Recently, we sent out an email about the 2024 mandate to report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN) enacted as part of the Corporate Transparency Act (CTA). Any company (LLC, Corporation, Partnership, etc.) started before 2024 is required to file this information.
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As the 2024 tax filing season kicks off, the IRS has determined the Arizona Families Tax Rebate, recently distributed to eligible taxpayers in October or November 2023, IS subject to Federal income tax. Therefore, recipients are required to report the rebate as part of their federal-adjusted gross
Read more →We wanted to bring to your attention a recent development from the U.S. Department of Labor (DOL) regarding the classification of workers under the Fair Labor Standards Act (FLSA). In a recent announcement, the DOL introduced a new rule taking effect on March 11, 2024, which aims
Read more →The IRS has recently introduced a new online self-service tool for businesses, marking the second phase of a comprehensive effort under the Inflation Reduction Act and in line with the Service’s multiyear Strategic Operating Plan. The highlight of this initiative is the introduction of IRS business tax
Read more →The IRS recently released Notice 2024-08, which updated 2024 Standard Mileage rates starting January 1, 2024. The following 2024 mileage rates are as follows: Business Mileage Rate – 67 cents per mile, up 1.5 cents Medical Mileage Rate – 21 cents per mile, down 1 cent The
Read more →As we approach the end of 2023, we suggest reviewing your 2024 Federal and State withholding to prevent any surprises when filing. It’s optimal to verify withholding early in the year to mitigate unexpected outcomes, such as substantial refunds or balances due. Act Now: We suggest taking
Read more →We wanted to bring to your attention a recent CNBC Article highlighting changes in Social Security benefits that may impact some individuals, particularly those receiving pensions from non-Social Security-covered work. An example of this could be working as a public servant, where wages were NOT subject to
Read more →We wanted to bring to your attention a recent Tax Court case highlighted in the recent Journal of Accountancy Article that underscores the importance of proper substantiation for business expenses. As experienced CPAs, it is crucial for us to ensure our clients are well-prepared and compliant with
Read more →The following Kiplinger article titled “Six Ways to Prepare for Widowhood and Protect the Surviving Spouse” highlights aspects of retirement planning for couples and provides additional details. Given the sensitive nature of the topic, it is essential for both partners to discuss these items to plan for
Read more →The IRS has delayed the effective date of the $600 threshold for Form 1099-K reporting and will treat payments subject to reporting in 2023 as a transition year. Form 1099-K is issued by third-party settlement organizations (i.e., credit card processors, online retailers, etc.). The current threshold for
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