News & Insights
Businesses: It’s Time to Review the New Corporate Transparency Reporting Rules
Your business may have to meet new reporting requirements that took effect on January 1, 2024. Under the Corporate Transparency Act (CTA), which was enacted in 2021, certain companies are required to provide information related to their "beneficial owners"—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN). Failure to do so may result in civil or criminal penalties or both.
Minimizing Tax Planning Challenges for 2023/2024
Minimizing taxes isn’t easy, but in times of legislative and economic uncertainty, it can be a real challenge. To maximize your outcomes, you need be aware of relevant tax law changes that are going into effect – or that have expired, while keeping an eye out for any new tax law changes that might still be signed into law this year.
10 Red Flags for IRS Audits
Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August 2022. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. How can you reduce your audit chances? Watch for these 10 red flags that can trigger IRS scrutiny:
What a difference six months can make
Those who have money invested in the stock market are well aware of potential volatility. Needless to say, this volatility can affect a person’s net worth. Something many investors might not think about is the potential effect on estate tax liability. Specifically, if the value of stocks or other assets drops precipitously after a person’s death, estate tax could be owed on value that has disappeared. This article details how an executor can ease estate tax liability in this situation by electing to use an alternate valuation date.
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