Tips are in the news lately. It seems like political strategists on both sides of the aisle have concluded that excluding tips from taxable income is good for votes. One has to wonder if this political promise will go the way...more
The number of virtual currency types has added to this problem. According to TIGTA, the number of virtual currencies has grown significantly since April 2020, from 5,000 to over 26,000 (420 percent) as of July 2023. The two...more
The Corporate Transparency Act (CTA) is unconstitutional, according to a March 1, 2024, ruling by Judge Liles Burke of the U.S. District Court for the Northern District of Alabama. The National Small Business Association...more
The Corporate Transparency Act (CTA) requires certain businesses to provide beneficial ownership information (BOI) to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). BOI received by FinCEN...more
Effective January 1, 2024, companies must disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) within the United States Department of Treasury. The reporting requirement is part of the U.S....more
1/3/2024
/ Anti-Money Laundering ,
Beneficial Owner ,
CEOs ,
CFOs ,
Corporate Transparency Act ,
Doing Business ,
Domestic Corporations ,
Financial Crimes ,
FinCEN ,
Foreign Corporations ,
National Security ,
Ownership Interest ,
Penalties ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Shell Corporations
The Internal Revenue Service (IRS) is proposing a new voluntary program, referred to as the Service Industry Tip Compliance Agreement (SITCA) program, for employers in service industries to avoid paying the employer’s share...more
Beginning July 1, 2022, a Federal excise tax, commonly referred to as the “Superfund Tax,” will be imposed on any taxable chemical sold by a manufacturer, producer, or importer. The Superfund Tax also will be imposed on the...more
Do I have to report to the IRS a payment I make to a lawyer?
If you make payments to a lawyer, you may be required to file an IRS form to report that payment. For a payment to a lawyer to be reportable to the IRS, it...more
Unless you are an exempt entity, the Corporate Transparency Act will require you to disclose the beneficial owners of your company to the government. You will not be required to do so, however, until Treasury issues...more
On July 6, 2020, the IRS issued Tax Tip 2020-80 to remind business taxpayers that, commencing with payments made in 2020, they must report any payments of over $600 per year for services by non-employees on Form 1099-NEC (for...more
7/7/2020
/ 1099s ,
Attorney's Fees ,
Barter ,
Compensation ,
Fees ,
Non-Employees ,
Penalties ,
Popular ,
Protecting Americans from Tax Hikes (PATH) Act ,
Reporting Requirements ,
Self Employed ,
Taxpayer Identification Number