Corporate Transparency Act ruled unconstitutional

A U.S. District Court recently ruled that the Corporate Transparency Act is unconstitutional. However, that doesn’t mean that businesses don’t have to comply with its reporting rules, which went into effect on Jan. 1, 2024. The decision is being appealed by the government and the Financial Crimes Enforcement Network announced that reporting companies “are still […]

2020 Tax Year Closing May 17

If you didn’t file a 2020 federal income tax return and you expect a refund, time is running out: The deadline for filing and claiming a refund for the 2020 tax year is May 17, 2024. The IRS estimates that $10 billion in 2020 refunds currently remains unclaimed. Keep in mind, however, that even if […]

Sources of U.S. Tax Revenue by Tax Type, 2024 Update

Sources of U.S. Tax Revenue by Tax Type, 2024 Update https://bit.ly/3xagv5M

IRS budget is cut in latest deal

The fiscal year 2024 federal budget deal signed into law on March 23, 2024, contained some bad news for the IRS. The agency is losing $20 billion of the more than $80 billion originally allocated to it by the Inflation Reduction Act. The $20 billion cut was stipulated by Congressional Republicans, who refused to pass […]

Missouri House passes bill exempting remote workers from St. Louis earnings tax

Missouri House passes bill exempting remote workers from St. Louis earnings tax – STLPR https://bit.ly/4adH4pk

Economic Nexus Treatment by State, 2024

Economic Nexus Treatment by State, 2024 https://bit.ly/4asbF2a

Living abroad? Your tax due date is June 17

Taxpayers living and working outside the U.S. have a June 17, 2024, deadline to file their 2023 federal income tax returns. The deadline applies to U.S. citizens and resident aliens abroad, including those with dual citizenship. It doesn’t apply to taxpayers who live or have a business in Israel, Gaza or the West Bank, and […]

IRS ERTC compliance efforts ramp up

IRS compliance efforts around erroneous Employee Retention Tax Credit (ERTC) claims topped more than $1 billion in six months. Another $3 billion in claims is being reviewed. The revenue is the result of three initiatives: 1) A Voluntary Disclosure Program, which ended on March 22 and allowed taxpayers to pay back money incorrectly received, 2) […]

Beware of a stealth tax on Social Security benefits

Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. While the truth about the federal income tax bite on Social […]

Time to consider an extension?

With the tax filing season winding down in roughly three weeks, the IRS has a reminder for some taxpayers. Those who are unable to file by the due date, April 15, can avoid failure-to-file penalties by requesting an automatic extension to Oct. 15. The request must be made no later than April 15, by filing […]