Author: Frank Carnahan

2025-04-18 In US v. Driscol, 2025 WL 30092 (not for publication) (USDC NJ, Civil Action No. 18-11762, signed January 6, 2025), the District Court allowed the IRS to force the sale of dental practice real property and a dental practice LLC to recover taxes owed by taxes owed by one 50% owner / member (Driscoll) and a another 50% owner / non-liable dentist (Vockroth). The real property was owned as…

2025-03-24 Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that…

2025-03-12 After much back and forth in the courts, FinCEN set a deadline of March 21, 2025, for companies to submit their beneficial ownership information reports. Then, on March 2 , 2025, the Treasury Department announced that they will be issuing a new rule, and will not enforce the existing compliance deadlines or penalties or fines associated with the CTA against U.S. citizens and domestic reporting companies after an impending…

2025-03-06 The IRS introduced new Simple Payment Plans that are easier to understand and more accessible. The new option is offered online or when working with an IRS employee and is available for individuals. More than 90% of individual taxpayers with a balance due will qualify for a Simple Payment Plan. If you qualify, no collection information statement or lien determination is required. To qualify you must be up-to-date on…

2024-09-20 Notice 2024-68 Taxpayers may use to the special rates substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. This annual notice provides the 2024-2025 special per diem rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home, specifically: (1) the special transportation industry mealand incidental expenses (M&IE) rates; (2) the rate…

2024-09-20 IR- 2024-243 Offer in Compromise program: Dirty Dozen: Pre-qualifier tool IRS warns of “mills” taking advantage of taxpayers with Offer in Compromise program IR-2024-243, Sept. 19, 2024 WASHINGTON — The Internal Revenue Service reminds taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results. These unscrupulous “mills” use aggressive marketing to make false…

2024-09-13 Tax Tip 2024-77 The Taxpayer Advocate Service is an independent organization within the IRS. TAS protects taxpayers' rights by striving to ensure that all taxpayers are treated fairly and know and understand their rights under the Taxpayer Bill of Rights. Here's what all taxpayers should know about their rights and the role of the Taxpayer Advocate Service. The Taxpayer Bill of Rights describes 10 basic rights that all taxpayers…

2024-09-04 FS-2024-28 Crowdfunding website or its payment processor may be required to report distributions of money raised by filing Form 1099-K, Payment Card and Third Party Network Transactions, with the IRS if the amount distributed meets certain reporting thresholds: Calendar years 2023 and prior – Form 1099-K is required if the total of all payments distributed to a person exceeded $20,000 and resulted from more than 200 transactions; and Calendar…

2024-09-04 FS-2024-29 Starting in tax year 2023 SECURE 2.0 Act changes may affect the amounts businesses need to report on Forms W-2. The provisions potentially affecting Forms W-2 (including Forms W-2AS, W-2GU and W-2VI) are: De minimis financial incentives; Roth Savings Incentive Match Plan for Employees (SIMPLE) and Roth Simplified Employee Pension (SEP) Individual Retirement Arrangements (IRAs); and Optional treatment of employer nonelective or matching contributions as Roth contributions. Businesses…

2024-08-29 Bad actors often favor non-financed residential real estate transfers (including "all-cash" sales) to avoid scrutiny from financial institutions that have anti-money laundering and countering the financing of terrorism (AML/CFT) program and Suspicious Activity Report (SAR) filing requirements under the Bank Secrecy Act (BSA), and obscure their identities and ownership interests by holding the residential real estate in the name of a legal entity or trust. FinCEN issued final rules…