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.

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:

  • before January 1, 2024, will have to file by January 1, 2025.
  • on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days to file.
  • on or after January 1, 2025, will have 30 calendar days to file.

https://www.fincen.gov/boi

IRS, Security Summit partners warn taxpayers of new scam; unusual delivery service mailing tries to trick people into sending photos, bank account information

The IRS has warned taxpayers against a new mailing scam trying to mislead them into believing they are owed a tax refund.

https://www.irs.gov/newsroom/irs-security-summit-partners-warn-taxpayers-of-new-scam-unusual-delivery-service-mailing-tries-to-trick-people-into-sending-photos-bank-account-information

IRS releases frequently asked questions about clean vehicles credits for new, previously owned and commercial clean vehicles

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.

IRS issues 2021 Filing Season frequently asked questions

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