by Anthony Imbimbo | Jan 3, 2024 | Uncategorized
The IRS has updated the tax deductible mileage rates for 2023. For business miles it is $0.65.5 per mile driven. Medical Mileage rate is $0.22 per mile and Charity and Moving is $0.14 per mile. For 2024, the the rates change slightly, for business miles, it increases...
by Anthony Imbimbo | Jan 3, 2024 | Uncategorized
Have you heard about the new, required Federal government reporting requirement called the BOI (Beneficial Ownership Information Report)? The Financial Crimes Enforcement Network (aka FinCEN) is a new arm of the Department of the Treasury that was created to...
by Anthony Imbimbo | Sep 18, 2023 | Uncategorized
The IRS recently ceased accepting all Employee Retention Credit (ERC) processing. This unprecedented move by the IRS is being whitewashed to “prevent fraud and aggressive promoters of ERC applications”. The ERC allows a refundable credit for businesses...
by Anthony Imbimbo | Sep 8, 2023 | Uncategorized
The IRS has begun an attack on taxpayers who deal in cash. Beginning January 1, 2024, any business that receives more than $10,000 in cash payments from a customer/client will be required to File Form 8300. To compound matters, if the business issues more than 10...
by Anthony Imbimbo | Sep 5, 2023 | Uncategorized
The Treasury Inspector General’s Office is an independent agency that oversees the IRS. The TIGO recently issued a report that recommends that the IRS train more agents to audit high income taxpayers. What’s unclear is the definition of “high...
