Busch, Sandhop & Baker, LLC

The government is always coming up with rules to make our lives more complicated. This is a new form that the Treasury's Financial Crimes Enforcement Network (FinCEN) has developed to find out more about the benecial ownership of entities. You will be required to file the form even if you have a single member LLC. We are still learning about this and will keep our clients posted.

Tax Reduction Letter - 13 Answers on the New 2024 CTA Required BOI Reporting to FinCEN 13 Answers on the New 2024 CTA Required BOI Reporting to FinCEN

The Chambers County Commissioners Court has approved a small business grant program to assist businesses impacted by Covid-19 in Chambers County and help business grow.

https://www.co.chambers.tx.us/page/ecodev_grants

IRS to accept 2021 tax returns starting Jan. 24 The IRS announced the start date for tax season and that the due date for most individuals is April 18.

We are excited for this event! Sponsorships and tickets are still available.

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https://www.bsbcpasllc.com/ or (281) 402-8427

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We hope they can find qualified people if they are going to beef up the audits. There is nothing worse that having to face an auditor who is trying to prove their worth. We have not had a face-to-face audit in years and in the past, we have been successful in defending our clients.

IRS Adds Thousands of Auditors as Senate Considers Enforcement Funds - BNN Bloomberg The Internal Revenue Service is hiring thousands of new auditors as it gears up for a potentially massive tax-enforcement push if Congress is able to pass an infrastructure plan that includes $40 billion to expand audits on the wealthy.

The past year has been extremely challenging for the CPA profession and this is a great article that explains why. We have had clients that have mailed in payments that have not cleared and we have written letters that have had no response. The majority of the IRS personnel that we have spoken with are as frustrated as we are.

Watchdog Warns on Tax-Refund Delays Amid IRS Backlog Struggles - BNN Bloomberg U.S. taxpayers face the risk of delayed refunds from the IRS in coming months as the agency struggles to work down a backlog of returns from last year, according to a watchdog report.

This backs up Lindsey's post from Saturday. As CPA's we are beyond frustrated because it is so hard to get issues resolved with the IRS. The agents we speak to are equally frustrated too.

IRS Still Processing 6.7 Million Returns from Last Year, Could Extend Tax Deadline for 2021 The COVID-19 pandemic turned the tax season upside down last year, and even now millions of people are still dealing with the aftermath in 2021. The Internal Revenue Service said in mid-February that it had yet to process 6.7 million individual income...

Tax provisions in the American Rescue Plan Act The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.

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