the wind of Congress’ discussions, it seems unlikely that it will be extended further. However, employers can still take advantage of the ERTC, though they will want to act quickly. If you …
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Advance Child Tax Payments in 2021
Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit that you may properly claim on your 2021 tax return during the 2022 tax filing season. Note that these are ADVANCES and will have a direct impact on your 2021 tax return. If the IRS …