By month: January 2024

13 Answers on the New 2024 CTA Required BOI Reporting to FinCEN

The Corporate Transparency Act is now in effect. It requires most small defined corporations, LLCs, and some other business entities to file a beneficial owner report (BOI) with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Here are 13 answers to some common questions that tax pros and business owners have about the new law.

Would Your Tax Pro Turn You in for a Whistleblower Reward?

What can happen if you tell your tax pro you are engaging in tax evasion or fraud? The answer may not be what you hope for. The tax pro can report you to the IRS through the whistleblower program and receive a lucrative reward. Although the tax pro must consider his ethical and legal obligations, he would serve the public interest by turning you in.

Navigating Health Care Sharing Ministries

When you enter the realm of health care sharing ministries, you join a community where like-minded individuals unite to share medical costs. It’s not your typical health insurance. You will discover why, for many, the lower monthly expenses make health care sharing ministries an attractive option, even without traditional tax benefits.

Download “Real Estate Rentals: Recent Tax Insights”

Dive into our “Real Estate Rentals: Recent Tax Insights” PDF to unlock key strategies for rental property success. This guide offers a comprehensive look at maximizing profitability, understanding investor and dealer roles, and effective tax-deduction tactics.

New 1099-K Filing Rules Delayed Again

Fearing chaos, the IRS has acted on its own to delay implementation of new tax reporting requirements that were scheduled to apply to third-party settlement organizations such as PayPal beginning with the 2023 tax year. The old rules for filing Form 1099-K will continue to apply for 2023, and a new transition rule will go into effect in 2024. Full implementation of the new requirements won’t occur until 2025.

Odds Are Tax Law Does Not Consider You a Professional Gambler

Unlike recreational gamblers, professional gamblers get to deduct all their gambling losses and expenses, up to their annual winnings, without itemizing. To qualify as a professional gambler, you must (1) gamble regularly and continuously throughout the year, and (2) gamble with a primary purpose of earning a profit.

2024 Retirement Plans Desktop Reference for One-Person Businesses

Download your PDF copy of the 2024 retirement plans desktop reference for the one-person business operating as a sole proprietorship or corporation.

Buy or Lease a Business Vehicle: Which Costs Less?

Although personal considerations come into play, the choice between buying and leasing a vehicle for your business ultimately boils down to cost. So it’s essential to understand how to compute and compare the costs and to have the right tools to make those computations easy. This article gives you what you need.


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