Alert: The FinCEN has learned of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. These fraudulent scams may include: Correspondence that references a “Form 4022” or “Form 5102” is fraudulent. FinCEN does not have a “Form 4022” or a “Form 5102.” Do [...]
Here are some things to know about Beneficial Ownership Information (BOI) reporting: Purpose BOI reporting is part of the Corporate Transparency Act, which was passed in 2021 to prevent financial crimes like money laundering and tax fraud. BOI reporting helps authorities identify who has a significant stake in a business. Who must report New businesses must [...]
The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates: 7% for overpayments (payments made in excess of the amount owed), 6% [...]
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible to save money on their taxes. Here are the tax incentives for employers who provide accommodations for people with disabilities. Disabled Access Credit The Disabled Access Credit is a non-refundable credit for small businesses that have expenses for [...]
IRS identity protection PINs, or IP PINs, are a vital tool to protect taxpayers from identity thieves. The IRS encourages taxpayers to get an IP PIN and establish their IRS Online Account. These tools help guard against fraudsters trying to steal personal and financial information. Important things to know about an IP PIN It's a [...]
Individual taxpayers who requested an extension of time to file their federal taxes have until Oct. 15, 2024, to complete and file their federal tax return. Those who already have the forms and information they need should file now – there's no advantage to waiting until the deadline. There are a few things extension filers [...]
Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. Who can claim the credits Taxpayers making improvements to their principal or, in some cases, secondary residence may be eligible for these credits. In some cases, renters may also be [...]
Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer's marital status as of December 31 determines their tax filing options for the entire year, but that's not all newlyweds need to know. Report a name change Report any name changes to the Social [...]
Whether someone is a current homeowner or buying a new home this summer owning a home can be expensive. There are tax benefits that can help taxpayers save money and offset some of the costs that come with homeownership. Homeowners should review the tax deductions, programs and housing allowances to see if they are eligible. [...]
Most business owners know that meeting tax obligations is vital to the success of all businesses, especially a new one. It's important to make use of resources and information to help navigate the process of starting a new business. Here are some tips for new entrepreneurs. Choose a business structure The form of business determines which income [...]
