IR-2024-04, Jan. 8, 2024
WASHINGTON — The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns.
For most taxpayers, the deadline to file their personal federal tax return, pay any tax owed or request an extension to file is Monday, April 15, 2024.
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.
As the IRS continues to work to implement the new law, the agency will treat 2023 as an additional transition year. This will reduce the potential confusion caused by the distribution of an estimated 44 million Forms 1099-K sent to many taxpayers who wouldn't expect one and may not have a tax obligation. As a result, reporting will not be required unless the taxpayer receives over $20,000 and has more than 200 transactions in 2023.
Corporate Transparency Act (CTA) is a U.S. federal law aimed at enhancing transparency and preventing the illicit use of anonymous shell companies for money laundering, terrorist financing, and other illicit activities. The CTA was enacted as part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA 2021) and was signed into law on January 1, 2021.
Under the CTA, certain corporations and limited liability companies (LLCs) are required to report to the Financial Crimes Enforcement Network (FinCEN) information about their beneficial owners. Beneficial owners are individuals who directly or indirectly exercise substantial control over the entity or have a substantial economic interest in it.
Beginning January 1. 2024, covered entities must provide information about each beneficial owner, including their full legal name, date of birth, current residential or business address, and a unique identifying number from an acceptable identification document (e.g., driver's license or passport).
The information on beneficial owners is to be reported to FinCEN through a new database that will be created for this purpose. The information is not public and will be accessible only to certain authorized government authorities, such as law enforcement agencies.
Certain types of entities, such as publicly traded companies, banks, and certain other financial institutions, are exempt from the CTA's reporting requirements. Additionally, small businesses meeting specific criteria may be exempted from some of the reporting obligations.
A person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.
Upload your completed 2022 Individual Tax Organizer, all tax documents; forms, statements, valid IDs, prior year tax return, dependents information...etc.
Email us a request to start your FREE Verifyle.com account.
Documents will be reviewed and you will be contacted for an interview and if any additional documents are required or needed.
Once your return is completed, it will be emailed to you for review, approval and signature. Once e-signed, you will be invoiced and upon payment receipt, the return will be e-filed.
Download the 2023 Individual Tax Organizer / Required Forms & Documents
The date is approaching fast to file a 2023 calendar year return Partnerships and S-Corporations, Forms 1065 and 1120s, March 15 2024.
The date is approaching fast to file a 2023 calendar year individual return, Forms 1040, April 15 2024.
Our Enrolled Agents are Tax Experts. We are federally-licensed tax practitioners who have technical expertise in the field of taxation and are empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service. Our firm provides a level of personal service that is like none other.
We look beyond the numbers, our tax preparers provide our clients with tax advice for current and future tax years to maximize their tax refunds.
We are knowledgeable and efficient, yet, precise and detailed in preparing your tax return with one focus in mind, minimize your tax liability and/or maximize your tax refund. Your satisfaction is our ultimate goal.
Click on "SCHEDULE AN APPOINTMENT", call us or visit us and get your tax returns prepared TODAY. We accommodate most clients even outside of our business hours, whenever possible. And remember, our office is open ALL YEAR ROUND.
Sign up to hear from us about tax strategies, tips and updates.
We love our customers, so feel free to visit during normal business hours.
191 W Shaw Ave. Suite 205, Fresno, CA 93704
(559) 733-8637 (559) REFUNDS
09:00 am – 05:00 pm
Copyright © 2021 TAX GUYS INC - All Rights Reserved.