Implementation of the Corporate Transparency Act (CTA): Everything You Need to Know
In a significant step towards corporate transparency, the Corporate Transparency Act (CTA) has been enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021. This new re ...
¡Important! New SB264 Law in Florida Affects Foreign Property Owners: Mandatory Registration for Citizens of Venezuela, Syria, China, Iran, Russia, and North Korea.
Since July 1, 2023, new legislation, SB264 Law, has come into effect in the state of Florida, causing a significant impact on foreign property owners, especially those of Venezuelan nationality. Secti ...
401(k) limit increases to $23,000 for 2024, IRA limit rises to $7,000
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS today also issued tec ...
Avoid a surprise next year; review tax withholding now before time runs out
With 2023 rapidly coming to a close, the Internal Revenue Service today encouraged taxpayers to review their tax withholding as soon as possible to avoid a potential surprise when they file their tax ...
IRS: Beware of fake charities; check before donating
With the tragic crises and natural disasters happening around the globe, many are responding to the call to give what they can to help. The Internal Revenue Service today warned taxpayers to be wary o ...
IRS advances innovative Direct File project for 2024 tax season; free IRS-run pilot option projected to be available for eligible taxpayers in 13 states
Agency finalizing Direct File pilot scope, details as work continues this fall; EITC, Child Tax Credit among projected provisions covered IR-2023-192, Oct. 17, 2023 WASHINGTON — As part of larger tra ...
¡Get Ready for the New BOI Report Established by FinCEN! Key Guidance for Businesses as it Becomes Mandatory from January 1, 2024
The upcoming BOI reporting requirement affects corporations, limited liability companies, and other entities created in or registered to do business in the United States. It requires such organization ...
Oct. 16 tax filing extension deadline nears for millions of taxpayers
The Internal Revenue Service today reminded taxpayers about the upcoming tax filing extension deadline. To avoid a possible late filing penalty, those who requested an extension to file their 2022 tax ...
Businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, beginning January 1, 2024
The Internal Revenue Service today announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a pa ...
IRS announces administrative transition period for new Roth catch up requirement; catch-up contributions still permitted after 2023
the Internal Revenue Service announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401(k) and ...