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Understanding the FinCEN Reporting Mandate What Small Business Owners Need to Know The year 2024 brings new federal reporting requirements for small businesses across the United States. This mandate, overseen by the Financial Crimes Enforcement Network, commonly referred to as FinCEN, a bureau of the U.S. Department of the Treasury, is aimed at combating financial …
Using Our New Gateway Portal At CPA Nerds, we’re like the superheroes of privacy and security – we’ve got your back! Your comfort is our top priority, especially when it comes to handling your important tax info. That’s why we’ve leveled up our security game! Our new, shiny multifactor authentication process is like a secret …
Phase II of ERC Amnesty Program: What Businesses Need to Know The IRS has unveiled a second phase of the Employee Retention Credit (ERC) amnesty program. This program allows businesses that previously received ERC funds to return them without facing future penalties. Eligibility criteria include no criminal investigations, no third-party alerts, and no prior notice …
The IRS’s $1 Billion Tax Penalty Amnesty: Cheers to a Fresh Start! In a surprising move aimed at helping those grappling with back taxes, the Internal Revenue Service (IRS) has just unveiled an exciting new penalty relief program. Approximately 4.7 million individuals, businesses, and tax-exempt organizations are in for some good news. If you didn’t …
Overview of 2024 IRS Cost-of-Living Adjustments The Internal Revenue Service (IRS) has released the updated cost-of-living adjustments for 2024, affecting both retirement plan and health and welfare benefit plan limits. Below are charts detailing these new limitations. Retirement Plan Limitations Retirement Plan Limitation 2023 Limit 2024 Limit 401(k) and 403(b) Employee Contribution Limit $22,500 $23,000 …
IRS Raises Underpayment Penalty to 8%: What Gig Workers Need to Know The IRS Penalty for Underpayments Triples to 8% – Gig Workers and Consultants Beware! In a surprising turn of events, the Internal Revenue Service (IRS) has significantly increased its penalty for tax underpayments, soaring from 3% just two years ago to a whopping …
Major Change in Tax Reporting for Digital Business Transactions Hey there, digital entrepreneurs and side hustlers! Are you part of the dynamic world of online business, receiving payments through platforms like PayPal, Venmo, eBay, Etsy, or Poshmark? If yes, then you’re in for some crucial tax-related news from the IRS that’s about to make your …
IRS Interest Rates: What’s Staying the Same in 2024 Exciting news from the IRS world: Interest rates are holding steady as we dive into 2024! Here’s a fun breakdown of what that means for everyone from individuals to big corporations: For the Individual Taxpayer: You’re looking at a constant 8% annually for both overpayments and …
Overview of the New Withdrawal Process for Employee Retention Credit Claims The Internal Revenue Service (IRS) has recently released guidelines on the withdrawal process for claims related to the Employee Retention Credit (ERC). This comes after the numerous amendments and updates to the credit, which have left many employers uncertain about the status of their …
Big Government Plays Holiday Games with the CTA Wow! Yet another update – it’s blocked again! Just days before Christmas, small business owners were hit with another round of chaos, courtesy of the U.S. government. The Corporate Transparency Act (CTA), a law requiring businesses to report their Beneficial Ownership Information (BOI), has been tossed around …
