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Treasury Regulations

Treasury Regulations Attorneys Wichita Ks

Tax regs listed on the chopping block under executive order. President Trump directed federal agencies to review all “significant tax regulations” issued on or after 1/1/16 that impose an undue financial burden on U.S. taxpayers or add undue complexity to the tax laws. The Treasury Department has identified eight regs that potentially qualify for burden reduction. Comments will be received until 8/7/17. A final Treasury report will offer reforms ranging from “streamlining problematic rule provisions to full repeal.” The regs are listed here: https://bit.ly/2u9TBtK

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Corporate Transparency Act1

Corporate Transparency Act

In January of 2021, Congress enacted the Corporate Transparency Act, (the “Act”). The Act requires most small businesses to file a report to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury, disclosing certain information of small business entities. The Act goes into effect beginning January 1, 2024. The purpose of the Act is to provide transparency regarding ownership of legal entities to prevent money laundering, tax fraud and other illegal activities.

Due To Covid 19 The IRS Pushes Tax Deadline Attorneys Wichita Ks

Due to COVID-19, the IRS Pushes Tax Deadline Back to July 15

The traditional tax day of April 15 has passed and millions of Americans are taking advantage of the three-month reprieve given by the federal government and many states in response to the COVID-19 pandemic. Depending on your individual circumstances, you might be looking to file as quickly as possible in order to collect your refund.