Tax credits and deductions change the amount of a person’s tax bill or refund. Individuals should know which credits and deductions they can claim and the documents they need to show their eligibility. A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. Some tax credits, such […]
The IRS has seen an increase in the number of taxpayers who are subject to estimated tax penalties, which apply when someone underpays their taxes. The penalty amount varies but can be several hundred dollars. This is why the IRS urges taxpayers to check into their options to avoid these penalties. Adjusting withholding on their […]
Here are 5 tips to help you file your taxes without any problems By using an online account, you can: Organized tax records make preparing a complete and accurate tax return easier. It helps you avoid errors that lead to delays that slow your refund and may also help you find overlooked deductions or credits. […]
The Internal Revenue Service (IRS) announced Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns. The IRS expects more than 128 million individual tax returns to be filed by the April 15, 2024, tax deadline. Although the IRS will […]
Here is a list of the main deadlines to keep in mind during 2024 for personal and company taxes. We strongly suggest that you e-file several hours or better days before the deadline to ensure a timely filing. Personal Income tax – Form 1040 LLC & C Corporations – Form 1120 Partnerships LLC – Form 1065 S […]
In addition to filing an initial BOI report, reporting companies must also update and correct information from previously filed BOI reports. Individuals who obtain FinCEN identifiers must also update and correct information previously reported to FinCEN. If there is any change to the required information about the company or its beneficial owners in a BOI […]
BOI reports require specific information about the company, its beneficial owners and its company applicants. The person submitting information to FinCEN must certify that it is true, correct and complete. Below is the information that you are required to collect and report about the company, its beneficial owners and its company applicants: Reporting company Each […]
Not all companies are required to report BOI to FinCEN under the Reporting Rule. Companies are required to report only if they meet the Reporting Rule’s definition of a “reporting company” and do not qualify for an exemption. There are two categories: If your company is neither a “domestic reporting company” nor a “foreign reporting […]
If your company is a reporting company, the next step is to identify its beneficial owners which is any individual who, directly or indirectly, exercises substantial control over the company or owns at least 25% of the ownership interests of a reporting company. There is no limit to the number of individuals who can be […]
The Financial Crimes Enforcement Network (FinCEN) is a U.S. agency under the Department of the Treasury whose objective is to safeguard the financial system from illicit uses, combating money laundering, as well as other financial crimes, such as financing of terrorism. In addition, it reinforces national security through the collection, analysis and study of financial […]
