Internal Revenue Service Shifts to Digital Refunds and Payments
No need to find your checkbook to pay taxes this year. The IRS and U.S. Treasury has begun a transition to electronic payments, as required by Executive Order 14247, Modernizing Payments To and From America’s Bank Account. This change represents a major step in a broader federal initiative to transition all eligible payments to secure…
What You Need to Know: Beneficial Ownership Information Reporting
In 2021, Congress passed the Corporate Transparency Act, developing a new beneficial ownership information reporting requirement effective January 1, 2024. This new law is designed to create transparency around business ownership in an effort to prevent bad actors from committing illegal activities – like money laundering, tax fraud, etc. – behind shell companies or other…
Issuing 1099s: What You Need to Know
The Internal Revenue Service requires that Form 1099s are issued by January 31. This means that you can’t wait until tax time to determine if you need to be issuing these important documents. What Is a 1099? A Form 1099 refers to one in a series of IRS tax forms used to document income other…