Author Archives: barbreeves

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”

Fear not, individuals, you will be connected soon too. Maryland Tax Connect (marylandtaxes.gov) Letters will be issued beginning of February. When you receive them, if you have any questions, let me know.

As of January 1, 2024, the minimum wage in Maryland will increase as follows: The state minimum wage will increase to $15 per hour for all employers regardless of size of company and amount of employees. Local (county) minimum wage no longer exists. The minimum base wage for tipped employees remains $3.63 per hour. However,Continue reading “MARYLAND MINIMUM WAGE INCREASE”

The fourth quarter estimated tax payment is due January 15, 2024. I highly suggest if you have any tax due that it be paid asap. This year’s interest rate will be 8%, not counting late payments penalties