NEW FILING REQUIREMENT FOR BUSINESS TAXPAYERS WHO RECEIVE CASH (OR CHECK) TRANSACTIONS OVER $10,000

To combat money laundering and terrorism, the Financial Crimes Enforcement Network (FIN-CEN) is now requiring businesses report (within 15 days of receiving the cash), the receipt of $10,000 in cash from customers in the conduct of Trade or Business. This regulation took effect on January 1, 2024. What is

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Writing off Business Travel Expenses

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is business travelers may be able off-set some of those cost by claiming business travel deductions when they file their taxes. Here

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IRS Notice: Mileage Rates

Announcement 2022-13 advises that the Internal Revenue Service is revising the optional standard mileage rates that were provided in Notice 2022-3, 2022-2 I.R.B. 308, for substantiating the costs of operating an automobile for business, medical or moving purposes.  Beginning July 1, 2022, the rates are 62.5 cents

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