FinCEN Requires Beneficial Ownership Information
The Corporate Transparency Act (CTA) was enacted as part of the National Defense Act for Fiscal Year 2021. The CTA mandates that millions of entities report their beneficial ownership information …
Blog
Important Updates
2025 2024 December September June April February January
New Tax Reporting Threshold for Digital Transactions Delayed by IRS Until 2024
The Internal Revenue Service (IRS) recently announced an important change concerning the reporting of income received through third-party payment processors and online platforms. This change, initially proposed to take effect …
New Tax Rules 2023
The new tax rules for 2023 are all over the place and include: Personal Standard Deduction Personal Standard Deduction for 2023 increases due to inflation: Energy Efficient Home Improvement Credit …
Form 1099 Revised Again
In January 2022, these 1099 forms were revised, again. Recipients use Form 1099-NEC and Form 1099-MISC to file their federal and any applicable state tax returns. Form 1099-NEC doesn’t entirely …