With the filing due date now passed, scammers are still trying to lure taxpayers and practitioners to click on links in emails or to open email attachments. Such malicious links and attachments contain spyware and other malware that can allow unauthorized access to files and/or create other serious cyber-related issues. Recent topics used to lure readers to click have included references to th...
As practitioners prepare extensions for clients, it is important to warn clients that estimates are used when preparing those extensions. Practitioners should warn clients in writing that differences between actual amounts and estimates could cause the client to owe additional taxes, including penalties and interest, when their returns are finalized.
On March 1, 2024, the Governor of New York signed a law that amends the New York LLC Transparency Act, which originally had been enacted on December 22, 2023. (The original law was discussed in our January 3, 2024 post.) The amendment to the law pushes back the effective date until 2026, so LLCs will not have to file initial reports about their beneficial owners until 2026. However, once an LL...
As discussed in our earlier posts, most recently on February 27, 2024, the Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. There has been much attention paid to a recent court decision related to the Corporate Transparency Act, but despite the publicity about the case, the Corporate Transparency ...
As discussed in our post on January 23, 2024, bonus depreciation for the 2023 tax year has been reduced to 80% of the cost of eligible property. (This is down from 100% bonus depreciation that applied in the 2022 tax year and in recent prior years.) The bill that could retroactively change the bonus depreciation rules for the 2023 tax year has stalled in Congress. The future fate of the bill i...
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.)
