Navigating the complexities of a 401(k) audit can seem overwhelming, but with the right knowledge and professional support, you can manage the process smoothly. Here’s a straightforward guide to help you understand the essentials of 401(k) audit requirements. What is a 401(k) Audit? A 401(k) audit is generally required for retirement plans with more than […]
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Overview The Corporate Transparency Act (CTA) takes effect on January 1, 2024, introducing significant reporting requirements for many privately held entities, known as Reporting Companies. The CTA aims to enhance transparency to combat tax fraud, money laundering, and other illegal activities. Reporting Companies must submit ownership information to the Financial Crimes Enforcement Network (FinCEN), a
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The updated FAQs from the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department provide new information regarding the implementation of access to beneficial ownership information (BOI) as outlined in Section 6403 of the Corporate Transparency Act (CTA), P.L. 116-283. According to the updated FAQs released on Thursday, the phased rollout of BOI access will
Updated FAQ by the IRS for the Beneficial Owner Information (BOI) reporting Read More »
More than 125,000 high income individuals, who have abstained from filing federal tax returns since 2017, will receive letters urging them to file or provide explanations for their non-filing status, stated the IRS earlier this year. The letters are being sent to over 25,000 individuals with incomes surpassing $1 million and to over 100,000 individuals
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Remote work tax implications Remote work offers flexibility, but tax complexities can dampen the enthusiasm. In the U.S. last year, 13% of full-time employees worked remotely, and 28% adopted hybrid models. Many found themselves working across state lines, adding layers of complexity to their tax situations. Millions now face potential double taxation issues this tax
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Understanding S Corporation Shareholder Eligibility The S corporation structure offers advantages for many businesses, but adherence to Internal Revenue Code (IRC) and Treasury regulations is crucial to maintaining S corporation status. Compliance is essential to avoid jeopardizing the S corporation standing, which is subject to specific mandates outlined in the IRC. 100-Shareholder Limit and Eligibility
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IRS Announces 2024 Tax Provisions Update The IRS released details on Thursday regarding the annual inflation adjustments for over 60 tax provisions applicable to tax year 2024. These changes, including increases in the standard deduction for both married couples and single individuals, are expected to impact tax returns filed in 2025. The specifics of these
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As the popularity of commercial condominium projects surges, so do the associated tax complexities. Managing the tax return for a commercial condo association can be a challenge without strategic tax planning. Understanding Commercial Condominium Projects Commercial condo projects enable individuals to own office spaces while sharing common areas like entrances, reception areas, parks, hallways, and
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Incentive stock options (ISOs) can significantly enhance employment benefits, but ISO tax treatment, particularly the Alternative Minimum Tax (AMT), often goes unnoticed. Mastering the strategies to sidestep AMT on stock options is crucial for maximizing income. Understanding AMT AMT, or alternative minimum tax, is a potential tax liability associated with the exercise of ISOs. During
How to Mitigate AMT Impact on Stock Options Comprehend, Exercise, Mitigate Read More »
Navigating the Dynamics of Qualified Opportunity Zones (OZ) With the inception of the Qualified Opportunity Zone (OZ) incentive as part of the 2017 Tax Cuts and Jobs Act, the Treasury Department projected a substantial infusion of $100 billion in new capital investment into around 8,700 designated census tracts across the United States. Despite the intricate
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