by JH | News tax insight | Nov 22, 2024 | Tax Deductions
On November 21, 2024 the Internal Revenue Service (IRS) introduced updated guidance for handling duplicate dependent claims on tax returns, effective for the 2025 filing season. These changes are particularly relevant for taxpayers claiming dependents already listed...
by JH | News tax insight | Nov 22, 2024 | BOI Report
Continuing our BOI REPORT series, today we address an important question: Who qualifies as a company applicant of a reporting company? This topic is particularly relevant for entities created or registered on or after January 1, 2024, as they are required to report...
by JH | News tax insight | Nov 21, 2024 | Small Business Tax Planning
The IRS recently released Form 15620, a streamlined document for taxpayers to file an 83(b) election when acquiring restricted stock. The 83(b) election enables taxpayers to include the fair market value of restricted stock in their taxable income at the time of...
by JH | News tax insight | Nov 21, 2024 | International Tax
The U.S. tax system requires individuals with income sourced in the United States to meet specific filing obligations, even if they are not U.S. citizens or residents. Nonresident aliens (NRAs) file Form 1040-NR, the U.S. Nonresident Alien Income Tax Return, to report...
by JH | News tax insight | Nov 21, 2024 | BOI Report
Let’s continue with our BOI REPORT series, addressing frequent questions to ensure full and accurate compliance. This time, we focus on the topic of addresses, clarifying common doubts about which address to report for beneficial owners and what to do if a reporting...
