IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreDepartment of the Treasury Secretary Janet Yellen touted the corporate transparency that will come with the new beneficial ownership reporting requirements, which went into effect at the start of 2024.
““The benefits of increasing corporate transparency through gathering beneficial ownership information – put simply, knowing who owns what – start with with protecting our national security,””she said January 8, 2024, at the Financial Crimes Enforcement Network office in Vienna, Va.“Information on beneficial ownership will support our law enforcement colleagues in making arrests, prosecuting offenders, and seizing ill-gotten assets.”
She added that it will also “inform strategic, targeted actions, such as sanctions. Corporate transparency can bring economic benefits as well: protecting our financial system, reducing due diligence costs, enabling fair business competition, and increasing tax revenue.”
More than 100,000 filings of BOI reports have been made in the first week of the reporting requirement, Sec. Yellen said.
She also emphasized that the systems that support the filing of the reports“have been designed with data security as a core priority. Companies will use a filing system through FinCEN’s website and FinCEN will store the information it received in a non-public database with rigorous controls.”
Yellen also noted that that the process to file a BOI report is simple and small businesses should not need to hire any outside help to report the required information.
“A small business shouldn’t need a certified public accountant or lawyer” to file, she said.
By Gregory Twachtman, Washington News Editor
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]
Read MoreThe IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
Read MoreThe floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
Read MoreThe IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax […]
Read MoreThe IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements […]
Read MoreThe IRS has warned taxpayers not to fall for scams centered around the Fuel Tax Credit, the Sick and Family […]
Read MoreThe IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging […]
Read More