411-Tax Services LLC providing Better Tax Services - Tax Representation

Updated Extension Dates

The  U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting from required  “reporting companies”  reports on who on their entity - the one-time reporting requirement opened on  January 1, 2024.

This is a new requirement for businesses that are legally registered within their state or similar office as listed below:

If your business was registered or created before January 1, 2024 then you must report your business ownership to FinCEN by the deadline extended from January 1, 2025 to January 13, 2025.

If your business is registered or created in the year 2024 then you must report your business ownership to FinCEN within 90 days of it's creation/registering with the state or similar office. 

Updated:   

Extensions for Recently Registered Companies
Companies registered between Sept. 4, 2024, and Dec. 23, 2024,extended to Jan. 13, 2025, to file BOI reports.

Updated:  

Companies registered between Dec. 3, 2024, and Dec. 23, 2024, given an additional 21 days from the original deadline.

Disaster Relief Extensions:
Depending on their circumstances, companies qualifying for disaster relief may have filing deadlines beyond Jan. 13, 2025.

If your business is registered or created in the year 2025 then you must report your business ownership to FinCEN within 30 days of it's creation/registering with the state or similar office.

The website for your Beneficial Ownership Information (BOI) Reporting is listed below:

Beneficial Ownership Information Reporting Portal

If you like 411-Tax Services LLC to file this requirement for you and provide your company Business Consulting and Reporting - contact this tax firm, and I will send you a Letter of Engagement and Proposal for these services. 

New rule allows for rollover

of 529 accounts to Roth IRAs

Tax-advantaged educational savings accounts, also known as 529 plans, provide a way for parents to help their children or other family members save for college or to pay other educational expenses. 

But not every beneficiary uses the full amount they paid into the plan. Beginning in 2024, the SECURE 2.0 Act allows beneficiaries to roll over unused funds into a Roth IRA without having to pay a penalty.

However, there is a lifetime limit of $35,000

per beneficiary and the 529 account must have been open for at least 15 years. The rollover amount cannot exceed the beneficiary’s annual IRA contribution limit.

IRS stepping up enforcement for high-income individuals

Using the extra funding it received in the 2022

Inflation Reduction Act, the IRS is moving

forward with its plans to prioritize enforcement

efforts against high-income earners, partnerships,

large corporations and promoters abusing U.S.

tax laws. The agency is touting this increased

enforcement as part of its efforts to restore fairness

to the U.S. tax system and will focus its efforts on

taxpayers with more than $1 million in income

and more than $250,000 in recognized tax debt

411-Tax Services LLC recommends that taxpayers began making notes/remarks as to what monies are for on all monies sent and received by money transfer and payment apps such as Cash-App, Zelle, Paypal or Venmo, etc. By placing notes/remarks such as personal loan, tax fee, for goods or services provided "repaired window", gift, charity, etc. on these money transfer and payments apps will make the gathering of your tax documents expenses and income easier at year-end. The IRS will be lowering the reporting threshold amount for issuing Form 1099-K to $600.00; the requirement for businesses such as "money transfer and payment apps" referred to as "third-party payment platforms" by the IRS was delayed this year by the IRS.

 IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K  

 Frequently asked questions about Form 1099-K 

Maryland announces to file and pay your state individual taxes without any state penalty or interest by the deadline for this tax year.

411-Tax Services LLC and Maryland recommend that Taxpayers file their tax returns electronically and request direct deposit for the fastest possible processing and to ensure they  receive all possible refunds and to avoid postal service delays. 

Those who received the advanced Child Tax Credit (CTC) payments during the period July 2021 to December 2021 should receive a IRS Letter 6419 with important information about their payments; this IRS Letter will be needed by your Tax Preparer/Practitioner. If you do not receive this IRS Letter click link below:

IRS warns senior citizens of scams targeting them to steal their sensitive information by posing as representatives from the IRS; these fraudsters are using fear and deceit to exploit  their victims. 

IRS reminds car dealers and sellers of scammers using emails targeting them for  in their relentless "attempts to obtain sensitive financial  and personal information, and impersonating the IRS remains a favorite  tactic. The IRS urges car dealerships to be extra cautious about  unsolicited messages and avoid clicking any links in an unsolicited  email or text if they are uncertain".

The IRS is reporting that scammers are taking advantage of the large numbers of recent natural disasters and international conflicts to fraudulently solicit donations to help victims. In addition to lining the pockets of criminals, donating to these fraudulent charities can get you in trouble with the IRS if you try to claim a deduction that ends up being disallowed. The best way to keep from being a victim of this

kind of fraud is to check with the Tax-Exempt Organization Search tool on the IRS’s website. Using the tool will both ensure that you are donating to a legitimate charity and that you will be allowed to deduct the donation.

Employee retention credit scams still common:

The employee retention credit (ERC) was a COVID-era tax benefit Congress enacted to help businesses that kept paying their employees during pandemic-related business disruptions. Due to the high number of potentially ineligible

claims it is receiving, the IRS is warning businesses to be on the lookout for aggressive promoters misleading taxpayers about their eligibility. 

The IRS warns taxpayers to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund.

The new scheme involves a mailing coming in a cardboard envelope from  a delivery service. The enclosed letter includes the IRS masthead with  contact information and a phone number that do not belong to the IRS and  wording that the notice is "in relation to your unclaimed refund.”

The IRS reminds taxpayers to beware of promoters claiming their  services are needed to settle with the IRS, that their debts can be  settled for “pennies-on-the-dollar” or that there is a limited window of  time to resolve tax debts through the Offer in Compromise (OIC)  program. These promoters are often referred to as “OIC Mills.” Find  information on OIC Mills in the news release IRS  “Dirty Dozen” list warns people to watch out for Offer in Compromise  ‘mills’ where promoters claim their services are needed to settle IRS  debts.

For More Information on IRS Tax Scams and Consumer Alerts: Click Below Button