The Corporate Transparency Act (CTA) is, as forecast, a sweeping and significant update to the U.S. anti-money laundering laws, estimated to affect over 32 million entities by requiring new reports of beneficial owners. Yes, I said 32 million. Are you one of them? Read on...
The Internal Revenue Service submitted a report today to Congress evaluating a Direct File option for taxpayers and is taking steps to begin a pilot project for the 2024 filing season following a directive from the Treasury Department.
Participating in an illegal scheme to avoid paying taxes can result in imprisonment and fines, as well as the repayment of taxes owed with penalties and interest. If you become aware of any abusive tax scams, please report them to the appropriate contact below.
Phishing is a scam typically carried out through unsolicited email and/or websites that pose as legitimate sites and lure unsuspecting victims to provide personal and financial information.
In a case of government overreach into the small business community, years ago a National Marine Fisheries Service regulation requires that herring fishing boats allow an additional person on board to serve as a monitor, tracking compliance with federal regulations. The monitor’s salary must be paid by the fishing company being monitored, reducing fishing profits in a business where margins are tight.
Last week the House passed legislation increasing the debt ceiling. The bill was supported by all but four Republicans. For some Republicans, this was the first time they had ever voted for a debt ceiling increase. Perhaps the reason they did so this time was because the legislation also promised to reduce federal spending by $4.5 trillion over the next decade. Most of those spending reductions are achieved by rolling back Fiscal Year spending to 2022 levels and then limiting increases in spending to one percent for the next ten years.
Now how is this fair in a normal world? The current administration must think that they are Robin Hood who has the right to take from the people playing by the rules and give it to people who haven't earned it. Just listen to this.
A new Biden administration rule that is set to go into effect will force homeowners with good credit to pay more on their mortgages in order to subsidize loans to high-risk borrowers - all with a stroke of the pen and no one else having a say in it.
Move over Watergate. On or around Oct. 17, 2020, then-senior Biden campaign official Antony Blinken called up former acting CIA director Mike Morell to ask a favor: he needed high-ranking former US intelligence community officials to lie to the American people to save Biden’s lagging campaign from a massive brewing scandal.
Although we have our own in-house web development, we are always getting requests from people who want to sell their web or marketing services to us. But, something new popped up in my mailbox this week. In what appears to be a legitimate invoice mailed to my business address, a phony directory company called ‘Domain Networks’ requests up to $289 for ‘listing maintenance’. It really is an impressive looking invoice - that really isn't an invoice.
While many eligible employers claimed and have already received the ERC, some third parties continue to widely advertise their services targeting taxpayers who may not be eligible for the ERC. Unfortunately, these advertisements, along with the increased prevalence of websites touting how easy it is to qualify for the ERC, lend an air of legitimacy to abusive claims for refund.
One of the most asked question that I get at the tax desk is how long should I keep my tax returns. You've probably heard that seven years is the perfect period to hold onto your tax returns. However, the actual time to keep records isn't quite that simple. You probably don't need to keep every little piece of paper, because different records require different holding times. Let's take a look at some of them.
With continuing phone and in-person scams taking place across the country, the IRS wants to help taxpayers understand how and why agency representatives may contact taxpayers.
In most instances, the IRS sends a letter or written notice to a taxpayer in advance, but not always. Depending on the situation, IRS employees may first call or visit with a taxpayer.