The Corporate Transparency Act. Are you ready?

Thomson Reuters Tax & Accounting October 19th, 2023 Who does the Corporate Transparency Act affect? According to a recent Small Business Administration report, 27,104,006 small businesses were termed “nonemployer firms” and had no employees. The Corporate Transparency Act is designed to improve business activity transparency through the reporting of Beneficial Ownership Information (BOI) and is particularly targeted […]

The IRS says it still hasn’t opened more than 2 million returns this tax season

Published: Oct. 8, 2020 at 1:46 a.m. ET By Andrew Keshner Published: Oct. 8, 2020 at 1:46 a.m. ET The Internal Revenue Service still has to process an estimated 2.5 million hard copy income tax returns within a pile of unopened mail that stands at 5.3 million pieces. That’s according to IRS Commissioner Charles Rettig, […]

COVID-19: IRS Provides Relief from Enforcement Actions

April 13, 2020 Mary Lee Miller EA, LLC   During the COVID-19 pandemic, the last thing you need is the IRS doing bad things, like auditing you or levying your bank account or wages.   But don’t worry—the IRS is pausing most of its collection and audit enforcement actions.   Installment Agreements   If you […]

CARE Act: New Rules for Retirement Withdrawals

Bradford Tax Institute April 2020 COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay   More Relief: Retirement Account Required Minimum Distribution Rules Suspended for 2020   The $2 trillion COVID-19 economic recovery bill finally made it through Congress and was signed into law by President Donald Trump on March 27.   The legislation […]

COVID-19: Tax Season Delayed Until July 15 – Wait or file now?

Mary Lee Miller EA, LLC April 1, 2020   COVID-19: Tax Season Delayed Until July 15 – Wait or file now?     As you know, the COVID-19 pandemic has shut down much activity in the United States.   The IRS decided to use its authority in a national emergency to postpone certain tax return […]

What Cash Businesses Can Do to Avoid IRS Audits

BY JEAN MURRAY Updated July 11, 2019 Cash businesses (those that take in mostly cash, such as restaurants, flea market vendors, beauty salons, and many others) are more likely to be audited by the IRS and have a particular problem when audited because it is difficult to verify income received in cash. It’s called the […]

Is The IRS Targeting Crypto Investors? Yes. But Here’s How To Legally Trade Tax-Free

Joresa Blount Aug 26, 2019, 05:04am After Coinbase released data on over 14,000 users to the Internal Revenue Service in 2018, cryptocurrency traders have been bracing for what’s to come next regarding IRS enforcement, as reported by The Wall Street Journal. The first and second wave of that enforcement seems to have recently landed in […]

Extension filers: Don’t panic, just go to for help…

IRS Tax Tip 2019-95, July 18, 2019 The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2018 tax returns is Tuesday, October 15, 2019. Taxpayers who have not yet filed can find many helpful resources on […]