Newsletters

The latest scam involves false claims of self-employment tax credits. Taxpayers should be vigilant and verify any suspicious communications.

The IRS has issued final regulations concerning Required Minimum Distributions (RMDs) for retirement accounts. These regulations clarify the requirements for individuals to make minimum withdrawals from their retirement savings plans.

Updates on the IRS Business Tax Account (BTA) tool. BTA is an online self-service tool that allows business taxpayers to view tax history, make payments, and conduct other business with the IRS. Latest updates include balance-due payments and federal tax deposit (FTD) payments. Future updates will expand BTA access to LLCs, tax-exempt organizations, and other entities.

Employer matching contributions on qualified student loan payments (QSLPs). The SECRE 2.0 Act allows employers to offer matching contributions to defined contribution plans based on employee QSLPs. Contributions can be made to 401(k), 403(b), SIMPLE IRA, and 457(b) plans. Payments must adhere to specific plan limitations and certification requirements. Employers are not required to provide this benefit.

Scam alerts related to Corporate Transparency Act reporting requirements. Fraudulent attempts have been reported asking for payments or sharing of BOI information. FinCEN does not charge a fee for filing BOI and does not send correspondence requesting payment. Suspicious emails or letters, especially referencing non-existent forms like ‘Form 4022,’ should be avoided.

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

The U.S. Supreme Court has reversed a 5th Circuit Court of Appeals decision on how the FBAR penalty applies.

The IRS has issued Notice 2023-13, which contains a proposed revenue procedure that would establish the Service Industry Tip Compliance Agreement (SITCA) program, a voluntary tip reporting program between the IRS and employers in various service industries.

When an S corporation is operated out of the shareholder’s residence, it is typical that the shareholder/employee is reimbursed for office in home and travel expenses under and accountable plan.

A taxpayer must file a claim for credit or refund within three years from the time the taxpayer’s return was filed or two years from the time the tax was paid, whichever period expires later.