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Categories Filing Requirement, General Tax Author Shaddai Jaquez

Beneficial Ownership Information Reporting

In 2022, the Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the beneficial ownership information requirements of the Corporate Transparency Act (CTA). The CTA introduces standardized reporting obligations applicable to specific types of corporations, limited liability companies, and similar entities operating or registered in the United States.  

These filing requirements are effective January 1, 2024 and are applicable to new and existing domestic and foreign reporting companies.   

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Categories Accounting, General Tax Author Shaddai Jaquez

IRS Payroll Withholding Estimator

You may have been surprised this year with your tax refund or with the fact that you owed taxes. It took everyone, especially employees with W2 withholdings, by surprise. The reason for this was employees did not have enough tax withholdings from their paychecks. Thankfully, the IRS has a tool called the IRS Payroll Withholding Estimator designed to help taxpayers determine the correct amount of federal income tax to withhold from their paychecks.

Read more: IRS Payroll Withholding Estimator
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