Author Archives: barbreeves

The IRS will require filing of the Form 1099DA which is for the sale of digital assets beginning in 2026 for year ending 2025. I have viewed the proposed form online, and I love it! This is one form that should actually make our lives easier. It puts the burden of sale date, purchase date,Continue reading “Form 1099DA”

Good morning, Ladies and Gentlemen: It has been awhile. I always promised not to bombard your email addresses with tons of posts. There have been a lot in news on the economy and taxes that could have been discussed. We could theorize, but once it is law, a post will be made. In the meantime,Continue reading “Quick Book subscriptions”

I am 24:47 minutes into 3:32:26. Still waiting on results. It was my understanding it should have been 5/31. I will keep you posted, as soon as I know something about (if) any changes to the FinCen requirements on small businesses

FINCEN is an agency that gathers information on all businesses to prevent money laundering.  The District Court of Alabama found it to be unconstitutional.  Until, and IF, the Supreme Court hears their case, defendants in THAT case are exempt from the required reporting (I am betting some of you are contemplating becoming Alabama based businesses). Continue reading “Financial Crimes Enforcement Network (FINCEN) Reporting”

The first quarter estimated tax is due 4/15 for the 2024 year. Consider this your nagging reminder. Any questions, give me a call. Thank you

Business personal property tax returns are due 4/15. I have always extended until 6/15 to get beyond the individual deadline. Please be informed that I am filing the extensions today. I plan to begin working on them the week after next, so be prepared to be pestered. 😊 Thanks

Any tax return that I receive after 4/1 is charged additionally. This has been the policy for several years now. It is to prevent having delays in gathering all documents. Any tax return documentation not received by 4/8 is put on extension mostly as a precaution and can hopefully be prepared timely. It can takeContinue reading “COMING DOWN THE HOME STRETCH”

WOW. The District Court of Alabama ruled that the Corporate Transparency Act (CTA) is unconstitutional by the US District Court for Alabama on March 1, 2024. The National Small Business Association challenged the CTA. It was found to exceed constitutional limits by mandating small businesses to disclose their beneficial owners to Financial Crimes Enforcement. TheContinue reading “DISTRICT COURT OF ALABAMA”

Several client attempting to use Tax Connect (replacing Bfile) have encountered the inability to sign on the site. They have not received their PIN. We have been concerned about the ability to dispute any late fee for this inability to file. I received correspondence from Maryland Society of Accountants and Tax Professionals stating they areContinue reading “TAX CONNECT TRANSMISSION ISSUES”

I attended this webinar held by the IRS and the following information is being provided for your reading: This program was established through the IRS to repay the any Employee Retention Credit offered during the pandemic that was incorrect or fraudulent, until March 22, 2024 at 11:59pm (local time) If the refund is not yetContinue reading “EMPLOYEE RETENTION CREDIT VOLUNTARY DISCLOSURE PROGRAM”