Have you been asked to provide personal, confidential information for a Beneficial Ownership Information (BOI) report, as mandated under the federal Corporate Transparency Act (CTA)? Or are you a beneficial owner in several companies required to file a BOI report for each? Whether you are...
Read MorePosted by Dan Conrad On January 1, 2024, Wisconsin Assembly Bill (AB) 245 went into effect, exempting business personal property from taxation. This means taxpayers no longer need to file the Personal Property Return, Form M-L and Form M-P, reporting the annual statement of their business...
Read MoreBeginning with tax year 2023, partnerships that sell or exchange partnership interests must report additional information to the IRS, both on Form 8308 “Report of a Sale or Exchange of Certain Partnership Interests” and on their Schedule K-1 disclosures. The additional information is...
Read MoreOn January 12, 2024, the U.S. Department of the Treasury released a new fact sheet that in part reiterates, and revamps, the IRS’ commitment to their initiative of auditing limited partnerships. The release comes after five years of scrutiny in this area and an important court case...
Read MoreWith the passing of the Corporate Transparency Act of 2021 (CTA), some businesses are required to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Entities formed in 2024, in particular, will be subject to the reporting rules beginning this year...
Read MoreOn December 21, 2023, the IRS introduced a voluntary disclosure program that allows employers to pay back the majority of ERC funds they received under claims that may not have complied with legal requirements. The IRS recognizes many employers filed ERC claims with the assistance of third...
Read More** This blog was last updated 12/6/23 **Congress passed the Corporate Transparency Act of 2021 (CTA) to enhance transparency and combat illicit activities such as money laundering, terrorism financing and tax evasion. As part of this legislation, some businesses may soon be required to...
Read MoreCohen & Co is pleased to announce Nick Antonopoulos, CPA, has joined the firm’s Chicago office as a managing director in the Assurance Practice.
Read MoreAsset managers have shown increasing interest in retail funds with private real estate portfolios over the last few years. Many of these funds are registered with the SEC under the Investment Company Act of 1940 as interval or tender offer funds. Placing certain asset classes, like real estate or...
Read MoreOn Thursday, October 19, 2023, the IRS released the process for certain taxpayers who wish to withdraw previously filed ERC claims. This comes on the heels of the IRS announcement last month that they were halting the processing of future claims until at least the end of 2023. If you no...
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