Starting on January 1, 2024, certain privately held companies in the United States will have to report information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) as part of the Corporate Transparency Act. Any corporation, limited liability company, limited partnership, or other similar entity which was created or registered to do business
How are Expense Reimbursements Taxed by the IRS? If your business reimburses you or your employees for out-of-pocket expenses, the IRS treats such reimbursements as being made under either an accountable plan or a non-accountable plan. If reimbursements are made under a non-accountable plan, they are taxed as income to the employee and the business
During April 2021, the Internal Revenue Service (“IRS”) issued updated guidance for employers regarding the Employee Retention Credit (“ERC”) and credits for paid sick and family leave (“Paid Leave”). Employee Retention Credit On April 2nd, 2021 the IRS published Notice 2021-23, which explains the changes to the Employee Retention Credit for the first two calendar
