Corporate Transparency Act goes into effect on January 1, 2024, at which point every “reporting company” with “benificial ownership” will have to file a report with the Financial Crimes Enforcement Network (FinCEN).
Initial reports for exsisting companies should be filed by January 1st 2025. Reporting companies created or registered after January 1, 2024, will have 30 days after creation or registration to file their initial reports. Once the initial report has been filed, both existing and new reporting companies will have to file updates within 30 days of a change in their beneficial ownership information.
Continue reading “Corporate Transparency Act’s beneficial ownership information reporting requirement”
The Corona virus Aid, Relief and Economic Security (CARES) Act will let taxpayers deduct up to $300 in charitable donations from their taxable income if the taxpayer normally takes the standard deduction. Continue reading “CARES Act: Expands Charitable Giving Tax Deduction. Tax Implications for Businesses and Individuals due to COVID-19”
If you carefully read the Tax Registration Information notice you received from the Department of Revenue – WA after you applied for your new business licence, you may have noticed on page two a section on Personal Property Tax. See example below
The short answer is YES, for the long answer keep reading
Generally, when a home owner sells their main residence IRS allows an exclusion of gain from the sale. To qualify for the maximum exclusion of gain ($250,000 or $500,000 if married filing jointly) you must meet the Eligibility Test. Continue reading “Selling your Home? Plan ahead, and Make it a Tax FREE transaction.”
There is a misconception that all services are not subject to sales tax. This article clarifies that some services are subject to retail sales tax. Following is a listing of services that are subject to sales tax when provided to consumers. Continue reading “Services subject to sales tax | DOR-WA”
As promised Filing taxes on a post card from now on, or are we? IRS has released a 2018 DRAFT 1040 Tax return that would fit on a post card. The new smaller size 1040, is intended to replace the old 1040, 1040A and 1040EZ. Continue reading “New 2018 Postcard-Size 1040 DRAFT Tax Return Released”
In most cases, a taxpayers federal income tax will be less if they take the larger of their itemized deductions or standard deduction. Continue reading “Standard Deduction vs. Itemizing”
With Standard Deductions doubling after the Tax Reform it became harder to benefit from the Itemized Deductions. For, Itemized Deductions only start to benefit the taxpayers tax return when they exceed the Standard Deduction. Under the previous law that threshold was $6,500 for single filers and $12,000 for married filing joint filers. After the Tax Reform those amounts increased to $12,000 for single filers and $24,000 for married filing joint filers. Continue reading “Itemized Tax Deductions Post Tax Reform 2018-2025”
One of the best changes, and definitely one of the more difficult regulations to qualify for that came out of the Tax Cut and Jobs Act of 2017 is the Qualified Business Income Deduction for passthrough entities. Continue reading “Section-199A Qualified Business Income Deduction”