GCK On Law
IRS warns of “mills” taking advantage of taxpayers with Offer in Compromise program
The Internal Revenue Service reminds taxpayers to beware of promoters claiming their services are necessary to resolve unpaid taxes owed to the IRS while charging excessive fees, often with no results. These unscrupulous “mills” use aggressive marketing to make false...
Directions for responding to Employee Retention Credit disallowance letter
Businesses that claimed the Employee Retention Credit may have received IRS Letter 105-C, a disallowance letter, if the IRS identified their claim as ineligible. A new page on IRS.gov, Understanding Letter 105-C, Disallowance of the Employee Retention Credit, can help...
Exemptions from the New Corporate Transparency Act Obligations
Under the new Corporate Transparency Act (codified as 31 U.S.C. §5336) (“CTA”), covered entities must file “Beneficial Owner Information Reports” with the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) within 30 or 90 days after formation...
Is the Corporation Transparency Act Constitutional? Status of National Small Business United v. Yellen and Other Case and Legislative Challenges
On January 1, 2021, Congress enacted the Corporate Transparency Act (codified as 31 U.S.C. §5336) (“CTA”) within the larger National Defense Authorization Act (“NDAA”). The CTA imposed new reporting and disclosure requirements on approximately 25 million existing...
Corporate Transparency Act Requirements for Newly-Created Companies
New companies formed on or after January 1, 2024 are subject to the federal Corporate Transparency Act (codified as 31 U.S.C. §5336) (“CTA”) which requires information reports to be filed with the U.S. Treasury Department’s Financial Crimes Enforcement Network...