Although tax season is over, it is never really over. There are still tax returns to be filed by those that requested extensions. Now is the time to also consider tax planning for the next year. Think about what has changed in your life, retirement, marriage, divorce, new baby, etc. Those are items that can change your tax status and tax liabilities. Then there are the changes that the IRS or State Departments of Revenue may change.
Thank you to everyone for a great tax season! ... See MoreSee Less
Today is April 1st, only two weeks until tax day. If you have not made an appointment to have your taxes completed, or to have an extension filed, you should do so as soon as possible.
Monday, April 15th will be here before we know it!
There are new Federal reporting requirements for some companies that went into effect on January 1, 2024.
Many companies now have to report their beneficial owners (the individuals who own or control the company). This information is required to be reported to the Financial Crimes Enforcement Network (FinCEN); a bureau of the U.S. Department of the Treasury.
Your company may need to report information if it is:
A corporation, a limited liability company (LLC) or was otherwise created in the U.S. by filing a document with a secretary of state or any similar office under the law of the state or Indian tribe,; or
A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
Companies will need to complete this report electronically through FinCEN's website: fincen.gov/boi.
If you are unsure whether or not you need to complete this report, check with your Attorney or Tax Preparer. ... See MoreSee Less
On February 23, 2023, the Treasury Department issued Treasury Decision 9972, amending Regulations Section 301.6011-2. This amendment specifically targets the threshold for electronic filing of information returns—once a business exceeds a certain number of returns, the business is required to file the returns electronically.
The new threshold is now 10 returns. What’s more, the new threshold goes into effect next year, which means that tax year 2023 will fall under the new rules—some of which are required to be filed by January 31, 2024.
The returns that fall under this new threshold include the following:
Forms W-2 Form 1099-NEC Form 1099-MISC Form 1042-S The Form 1094 series Form 1095-B Form 1095-C Form 1097-BTC Form 1098 Form 1098-C Form 1098-E Form 1098-Q Form 1098-T The Form 1099 series Form 3921 Form 3922 The Form 5498 series Form 8027 Form W-2G
Employers must add together the number of these information returns and the number of Forms W-2 they need to file in a calendar year. If the total equals or exceeds 10, they are required to file all forms electronically. ... See MoreSee Less
WASHINGTON — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74PDF announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023.
For questions, please reach out to your tax professional. ... See MoreSee Less
Here is some information from 2023 Wisconsin Act 36: "....The following Public Laws enacted after December 31, 2020 and before January 1, 2023, do NOT apply for Wisconsin.....Section 9675 relating to the exclusion from income for most student loans discharged after December 31, 2020 and before January 1, 2026..."
This means that if you have a student loan discharged during this time frame, although that discharge may not be taxable under Federal Law, it will be taxable income under Wisconsin State Laws. ... See MoreSee Less
Although tax season is over, it is never really over. There are still tax returns to be filed by those that requested extensions. Now is the time to also consider tax planning for the next year. Think about what has changed in your life, retirement, marriage, divorce, new baby, etc. Those are items that can change your tax status and tax liabilities. Then there are the changes that the IRS or State Departments of Revenue may change.
Thank you to everyone for a great tax season! ... See MoreSee Less
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Today is April 1st, only two weeks until tax day. If you have not made an appointment to have your taxes completed, or to have an extension filed, you should do so as soon as possible.
Monday, April 15th will be here before we know it!
Have a great day! ... See MoreSee Less
0 CommentsComment on Facebook
There are new Federal reporting requirements for some companies that went into effect on January 1, 2024.
Many companies now have to report their beneficial owners (the individuals who own or control the company). This information is required to be reported to the Financial Crimes Enforcement Network (FinCEN); a bureau of the U.S. Department of the Treasury.
Your company may need to report information if it is:
A corporation, a limited liability company (LLC) or was otherwise created in the U.S. by filing a document with a secretary of state or any similar office under the law of the state or Indian tribe,; or
A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
Companies will need to complete this report electronically through FinCEN's website: fincen.gov/boi.
If you are unsure whether or not you need to complete this report, check with your Attorney or Tax Preparer. ... See MoreSee Less
0 CommentsComment on Facebook
On February 23, 2023, the Treasury Department issued Treasury Decision 9972, amending Regulations Section 301.6011-2. This amendment specifically targets the threshold for electronic filing of information returns—once a business exceeds a certain number of returns, the business is required to file the returns electronically.
The new threshold is now 10 returns. What’s more, the new threshold goes into effect next year, which means that tax year 2023 will fall under the new rules—some of which are required to be filed by January 31, 2024.
The returns that fall under this new threshold include the following:
Forms W-2
Form 1099-NEC
Form 1099-MISC
Form 1042-S
The Form 1094 series
Form 1095-B
Form 1095-C
Form 1097-BTC
Form 1098
Form 1098-C
Form 1098-E
Form 1098-Q
Form 1098-T
The Form 1099 series
Form 3921
Form 3922
The Form 5498 series
Form 8027
Form W-2G
Employers must add together the number of these information returns and the number of Forms W-2 they need to file in a calendar year. If the total equals or exceeds 10, they are required to file all forms electronically. ... See MoreSee Less
0 CommentsComment on Facebook
From the IRS: IR-2023-221, Nov 21, 2023
WASHINGTON — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74PDF announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organizations for calendar year 2023.
For questions, please reach out to your tax professional. ... See MoreSee Less
0 CommentsComment on Facebook
Here is some information from 2023 Wisconsin Act 36: "....The following Public Laws enacted after December 31, 2020 and before January 1, 2023, do NOT apply for Wisconsin.....Section 9675 relating to the exclusion from income for most student loans discharged after December 31, 2020 and before January 1, 2026..."
This means that if you have a student loan discharged during this time frame, although that discharge may not be taxable under Federal Law, it will be taxable income under Wisconsin State Laws. ... See MoreSee Less
0 CommentsComment on Facebook