Industry News

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…

The Benefits of the Pass-Through Entity Tax When looking at a C Corporation, the business pays its own federal and state taxes. Because of this, the C Corporation can deduct on its federal return all the state tax expenses it pays. Pass-through entities that are being taxed as an S Corporation or Partnership, generally do…

IRS Announces Changes to Amended Return Refund Process To make a change to a previously filed return which had an error or omission, individuals must file an amended return with the Internal Revenue Service (IRS). Originally, the return had to be printed and mailed to the IRS, which could take six to eight months to…