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The Corporate Transparency Act: Key Considerations for Beneficial Owners and Reporting Companies

The Corporate Transparency Act: Key Considerations for Beneficial Owners and Reporting Companies

The Corporate Transparency Act (CTA), PL 116-283, enacted in 2021 as part of the National Defense Authorization Act, was passed to enhance transparency in entity structures and ownership to combat…
IRS Launches Initiative for Taxpayers to Withdraw Noncompliant ERC Claims

IRS Launches Initiative for Taxpayers to Withdraw Noncompliant ERC Claims

Learn about the new withdrawal process introduced by the IRS for Employee Retention Credit (ERC) claims and how employers can reverse inaccurate claims, avoid penalties, and navigate the complex ERC landscape.
How to Cash In Clean Vehicle Tax Credits at Point of Purchase

How to Cash In Clean Vehicle Tax Credits at Point of Purchase

The IRS recently issued proposed regulations regarding electric vehicle (EV) tax credits, which are anticipated to take effect January 1, 2024. As part of the Inflation Reduction Act, the new…
How To Link Tax Pro Accounts to CAF Database Records

How To Link Tax Pro Accounts to CAF Database Records

Learn how the new Tax Pro account feature from the IRS streamlines tax client representation and authorizations, making life easier for tax practitioners. Discover the step-by-step process to link your CAF number, improving your efficiency and providing better services.
Taxability and Nontaxability of Social Security Benefits

Taxability and Nontaxability of Social Security Benefits

Social Security is a critical stream of income for retirees, providing stability after years of paycheck contributions. The federal government taxes Social Security benefits to a certain extent, but each…
Understanding Deductible Expenses When Closing an Estate or Trust

Understanding Deductible Expenses When Closing an Estate or Trust

The Tax Cuts and Jobs Act (TCJA) (ยง67(g) of TCJA, PL 115-97) eliminated miscellaneous itemized deductions for individuals during the TCJA period (2018-2025). These consisted primarily of the Schedule A…