Knox Tax Law

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Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN u Only foreign companies that have registered to do business in the U.S. will be required to comply with the CTA. Foreign entities meeting the new definition of a “reporting company” who do not qualify for an exemption from the reporting requirements must report their BOI to FinCEN under new deadl...

IRS announces transition facial recognition The IRS announced it will transition away from using a third-party service for facial recognition over the next several weeks. The IRS had been using a service provider named ID.me to validate and verify taxpayer identities when accessing certain online information about their taxes. ID.me was to co...

Missing a Stimulus Payment? Are you missing your economic impact payment? The IRS has tools to help you discover the status of your payments. The first step in researching this issue is to check your tax records for tax year 2020. You can do this at the following URL: https://www.irs.gov/payments/your-online-account If your ac...

There has never been a better time to try to settle your IRS debt than now. For OICs accepted effective November 1, 2021, the IRS will no longer keep the current year refund for the year the offer is accepted. Example: if an offer is accepted on November 15, 2021 and the taxpayer files March 15, 2022 and is due a refund, the IRS will not offset it for the tax periods includ...

This Week's Fun Fact

2022 tax filing season begins January 24 The Internal Revenue Service has announced that this year's tax season will start on Monday, January 24, 2022. The IRS will begin accepting and processing 2021 personal returns 10 days from now. Be aware that the pandemic has exacerbated staffing shortages causing significant delays in processing of...

National Taxpayer Advocate Provides Update on 2020 Processing Delays National Taxpayer Advocate Erin M. Collins today released her 2021 Annual Report to Congress, calling calendar year 2021 "the most challenging year taxpayers and tax professionals have ever experienced." The report says tens of millions of taxpayers experienced delays in the processing of their retu...

At Home Covid Testing and PPE can be deductible. The cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health flexible spending arrangements (health FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs), or Archer medical savings accounts (Archer MSAs). That is because t...

IRS gives farmers and ranchers have more time to replace livestock sold due to draught. Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service. To qualify for relief, farmers or ranchers must have sold livestock on account of dr...

IRS Can Levy Your Social Security FOREVER IRS Chief Council has issued an advisory that if a levy is outstanding to the social security administration on your outstanding IRS balance, that levy will stand even past the Collection Statute Expiration Date ("CSED") date. The IRS stats that a levy, specifically on Social Security income under I...

FBAR'S must be filed by April 15. The deadline for U.S. citizens, resident aliens and any domestic legal entity who are required to file an annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income tax filing due date and other tax deadlines for individuals to May 17, 20...