Author: Karen Sullivan

Efile Form 8300 Historically, businesses that must file Form 8300 (Report of Cash Payments Over $10,000 Received in a Trade or Business) would be able to paper file the Form under any circumstance. The Internal Revenue Service announced on August 30, 2023, that businesses that are required to file at least 10 information returns other…

IRA Withdrawal due to Federally Declared Disaster There are many different natural disasters that occur throughout the United States each year. They can put a strong mental toll on families because of all the safety precautions that must be made and the personal items that can be destroyed. On top of this, areas with more…

House Caucus Created for SALT Tax Overhaul In 2017, the Tax Cuts and Jobs Act was passed, which brought about several tax benefits for the working class. However, it also resulted in raised taxes in certain areas. One of the changes implemented was a cap of $10,000 on the amount of state and local tax…

529 Plan Penalty-Free Rollover Internal Revenue Code Section 529 Plans (529 Plans) are some of the best ways to save money for future college expenses. Because investment income earned from the plan is not taxed as long as it is used for college expenses, individuals can save large amounts of investment income taxes if the…

Foreign Bank Account Reporting Requirements Many individuals and businesses headquartered in the United States have various levels of foreign operations. These operations can be large in that entire segments of the business can be located overseas or small enough that the business is only shipping goods out of the country. Most businesses know that they…

Research and Development Credit Changes To get businesses to expand their research and development costs domestically, Congress passed a law to allow them to take a tax credit on their return for the amount of research and development expenses that are paid during the year in the United States. Starting in tax year 2022, though,…

In recent years, more companies and individuals than ever before have been using corporate structures such as shell corporations and front companies to launder money and hide it from the Internal Revenue Service so it does not get taxed. In response to this, the Financial Crimes Enforcement Network recently issued a final rule implementing reporting provisions to protect small U.S. businesses who are playing by the rules…

In the Supreme Court ruling in 2018 of South Dakota v. Wayfair (Wayfair), the U.S. Supreme Court overturned a long-standing physical presence standard originally articulated in the 1992 Supreme Court ruling of Quill Corp v. North Dakota (Quill). This change in the taxation of interstate commerce has allowed states…

IRA RMD Age Increased to 73 The Internal Revenue Service (IRS) does not wish to have individuals pass large amounts in individual retirement accounts (IRA) to their children. Due to this, the IRS stated that if an individual has an IRA, they will be required to make a required minimum distribution (RMD) once they reach…