As discussed in our earlier posts, most recently on February 20, 2024, the Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. As part of filing the initial report, entities must provide a scan of the identifying document related to each beneficial owner. The identifying document is typically a drive...
As discussed in our earlier posts, most recently on January 3, 2024, the Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. The AICPA has issued risk management guidance for those who have chosen to perform services for clients related to the requirements of the Corporate Transparency Act, including...
Beginning in 2023, new rules apply to the credit for property used to recharge clean vehicles, claimed on Form 8911, Alternative Fuel Vehicle Refueling Property Credit. To claim the credit, otherwise eligible property must be placed in service in an eligible census tract. The Tax Year 2023 M+O Individual Tax Year-End Workshop Reference Book discusses the rules for the credit on pages 13 to 16,...
In Announcement 2024-4, the IRS announced that the requirement to include the receipt of cryptocurrency and other digital assets on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, has been delayed. This requirement along with the e-file requirement for Form 8300 are discussed on pages 53 to 54 of the Tax Year 2023 M+O=CPE Individual Tax Year-End Workshop Refer...
The 2024 federal lifetime unified estate and gift tax exclusion is $13,610,000 up from $12,920,000 in 2023. In addition, the annual federal gift tax exclusion in 2024 is $18,000 per person per year, up from $17,000 in 2023. The 2024 New York estate tax exclusion is $6,940,000 up from $6,580,000 in 2023. (There is no gift tax in New York State.)
