On February 1, 2024, the Chancery Court of Hinds County, Mississippi granted summary judgment in favor of Watkins Construction, Inc. d/b/a Watkins Construction and Roofing (“Watkins”) as to all primary issues raised in an appeal by the Mississippi Department of Revenue (“MDOR”) with respect to a decision of the Mississippi Board of Tax Appeals (“BTA”). […]
What is the Corporate Transparency Act? In 2021, Congress enacted the Corporate Transparency Act (CTA) to deter illegal activities, such as money laundering and other financial crimes. Toward that end, the CTA requires defined “reporting companies” to file beneficial ownership interest (BOI) reports with the Financial Crimes Enforcement Network (FinCEN), being an arm of the […]
View the feature as it was published in The Wall Street Journal on Wednesday, January 10, 2024.
Merry Christmas from the IRS! IRS proposes to waive failure to pay penalties for taxpayers owing under $100,000 on their 2020 and 2021 taxes if paid before April 1, 2024. Source: https://www.axios.com/2023/12/20/irs-tax-penalty-relief-back-taxes
On Tuesday, November 21, 2023, the IRS opted to forego the $600 threshold for issuing Forms 1099-K for business transactions conducted via Venmo, CashApp, etc., opting to implement the forms for transactions exceeding $5,000.
The Inflation Reduction Act extended certain energy related tax breaks and indexed for inflation the energy efficient commercial buildings deduction beginning with tax year 2023. For tax year 2023, the applicable dollar value used to determine the maximum allowance of the deduction is $0.54 increased (but not above $1.07) by $0.02 for each percentage point […]