The Financial Crimes Enforcement Network (FinCEN) has launched the site to be used to file reports of beneficial owners required by the Corporate Transparency Act. The website link is: https://boiefiling.fincen.gov/boir/html. The site currently requires an image of an identifying document to be uploaded as part of the registration. If a beneficial owner does not have such a document, there ...
Update: See our March 19, 2024 post for an amendment to this law. On December 22, 2023, the Governor of New York signed New York’s LLC Transparency Act. The law requires limited liability companies (LLCs) to report their beneficial owners in a new website that will be administered by New York State, but has not yet been launched. Reporting is due 365 days after the enactment date, which i...
Beginning with the 2023 tax year, entities must report to their owners if the owner will be eligible for the small business modification on their personal New York income tax return in connection with the income reported to the owner by the entity. For owners to be eligible for the small business modification, an S corporation, partnership or LLC must employ at least one person and have gross ...
The IRS has released the 2024 standard mileage rate. For business travel, it is 67 cents per mile (up from 65.5 cents per mile in 2023). For medical-related travel, it is 21 cents per mile (down from 22 cents per mile in 2023). The rate for charitable use of an automobile is not subject to adjustment, and it remains 14 cents per mile. If you have not already enrolled or taken our semina...
As discussed in our post on January 3, 2023, the SECURE 2.0 Act was enacted on December 29, 2022, and it makes substantial changes to the rules for retirement accounts. We also have a video discussing some of the aspects of the new law. It is time to start planning for the new rules that will take effect in 2024. We will discuss the new rules, along with strategies, logistics and other c...
As discussed in in our post on November 14, 2023, the Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. This reporting must be done during 2024. On November 29, 2023, the Financial Crimes Enforcement Network (FinCEN) finalized a new rule that affects entities that are newly-formed during 2024. For ...
In Notice 2023-74, the IRS has announced another delay in the implementation date of the lower filing threshold for Form 1099-K, Payment Card and Third-Party Transactions. The threshold for filing Form 1099-K for the 2023 tax year was scheduled to be $600 for the year. The IRS has delayed this lower threshold for the 2023 tax year, so that the prior threshold will continue to apply for the 202...
Update: See our post on December 5, 2023 regarding a change in due date for entities created during 2024. As discussed in in our post on December 13, 2022, the Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. This reporting must be done during 2024. We also have a video discussing this new requ...
As discussed in in our posts during June 2023, the threshold for the e-file mandate for Forms W2 and 1099 has been lowered to 10, effective for forms to be filed for the 2023 tax year, beginning on or after January 1, 2024. We also have a video discussing this new requirement. If you have not already done so, you need to register to e-file Forms W-2 and 1099 on behalf of clients. Informati...
The IRS delayed the effective date of this lower threshold. See our post on November 29, 2023. As discussed in our post on January 24, 2023, the threshold for filing Form 1099-K, Payment Card and Third-Party Transactions, for the 2023 tax year will be significantly lower than in prior years. For the 2023 tax year, third-party payment platforms will be required to file Form 1099-K for any ac...
