News Archives

Aug 20

Is Your Business Subject To Beneficial Ownership Information Reporting?

By Salvatore Bochicchio Corporate Transparency Act, News

This year, many businesses must comply with the Corporate Transparency Act (CTA), passed into law as part of the National Defense Authorization Act for Fiscal Year 2021. The CTA requires disclosing beneficial ownership information from individuals who own or control…

Mar 01

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IRS Targets High-Income Non-Filers

By Salvatore Bochicchio News, Tax Returns

The Internal Revenue Service has announced a new initiative to enhance tax compliance and ensure equity. The campaign will concentrate on wealthy taxpayers who have neglected to file their federal income tax returns in over 125,000 instances since 2017. Non-Filer…

Dec 22

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Employee Retention Credit Voluntary Disclosure Program Announced By IRS

By Salvatore Bochicchio News, Tax Credits

On December 21, 2023, the Internal Revenue Service (IRS) introduced a new Voluntary Disclosure Program. This program is designed to help businesses that have mistakenly filed claims for the Employee Retention Credit (ERC) to pay back the money they received…

Jan 14

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Will 2022 Be Another Rough Tax Filing Season?

By Salvatore Bochicchio News, Tax Returns

This could be another rough tax filing season for the IRS and taxpayers. Although this year’s tax season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still…

Dec 29

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It’s Time To Use The New IRS Identity Verification Process

By Salvatore Bochicchio News

The Internal Revenue Service recently launched an updated identity verification and sign-in process that enables more taxpayers to securely access and use IRS online tools and applications. Taxpayers using this new mobile-friendly verification procedure can gain entry to existing IRS…

Sep 29

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Is The IRS Backlog Causing You Problems?

By Salvatore Bochicchio News

Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home…

Jun 09

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Still Waiting for Your Tax Refund?

By Salvatore Bochicchio News, Tax Returns

You are not alone. We’ve heard from some clients who are still waiting on refunds from returns filed early in the year. In normal times, unless there is an error, the IRS will issue most tax refunds in less than…

May 19

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IRS Estimates the Tax Gap to be $1 Trillion a Year Due to Tax Cheats

By Salvatore Bochicchio IRS Collections, News

As part of its oversight role, Congress is constantly assessing the economic health of the United States, so hearing from Internal Revenue Service Commissioner Chuck Rettig that the country may be losing up to $1 trillion a year in evaded…

Apr 14

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SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000

By Salvatore Bochicchio COVID-19, News

As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding COVID-19 EIDL loans opportunities.

Aug 28

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Beware of Fake IRS Letters

By East Coast Tax Consulting News

Every year, the majority of taxpayers file their returns with the IRS between by the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed…

Is Your Business Subject To Beneficial Ownership Information Reporting?

IRS Targets High-Income Non-Filers

Employee Retention Credit Voluntary Disclosure Program Announced By IRS

Will 2022 Be Another Rough Tax Filing Season?

It’s Time To Use The New IRS Identity Verification Process

Is The IRS Backlog Causing You Problems?

Still Waiting for Your Tax Refund?

IRS Estimates the Tax Gap to be $1 Trillion a Year Due to Tax Cheats

SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000

Beware of Fake IRS Letters

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