R Michael Knighten, CPA

08/02/2025

If you are still working at age 73, you can delay taking required minimum distributions (RMDs) from your current employer's retirement plan, as long as you do not own more than 5% of the business. This allows you to postpone withdrawals and potentially reduce your taxable income during retirement.

02/08/2025

This year, the deadline for filing an individual return and paying any tax due is April 15, 2025. Gather everything you’ll need to prepare a complete and accurate tax return to reduce errors. Read filing tips at:

Find guidance for filing personal income taxes and tax information for businesses, charities and nonprofits, international filers and others.

12/08/2023

ATTN Business Owners:

FinCEN.gov BOI Report Reminder: Deadline January 1, 2024
This notice serves as a reminder to all reporting companies that the FinCEN.gov Beneficial Ownership Information (BOI) report is due on January 1, 2024.

Who Should File?
All reporting companies created or registered to do business in the United States before January 1, 2024 must file their initial BOI report by January 1, 2025. Reporting companies created or registered on or after January 1, 2024 have 90 calendar days after receiving notice of their creation or registration to submit their initial report.

Reporting companies include:

Domestic corporations
Limited liability companies (LLCs)
Business trusts
Other legal entities created or registered to do business in the United States

How to File
BOI reports must be filed electronically through the FinCEN.gov online portal. For detailed instructions and resources, please visit the FinCEN.gov BOI webpage: https://www.fincen.gov/boi.

Information Needed:
1. Name
2. Address
3. Date of Birth
4. unique identifying number and issuing jurisdiction from
an acceptable identification document (and the image of such document, ie. Drivers License, Passport, etc.)

Important Dates:

January 1, 2024: FinCEN begins accepting BOI reports.
January 1, 2025: Deadline for reporting companies created or registered before January 1, 2024, to file their initial BOI reports.
90 calendar days after creation or registration: Deadline for reporting companies created or registered on or after January 1, 2024, to file their initial BOI reports.

Additional Resources:
FinCEN.gov BOI FAQs: https://www.fincen.gov/boi-faqs
FinCEN.gov Help Desk: 1-800-949-2732
FinCEN.gov BOI Brochure:https://www.fincen.gov/sites/default/files/shared/BOI_FinCEN_Brochure_508C.pdf
Please note: FinCEN will not accept BOI reports before January 1, 2024.

We encourage all reporting companies to file their BOI reports as early as possible to avoid any penalties.

11/07/2022

The IRS has sent letters to 9 million people to alert them that they have only days to claim thousands in stimulus funds.

11/06/2022

10/21/2022

Your Air BNB or VRBO could be subject to State & Local Lodgings Tax ... you need to know before its too late.

Alabama vacation rental tax guide for Airbnb, VRBO, and Homeaway hosts. Learn how to properly collect and file Alabama sales tax.

10/21/2022

IR-2022-186, October 20, 2022 — The Internal Revenue Service today urged taxpayers to check their tax withholding while there’s time left in 2022 to benefit from any necessary changes.

02/18/2022

If I’m reading Twitter accurately:

1) It’s busy season & accountants are fed up.

And…

2) It’s 26 months into a pandemic and doctors are fed up.

Tell me if I read the room wrong. 🤔🤣

01/30/2022

That verification requirement will soon be required for all taxpayers to view other personal tax documents on the IRS website. Although ID.me is widely-used, including by other government entities, and is generally considered secure, the thought of ...

01/30/2022

Is the unitary business principle the sole test for determining whether a state can tax an apportioned share of a non-domiciliary’s capital gains under the U.S. Supreme Court’s Due Process Clause and Commerce Clause jurisprudence? Jaye A. Calhoun, Bruce P. Ely, and Kelvin M. Lawrence believe so,...

01/30/2022

A little extra time gathering the information to file a complete and accurate tax return can help avoid an refund delayed by errors. File by April 18, but first be sure you have all the info you need. go.usa.gov/xt4zD

https://twitter.com/irsnews/status/1487576526132596738?s=21

“A little extra time gathering the information to file a complete and accurate tax return can help avoid an refund delayed by errors. File by April 18, but first be sure you have all the info you need. https://t.co/T9VSEfUOGm”

01/27/2022

A reminder to taxpayers before the tax filing season begins: If you end up owing and need to make a tax payment but can’t, the IRS offers several payment options. To learn more about the available options, click here: www.irs.gov/payments