We put together a (new) 50-minute masterclass on how to optimize your 1040 tax prep process 5 members of my team spent 2 weeks on this one. It may be the most complete 1040 workflow resource on the web. It's broken down into 11 steps: 1. Engage 2. Schedule 3. Intake 4.…
Tax professionals upon hearing that Billy Long was confirmed as Commissioner of the Internal Revenue Service.
Apparently the IRS has been directed to come up with a plan to reduce their workforce to 45,000. This is cutting it in half during a time when 90,000 is not enough due to the 50 year old technology the IRS has been saddled with. As a tax professional, this is an utterly awful…
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines…
2025 could start off interesting. #TaxTwitter #BOI #CTA news.bloomberglaw.com/litigation/us-…
news.bloomberglaw.com
US Asks Supreme Court to Unblock Corporate Transparency Act
The US Department of Justice asked the US Supreme Court to halt a nationwide injunction against the Corporate Transparency Act, a move that would allow enforcement of the anti-money laundering law...
Today, the 5th Circuit STAYED the injunction against mandatory BOI reporting. The injunction has been stayed, and the deadline for pre-January 1, 2024 entities remains January 1, 2025. REMEMBER - penalties for late filing are only willful penalties, so taxpayers who make a good…
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