New beneficial ownership information (BOI) reporting requirements that many small businesses were required to comply with by January 1, 2025, have been suspended nationwide under a new court ruling. However, businesses can still voluntarily submit BOI reports,...
The U.S. Department of Labor (DOL) has issued a new final rule regarding the salary threshold for determining whether employees are exempt from federal overtime pay requirements. The threshold is slated to jump 65% from its current level by 2025 and is expected to...
Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but complex, pandemic-related credit — and the potential consequences of an invalid...
If you’re a crypto investor or user, you may have noticed something new on your tax return this year. And you may soon notice a new form reporting requirements for digital assets. Check the box Beginning with tax year 2022, taxpayers must check a box on their tax...
Late December, the IRS postponed the $600 reporting requirement that was scheduled to take effect in 2023, flooding taxpayers with 1099-K forms…and potential confusion. What is it? As part of the American Rescue Plan Act, the reporting threshold was lowered from 200...
It has become a de facto standard, a lot of us do it. Over the past few years, apps like PayPal, Venmo, CashApp, and Zelle have made it easy and convenient to pay and accept payments for personal and business transactions. Until 1/1/22… It wasn’t required for...
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