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Corporate Transparency Act
Read more: Corporate Transparency ActWhat is the Corporate Transparency Act (“CTA”)? Starting January 1, 2024 each reporting company shall submit to FinCEN a report that identifies each beneficial owner of the applicable reporting company and each applicant with respect to that company. Existing companies have until January 1, 2025 to file its initial beneficial ownership information (“BOI”) report or 30 days for new reporting companies .If there is any change to the required information about your company or its beneficial owners in a BOI report that your company filed, your company must file an updated report no later than 30 days after the date of the…
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Ohio – Recent Changes to CAT Exclusion and Annual Minimum Tax
Read more: Ohio – Recent Changes to CAT Exclusion and Annual Minimum TaxOhio has released recent guidance following the enactment of Am. Sub. H.B. 33. The major changes from the Information Release is summarized below: • Effective for tax periods beginning on and after January 1, 2024, the CAT annual minimum tax is eliminated.• For calendar year 2024, the exclusion amount is increased from $1 million to $3 million.• For calendar year 2025 and thereafter, the exclusion amount is increased to $6 million.• Taxpayers with $3 million or less in taxable gross receipts in 2024 and $6 million or less in 2025 will not be required to file a return with the…
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More Withholding Headaches – New Jersey Implements “Convenience of the Employer” Rule
Read more: More Withholding Headaches – New Jersey Implements “Convenience of the Employer” RuleNew Jersey Division of Taxation has issued further guidance regarding their implementation of a “Convenience of the Employer” rule. New Jersey is not the first state to implement such a rule but it is only applicable to states that specifically has a similar rule in place (e.g., New York, Connecticut, Delaware, etc…). Under New Jersey’s “convenience rule,” the Division explains that if a nonresident taxpayer working for a New Jersey employer chooses to work from an out-of-state location (e.g., their home in their resident state) for personal convenience, their wages will be sourced and withheld in New Jersey. For instance,…
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Tax Opportunities: 2023 Home Energy Tax Credits for Individuals
Read more: Tax Opportunities: 2023 Home Energy Tax Credits for IndividualsThere are great opportunities for any individuals that are planning to make improvements to their home’s energy efficiency this year. With the passing of the Inflation Reduction Act of 2022, the amount of energy credits have been increased as well as the range of eligible expenses. Eligibility There are two credits that you should be focusing on related to the improvements, the Energy Efficient Home Improvement Credit and the Residential Energy Clean Property Credit. These credits can be claimed by taxpayers who carry out qualifying improvements on their primary dwelling in the same year. Typically, a primary dwelling is the…
Latest Posts
- Hold Your Horses (Taxes)
- New York ALJ Denies Refund Request for Remote Work Performed Before and During COVID-19 Pandemic – Follow Up on Zelinsky
- Business Expenses
- Corporate Transparency Act
- More VDA Updates – Pennsylvania Reduces Lookback Period for Corporate Tax VDA’s
- IRS Proposed Regulations – Reporting Digital Assets Transactions by Brokers
- Ohio – Recent Changes to CAT Exclusion and Annual Minimum Tax
- More Withholding Headaches – New Jersey Implements “Convenience of the Employer” Rule
- Tax Opportunities: 2023 Home Energy Tax Credits for Individuals
- Alabama Updates Procedure for Nexus Questionnaire and Voluntary Disclosure Agreement