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DEADLINE APPROACHING – Required FinCEN Filing for BOI

Posted in Firm News, Small Business, Tax News on February 5, 2024

Local CPA firms warn clients about new BOI filing requirement for the Financial Crimes Enforcement Network (FinCEN), “Unfortunatley, We can’t do it for our clients.” The Corporate Transparency Act (CTA) is a new law that mandates that a business entity…

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Don’t Miss Paying Your Estimated Taxes – IRS Increases Penalty for Underpayment of Taxes

Posted in Small Business, Tax News on December 20, 2023

Local Manchester, CT CPA firm Borgida & Company warns clients about missing making payments for estimated taxes and IRS penalties.   The Surprise Bill Coming to Those Who Underpay Their Taxes- The IRS penalty for shortfalls jumps to 8%  …

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File IRS Forms 1099 & 1096 BEFORE January 31, 2024

Posted in Small Business, Tax News on December 19, 2023

The IRS requires business taxpayers to report amounts paid as non-employee compensation on Form 1099-NEC. Non-employee compensation will be reported in box one of the Form 1099-NEC and is generally considered self-employment income and likely subject to self-employment tax to…

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Red Flags for Employee Retention Credit (ERC)

Posted in Small Business, Tax News on September 22, 2023

Red flags for Employee Retention Credit claims; IRS reminds businesses to watch out for warning signs of aggressive promotion that can mislead people into making improper ERC claims IR-2023-170: Page Last Reviewed or Updated: 15-Sep-2023   WASHINGTON — The Internal…

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IRS Orders Immediate Stop To New Employee Retention Credit Processing

Posted in Small Business, Tax News on September 21, 2023

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros   IR-2023-169, Sept. 14, 2023   Aggressive marketing to ineligible applicants highlights unacceptable risk to businesses…

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