Business tax

TOPICS / TAX

August 6, 2024

BOI requirements roll along despite concerns about too little outreach

FinCEN, which oversees beneficial ownership information reports, has received just 2.7 million of the 32.6 million reports that it expects. Through June, FinCEN said, it has reached more than 90,000 stakeholders.

July 22, 2024

FinCEN estimates millions of hours will be spent seeking BOI access

Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice.

July 11, 2024

How tax practitioners viewed filing season, plus ERC and BOI updates

An AICPA leader analyzes recent news related to employee retention credit claims and beneficial ownership information reporting requirements. She also explains why member sentiment about IRS performance during tax filing season is not in alignment with IRS data. Read the Q&A or listen to the podcast episode.

June 18, 2024

Regs. cover green energy incentive wage and apprenticeship requirements

Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements.

May 9, 2024

After April 15: Top-of-mind tax advocacy topics, including the ERC

An AICPA leader reflects on the end of tax filing season and on a recent comment by the IRS commissioner. She also looks ahead at key issues on the advocacy front. Read the Q&A or listen to the podcast episode.

April 19, 2024

Updated FAQs provide details on phase-in timing of BOI access

The FAQs from Treasury’s Financial Crimes Enforcement Network said access to beneficial ownership information will be phased in, beginning this spring with a pilot program for some federal agency users and concluding in spring 2025, when financial institutions with customer due-diligence requirements will be able to review BOI.

April 8, 2024

AICPA: BOI ruling confuses businesses; enforcement should be delayed

In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled.

February 16, 2024

No ‘gotcha’ enforcement of BOI regulations, FinCEN chief vows

Andrea Gacki, director of the Financial Crimes Enforcement Network, reassured a House committee that the agency can act only against willful violations of the new beneficial ownership information reporting rule.

December 18, 2023

IRS expands access to business tax accounts, adds features

Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.

October 31, 2023

AICPA, others call for a one-year extension of BOI report deadline

In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.

September 28, 2023

FinCEN proposes BOI reports deadline extension for certain companies

Companies registered or created in 2024 would get an extended deadline to file beneficial ownership information reports, while other companies would not, under proposed rules.

September 19, 2023

FinCEN posts guide to help small businesses with BOI reporting

A new guide posted by the Financial Crimes Enforcement Network describes BOI rules, answers questions, and provides tools to assist with compliance with the BOI reporting rules.

August 1, 2023

Like-kind exchange of agricultural property runs into a problem

Taxpayers were not entitled to defer the gain from a likekind exchange because the property relinquished in the exchange was depreciated Sec. 1245 property.

July 27, 2023

AICPA advocates for delay in BOI reporting requirements

Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.

May 16, 2023

AICPA joins coalition to increase awareness of new BOI requirement

Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.

January 25, 2023

New online portal available for businesses to file Forms 1099

Although available to businesses of any size, the IRS expects the new Information Returns Intake System to be especially useful to small businesses that now file paper Forms 1099.

January 1, 2023

The research credit: Payroll tax offset

Qualified small businesses without a federal income tax liability can offset their payroll tax and see near-term tax savings.

January 1, 2023

The rise of the cash balance pension plan

Become familiar with this hybrid type of pension plan and its advantages for the right businesses.

September 1, 2022

Handling sales tax nexus audits

Be wary when a state sends a nexus questionnaire.

December 6, 2021

Early sunset of the employee retention credit gets penalty relief

The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.