The Financial Crimes Enforcement Network (FinCEN) intends to push for amendments of the Bank Secrecy Act to include foreign virtual currency as a reportable account for the FinCEN 114 (FBAR). Don’t miss: Do you qualify for the Employee Retention Credit? If this proposed amendment gets passed, owners of foreign virtual currencies may need to file …
With all the changes 2020 has brought us, the IRS figured why not add another to the seemingly never-ending list. Here comes the Employee Retention Credit (“ERC”). The ERC is a refundable payroll tax credit for qualified wages paid and health coverage provided by an employer whose operation was fully or partially suspended from the …
Unfortunately, due to COVID-19, a lot of businesses have made the difficult decision to close their doors. If you are a partner in a partnership structure, several steps need to be taken and boxes checked to make sure the business is permanently closed. Below are the steps the IRS lays out to close a partnership …
Congress passed several bills in the last year to provide relief for millions of Americans who are struggling financially due to the COVID-19 pandemic. Some of the provisions in these bills were geared toward assisting businesses (for example, PPP loans), while some provided aid directly to individuals. Don’t miss: Planning for stimulus The first bill …
Effective beginning in 2018, the IRS expanded the scope of those U.S. persons required to file a Form 8858 with their tax return. In addition to reporting foreign disregarded entities (FDEs), foreign branches (FBs) must now be reported on the 8858. Don’t miss: Planning for stimulus What is considered a foreign branch for purposes of …
Will there be a third round of stimulus? While the White House and the Congress discuss such things, enough rumor is flying around that we need to plan for a potential third round of stimulus. As many realize, the official start of tax season was much later this year – February 12 – partially because …
It is in the taxpayer’s best interest to choose a tax preparer that best suits their needs. After all, responsibility does fall on the taxpayer for the information disclosed on their tax return, not the tax preparer. There is a large assortment of tax preparers available to assist you with your 2020 taxes, but are …
The Internal Revenue Service (IRS) and its many partners are asking for volunteers who are interested in helping those in need this tax season. For many years, the IRS has sponsored various programs to help families in the U.S. who may be struggling. One of these programs provides volunteer income tax assistance to eligible taxpayers, …
Charitable donations are a hot topic during tax season. Luckily, the IRS has a helpful tool to help you determine whether donations can be taken as tax-deductible charitable contributions. Don’t miss: What your tax professional needs (and doesn’t) to prepare your 1040 It is called the Tax-Exempt Organization Search. This helpful tool lets you search …
For many people, maybe you, preparing a tax return is like a foreign language. Luckily for you, you can always have a tax professional prepare your tax return for you. It can be hard to distinguish what your tax professional needs to complete your return between all the statements, documents and other miscellaneous items you …