by JH | News tax insight | Nov 18, 2024 | International Tax
The Foreign Bank Account Report (FBAR), formally known as FinCEN Form 114, is a crucial filing requirement for U.S. taxpayers with foreign financial accounts exceeding $10,000 in aggregate at any time during the year. Failure to file can lead to significant penalties....
by JH | News tax insight | Nov 18, 2024 | Small Business Tax Planning
The Tax Cuts and Jobs Act (TCJA) introduced comprehensive reforms to the U.S. tax code, many of which significantly reduced tax liabilities for businesses and individuals. However, several key provisions of the TCJA are set to expire at the end of 2025, reverting to...
by JH | News tax insight | Nov 15, 2024 | BOI Report
One of the most provocative questions regarding compliance with the Corporate Transparency Act (CTA) relates to whether a sole proprietorship operating under a “Doing Business As” (DBA) name must submit a Beneficial Ownership Information (BOI) Report....
by JH | News tax insight | Nov 15, 2024 | Controversy Tax
Innocent Spouse Relief provides critical protection for taxpayers who face tax liabilities resulting from the actions of their current or former spouse. Despite its importance, many taxpayers are unaware of the relief available or how to qualify for it. Understanding...
by JH | News tax insight | Nov 14, 2024 | BOI Report
This article explores the criteria and practical application of the inactive entity exemption established in the Corporate Transparency Act (CTA). An entity deemed an “inactive company” is exempted from filing the Beneficial Ownership Information (BOI) Report. To...
