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 […]
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 IRS recently issued a new notice providing a “Safe Harbor” for rental real estate businesses to qualify for the 20% qualified business income deduction under Section 199A. The IRS published Notice 2019-07, which provides a “safe harbor” with respect to whether or not a rental real estate enterprise can qualify for the 20% qualified […]