In 2021, Congress enacted the Corporate Transparency Act. This law creates a beneficial ownership information reporting requirement for millions of businesses across the country. Beginning January 1, 2024, many companies will have to report information about their beneficial owners to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Failing to comply will
The Internal Revenue Service provided tax relief for individuals and businesses in parts of Tennessee affected by severe storms and tornadoes that began on Dec. 9. These taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area
In this article, we will provide our audience with a general idea on how the U.S. tax system is applied to the non-U.S./resident aliens and international employees/students. In general, an individual/person receiving compensation for services performed in the U.S. must file a U.S. tax return and pay U.S. tax unless an exception applies. This tax
When you move from one state to another during the tax year, you may have to report and pay state income taxes to both states. Not all states have income tax, but those that do, will expect part-year residence to report their income and pay at least some tax for the year. Each state that
If you received Economic Injury Disaster Loan (EIDL), EIDL advance that does not need to be paid back, or Paycheck Protection Program (PPP) you really need to understand tax treatment of these loans/advances and the rules associated with spending the loan proceeds. Please do not relay your information on the social media or non-professionals as
If you received unemployment compensation and did not have tax withheld, you may end up owing taxes when filing your federal income tax return for 2020. Unemployment compensation is taxable Income and must be reported on your 2020 federal income tax return. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus
Section 1031 – Like kind exchange is when you exchange real property used for business or held as an investment solely for other business or investment property that is the same type or “like-kind”. Generally, if you make a like-kind exchange, you are not required to recognize a gain or loss under IRC Section 1031.
In this article, we will be discussing one of the IRS filing statuses “Married Filing Separately” and better understand its pros and cons. A lot of people ask is it better to be married and file separate tax returns! “Married Filing Separately” means a married partners file two separate tax returns. This may benefit them
In this post, we will be talking about newcomers to the USA, their requirements to file income tax and eligibility to receive a tax refund, if applicable. There are federal income tax return and state income tax return. If you live in any of these 9 states, you do no need to file State income
Safekeeping tax records helps for future filing, amended returns and audits. With the tax filing season quickly approaching, we want you to understand how long to keep tax returns and other documents. The IRS generally recommends keeping copies of tax returns and supporting documents at least three years. Employment tax records should be kept at
