Paper is Out – Digital is In Big news, tax nerds: the IRS is officially beginning the phase out of paper checks, starting with refund checks in your mailbox. Thanks to a March 2025 executive order, federal agencies are moving towards a more digital-first future. So what does this mean for you and your clients? Let’s …
Breaking Down the CTA Ruling Corporate Transparency Act Update March 3rd, 2025 – And the beat goes on….and on…. Great news for business owners and accountants! The Treasury Department just dropped a game-changing announcement: No more penalties or fines for U.S. businesses under the Corporate Transparency Act’s beneficial ownership reporting rules—now or after the upcoming …
At CPA Nerds, we want to keep you in the loop about the latest updates from the IRS on the Employee Retention Credit (ERC). After reviewing the claims they’ve been processing, the IRS recently added some new red flags pointing to potential ERC claims issues. Businesses need to be aware of these warning signs to …
IRS LT38 Collections 2024: Understanding the Resumption Notices The Internal Revenue Service (IRS) has recommenced the distribution of collection notices to taxpayers, marking a continuation of its automated reminder system. These notifications, which resumed dispatch in January, are being sent via regular postal service on a phased basis over the forthcoming months, targeting an audience …
Understanding the FinCEN Reporting Mandate What Small Business Owners Need to Know The year 2024 brings new federal reporting requirements for small businesses across the United States. This mandate, overseen by the Financial Crimes Enforcement Network, commonly referred to as FinCEN, a bureau of the U.S. Department of the Treasury, is aimed at combating financial …
Using Our New Gateway Portal At CPA Nerds, we’re like the superheroes of privacy and security – we’ve got your back! Your comfort is our top priority, especially when it comes to handling your important tax info. That’s why we’ve leveled up our security game! Our new, shiny multifactor authentication process is like a secret …
IRS Raises Underpayment Penalty to 8%: What Gig Workers Need to Know The IRS Penalty for Underpayments Triples to 8% – Gig Workers and Consultants Beware! In a surprising turn of events, the Internal Revenue Service (IRS) has significantly increased its penalty for tax underpayments, soaring from 3% just two years ago to a whopping …
Major Change in Tax Reporting for Digital Business Transactions Hey there, digital entrepreneurs and side hustlers! Are you part of the dynamic world of online business, receiving payments through platforms like PayPal, Venmo, eBay, Etsy, or Poshmark? If yes, then you’re in for some crucial tax-related news from the IRS that’s about to make your …
IRS Interest Rates: What’s Staying the Same in 2024 Exciting news from the IRS world: Interest rates are holding steady as we dive into 2024! Here’s a fun breakdown of what that means for everyone from individuals to big corporations: For the Individual Taxpayer: You’re looking at a constant 8% annually for both overpayments and …
Overview of the New Withdrawal Process for Employee Retention Credit Claims The Internal Revenue Service (IRS) has recently released guidelines on the withdrawal process for claims related to the Employee Retention Credit (ERC). This comes after the numerous amendments and updates to the credit, which have left many employers uncertain about the status of their …
