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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 […]
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IRS Publishes Draft 2023 1065, K-1, K-2, K-3 Forms
Read more: IRS Publishes Draft 2023 1065, K-1, K-2, K-3 FormsIf you’re ever having trouble falling asleep this week, feel free to take a look at the 2023 draft forms that have been released by the IRS. Form 1065 – https://www.irs.gov/pub/irs-dft/f1065–dft.pdf Form K-1 – https://www.irs.gov/pub/irs-dft/f1065sk1–dft.pdf Form K-2 – https://www.irs.gov/pub/irs-dft/f1065sk2–dft.pdf Form K-3 – https://www.irs.gov/pub/irs-dft/f1065sk3–dft.pdf
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This Simple Mistake Could Lead to a $2 Million Penalty – Importance of FBAR Compliance
Read more: This Simple Mistake Could Lead to a $2 Million Penalty – Importance of FBAR ComplianceThe Supreme Court has declined to review a taxpayer’s request to review her $2 million penalty assessed by the IRS. This case demonstrates the importance of FBAR reporting, which requires taxpayers to disclose foreign bank accounts if the highest aggregate balance through the tax year exceeds $10,000. Failure to do so might land you in […]
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Maryland Releases Questions & Answers to Cannabis for Businesses and Individuals
Read more: Maryland Releases Questions & Answers to Cannabis for Businesses and IndividualsWith the onset of legalization of cannabis in Maryland. The state has released a list of Q&A for businesses as well as individuals. The official date of sale of adult-use cannabis is July 1, 2023. Additional details can be found on the state websites below. https://www.marylandtaxes.gov/forms/Tax_Publications/Tax_Alerts/SUT_Tax_Alert_QnA_Business_June2023.pdf https://www.marylandtaxes.gov/forms/Tax_Publications/Tax_Alerts/SUT_Tax_Alert_QnA_Individual_June2023.pdf
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