Form 1099-K 2023 IRS Clarification
On 2/6/24, the IRS released new and updated FAQs regarding Form 1099-K 2023 given that on November 21, 2023 (via Notice 2023-74) the IRS announced that calendar year 2023 would also be a transition year for third party settlement organizations
- Foodman Website and JD Supra
Is Your 2023 Tax Preparer Asking You the Right Questions?
Tax season is here and on 2/1/24, the IRS reminded Taxpayers to choose a 2023 Tax Preparer carefully when preparing their 2023 Taxes. Taxpayers are ultimately legally responsible for all the information on their income tax return, regardless of who
- Foodman Website and JD Supra
BOI Compliance/Enforcement for Reporting Companies
Reporting companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Reporting Companies have a significant obligation to understand and comply with the BOI reporting
- Foodman Website and JD Supra
Digital Assets 2023 Form 1040
On 1/22/24, the IRS reminded taxpayers that they must again answer the digital asset 2023 question on Forms 1040 and 1040-SR and report all digital asset related income when they file their 2023 federal income tax return, as they did
- Foodman Website and JD Supra
2023 Taxes: Best to Get Ready Now
Tax planning applies to everyone. On 1/22/24, IRS reminded all taxpayers to start getting ready to file their federal income tax return. Planning ahead can help taxpayers file an accurate return and avoid delays that can slow tax refunds. Going
- Foodman Website and JD Supra
Reporting Company gets clarity on FinCEN FAQ 1/12/24 update
On 1/12/24, FinCEN once again updated FAQs relating to the Beneficial Ownership Information (BOI) Reporting Rule by adding ten new FAQs. On 1/4/24, FinCEN published additional BOI FAQ’s to include new information about reporting companies, beneficial owners, company applicants, reporting
- Foodman Website and JD Supra
BOI Authorized Recipients
On 12/21/23, FinCEN issued a final rule implementing the access and safeguard provisions of the Corporate Transparency Act (CTA) (the “Access Rule”). The Access Rule aims to ensure that: (1) only BOI authorized recipients have access to BOI; (2) BOI
- Foodman Website and JD Supra
Beneficial Owner Exceptions under BOI Reporting
The FinCEN BOI Small Business Guide was originally released on 9/18/23 and subsequently updated on December 2023 as Version 1.1. The purpose of the Guide is to assist the small business community in complying with the beneficial ownership information (BOI)
- Foodman Website and JD Supra
BOI FAQs from FinCEN updated January 2024
On 1/4/24, FinCEN published additional BOI FAQ’s to include new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers. The 1/4/24 BOI FAQs includes eight questions versus
- Foodman Website and JD Supra
FinCEN BOI FAQs Updated Once Again
On 12/12/23, FinCEN BOI FAQs were updated to include twenty-one new questions related to general questions, the reporting process, reporting companies, reporting requirements, initial reports, updated reports, compliance, and enforcement, FinCEN identifiers, and third-party service providers. FinCEN BOI FAQs have
- Foodman Website and JD Supra
IRS Collection Notices to Re-Start in 2024
On 12/19/23, the IRS announced the restart of IRS collection notices as well as a new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent an automated IRS collection notice reminder during the Covid-19
- Foodman Website and JD Supra
Adequate Books and Records Often Overlooked!
Internal Revenue Code Section 6001 requires Taxpayers to maintain adequate books and records and “that that every person liable for any tax imposed by the Code, or for the collection thereof, must keep such records, render such statements, make such
- Foodman Website and JD Supra
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