The Corporate Transparency Act (CTA) was enacted to create more transparency in the ownership of entities as a way to reduce tax fraud, money laundering and other illegal activities. As part of the CTA, a new reporting form was created for certain entities to file to report the owners or individuals with substantial control over […]
The U.S. Department of the Treasury provides a free service for making tax payments online using Electronic Federal Tax Payment System (EFTPS). This system allows taxpayers to make income, employment, estimated and excise federal tax payments online. Effective October 19 of this year, Multifactor Authentication (MFA) is required to access EFTPS. This requirement will ensure […]
Effective 2023, Indiana has increased the state tax credit available for contributions to an Indiana CollegeChoice 529 account. The credit has increased from $1,000 ($500 for married filing separately) to $1,500 ($750 for married filing separately). The credit is equal to 20% of the contributions into a CollegeChoice 529 for the year up to the […]
The Indiana Department of Revenue updated Departmental Notice #1 which assists withholding agents in determining the correct amount of Indiana county income tax to withhold from an employee’s wages by providing the tax rate for each county. Five counties have increased their rates effective October 1, 2022. The changes are highlighted below. For a complete […]
Recently, the Indiana Department of Revenue rolled out changes that will affect nonprofit organizations throughout the state. These changes were released through Information Bulletin #17 and Information Bulletin #10. We are providing a summary of these 2 information bulletins and how they may impact your organization. We anticipate these changes will generate a lot of […]
The IRS issued updated instructions in mid-January 2022 for new tax forms K-2 and K-3 applicable to tax year 2021 for S-Corporations and partnerships/LLCs. The Schedule K-2 and K-3 forms expand on the IRS’s objective of more transparency related to a business or individual’s foreign (non-U.S.) income or foreign investments. The updated instructions indicate that […]
The 2022 Tax Season kicked off on Monday, January 24, 2022. Continue reading to find out what to expect regarding this tax season and what you should do in advance of the looming tax deadline.
The Infrastructure Investment and Jobs Act signed into law Nov. 15, 2021 ended the availability of the Employee Retention Credit for the fourth quarter of 2021 for all employers besides recovery startup businesses. Employers who reduced their employment tax deposits in anticipation of taking this credit in the 4th quarter of 2021 will be required […]
If you do not currently e-file W-2s and 1099s, you may be required to soon. IRS proposes lower e-filing threshold for employers. More employers will soon be required to file electronic returns with the IRS. The IRS has proposed new regulations designed to lower the e-filing threshold gradually over the next two years. The new […]
As you may have heard, yesterday the IRS announced it is extending the Federal tax due date by one month to May 17, 2021. Per IRS Notice (IR-2021-59), this only extends the Federal individual income tax return and any 2020 tax payment. This does not extend the state income tax return, nor does it extend […]