Beneficial Ownership Information (BOI): Most privately-held business entities are now required to report information to FinCEN about the individuals who ultimately own or control them. Reporting deadlines are as follows:
Entities created or registered:
The IRS has warned taxpayers against a new mailing scam trying to mislead them into believing they are owed a tax refund.
In a decision issued on June 13, 2023, in The Atlanta Opera, Inc., the NLRB overruled the standard for determining independent contractor status under the 2019 SuperShuffle ruling, and replaced it with the 2014 ruling, FedEx Home Delivery, thus making it more difficult for employers to classify workers as independent contractors. LEARN MORE
The IRS issued guidance stating that most Massachusetts taxpayers who received a Chapter 62F refund in 2022 will not be required to pay a federal income tax on that refund. Certain qualifications apply. Please check with your CPA or tax advisor. LEARN MORE
The IRS is studying the situation and is expected to issue guidance in the near-term. We recommend waiting for additional clarification from the IRS before filing your 2022 income tax returns. LEARN MORE
The Massachusetts deduction for charitable contributions has been suspended since 2002 when it was tied to the return to the 5% state income tax. Implementation was again delayed due to the uncertainty relative to Covid19. READ MORE
WASHINGTON — The Internal Revenue Service today released frequently asked questions (FAQs) about clean vehicle credits for new, previously owned and commercial clean vehicles in Fact Sheet (FS-2022-42)PDF.
The Inflation Reduction Act of 2022 (IRA) makes several changes to the new clean vehicle credit for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles. The IRA also added a new credit for previously owned and commercial clean vehicles.
These FAQs provide detail on how the IRA revises the new clean vehicle credit for individuals and businesses, and information on the previously owned clean vehicle credit for individuals, and the new credit for qualified commercial clean vehicles.
More information about reliance is available.
WASHINGTON — These frequently asked questions (FAQs) are released to the public in Fact Sheet 2022-06 PDF, January 31, 2022.
The American Rescue Plan Act (ARPA) of 2021 expanded the Child Tax Credit (CTC) for tax year 2021 only. These Child Tax Credit FAQs focus on information helpful to taxpayers preparing their tax year 2021 tax returns.
Recipients of advance Child Tax Credit payments will need to compare the amount of payments received during 2021 with the amount of the Child Tax Credit that can be claimed on their 2021 tax return.
Those that received less than the amount they are eligible for can claim a credit for the remaining amount. Those that received more than they are eligible for may need to repay some or all of the excess amount.
The IRS has sent Letter 6419 in January 2022 to provide the total amount of advance Child Tax Credit payments that were received in 2021. The IRS urges taxpayers receiving these letters to make sure they hold onto them to assist them in preparing their 2021 federal tax returns in 2022.
These FAQs contain the following topics:
More information about reliance is available.
IRS-FAQ
IR-2021-30, February 5, 2021
WASHINGTON — The Internal Revenue Service reminds taxpayers to avoid “ghost” tax return
preparers whose refusal to sign returns can cause a frightening array of problems. It is
important to file a valid, accurate tax return because the taxpayer is ultimately responsible for
it.
Ghost preparers get their scary name because they don’t sign tax returns they prepare. Like a
ghost, they try to be invisible to the fact they’ve prepared the return and will print the return and
get the taxpayer to sign and mail it. For e-filed returns, the ghost preparer will prepare but
refuse to digitally sign it as the paid preparer.
By law, anyone who is paid to prepare or assists in preparing federal tax returns must have a
valid Preparer Tax Identification Number, or PTIN. Paid preparers must sign and include their
PTIN on the return. Not signing a return is a red flag that the paid preparer may be looking to
make a fast buck by promising a big refund or charging fees based on the size of the refund.
Unscrupulous tax return preparers may also:
• Require payment in cash only and not provide a receipt.
• Invent income to qualify their clients for tax credits.
• Claim fake deductions to boost the size of the refund.
• Direct refunds into their bank account, not the taxpayer’s account.
The IRS urges taxpayers to choose a tax return preparer wisely. The Choosing a Tax Professional
page on IRS.gov has information about tax preparer credentials and qualifications. The IRS
can help
identify many preparers by type of credential or qualification.
No matter who prepares the return, the IRS urges taxpayers to review it carefully and ask
questions about anything not clear before signing. Taxpayers should verify both their routing
and bank account number on the completed tax return for any direct deposit refund. And
taxpayers should watch out for preparers putting their bank account information onto the
returns.
Directory of Federal Tax Return Preparers with Credentials and Select Qualifications
Beware of “ghost” preparers who don’t sign tax returns | Internal Revenue Service Page 1 of 2
https://www.irs.gov/newsroom/beware-of-ghost-preparers-who-dont-sign-tax-returns 2/18/2021
Taxpayers can report preparer misconduct to the IRS using IRS Form 14157, Complaint: Tax
Return Preparer (PDF). If a taxpayer suspects a tax preparer filed or changed their tax return
without their consent, they should file Form 14157-A, Tax Return Preparer Fraud or Misconduct
Affidavit PDF .
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The information contained in this site is provided as a convenience for our clients, business associates, friends and the general public. While this information is considered dependable, we cannot guarantee its accuracy or its applicability to your circumstances. We encourage you to seek personalized advice from our qualified professionals regarding any accounting, tax or personal finance issues you may have.
