Kilgore & Co Accountancy

Kilgore & Co Accountancy The Art of Accounting: We prepare tax returns for businesses, individuals, estates, and trusts. CPA/ Tax Preparation

08/21/2025

Earlier this year the IRS computer sent out erroneous notices imposing penalties for not paying enough of their 2024 tax in quarterly estimated tax payments - even though the taxpayers had indeed made proper payments. They have now fixed that. But they failed, apparently, to tell the computer that sends out tax collection notices that these penalties had been lifted. So the collection computer has been sending out 'Intent to Levy' notices to those same taxpayers.

If you receive one of the Intent to Levy notices, contact our office. If we determine that the notice is mistaken, we can discuss how to get IRS to put the matter on hold while this is worked out.

02/28/2025

I knew it. Whatever you have heard recently about the reinstatement of the requirement to file these obnoxious reports by March 21, 2025, the penalty for not doing so has been eliminated pending a final review of the whole law. And a law without a penalty is not really a law, is it? Here is the official press release:

FinCEN Not Issuing Fines or Penalties in Connection with Beneficial Ownership Information Reporting Deadlines

Immediate release: February 27, 2025

WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.

No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported.
FinCEN also intends to solicit public comment on potential revisions to existing BOI reporting requirements. FinCEN will consider those comments as part of a notice of proposed rulemaking anticipated to be issued later this year to minimize burden on small businesses while ensuring that BOI is highly useful to important national security, intelligence, and law enforcement activities, as well to determine what, if any, modifications to the deadlines referenced here should be considered.

01/06/2025

BOIR reporting suspended (again):
The Beneficial Ownership Reports are not currently required - pending litigation. The 5th Circuit's December 26,2024 suspension of the requirement is indefinite. We will update you as events unfold.

FinCEN has posted this notice on its website:
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force.

12/23/2024

Bad news: The requirement to file BOIRs (Beneficial Ownership Information Reports) is back on at this moment. The 5th Circuit has cancelled the preliminary injunction imposed by the lower court a few weeks ago. So the requirement to file them by year-end is back on - unless another shoe drops somewhere. Ugh.

12/04/2024

Good news about FinCEN BOIR reporting! A federal court has slapped a preliminary injunction on the Financial Crimes Enforcement Network (FinCEN). The requirement to file Beneficial Ownership Reports (BOIR) has been put on ice. So the requirement that all LLCs, corporations, LLPs, and LPs file reports disclosing the identities of their owners is removed, and the $500 a day penalty for not filing by 12/31/2025 is irrelevant. This will likely be appealed, but for now we can ignore this. Probably forever, since the requirement obviously represents an unconstitutional intrusion on privacy.

12/04/2024

Our internet and phones are currently out of service. We are working to resolve the issue and apologize for any inconvenience.

06/11/2024

For S corps and partnerships: Don't forget to make your June 17 Pass Through Entity payments. If you miss it, you lose the right to make the election for 2024.

06/11/2024

June 2024: If you have received an IRS notice (CP14) showing that you owe additional tax, it could simply be because your payments to IRS have not been processed. So, if you believe your taxes have all been paid, then ignore the notice for 8 weeks and see if IRS resolves the matter on its own.

Below is a notice from Spidell Publishing on the subject:

Erroneous IRS notices being sent due to processing delays (06-07-24)

We’ve received inquiries from numerous tax professionals asking why their clients are receiving CP14 notices indicating a balance due even though the clients can substantiate they timely paid all tax due.

The IRS has confirmed that there is a nationwide delay in processing payments, resulting in erroneous balance due notices being sent when there is in fact no tax due.

The IRS is advising tax professionals and their clients to wait six to eight weeks to see if the payments are posted before contacting the IRS. If payments are not posted after this six- to eight-week period, the tax professional or client will have to provide proof of payment to the IRS to ensure that no penalties are imposed.

Our newly installed flag pole, proudly displaying the flag of our country.
11/28/2023

Our newly installed flag pole, proudly displaying the flag of our country.

07/25/2023

NO MORE IRS DROP-INS!
The IRS has announced a major policy change — it will end most unannounced visits by Revenue Officers to taxpayers’ homes and businesses. Instead, the IRS will mail letters to schedule these meetings.

The change was made to protect Revenue Officers’ safety and to avoid confusing such visits with potential scam artists who may appear at the door posing as IRS agents.

The IRS noted that it will still make unannounced visits to serve summonses and subpoenas and to seize assets, but that these situations typically number less than a few hundred each year.

So if someone knocks on your door claiming to be an IRS agent, don't let him in unless you are sure of his identity.

06/06/2023

The IRS is sending out incorrect demand notices to California taxpayers whose 2022 tax returns show balances due. The fact is that, under the California disaster relief rulings, the tax is not actually due until October. We are told that the IRS’s computers will stop the interest and penalties, but they cannot stop the letter from being generated and sent out.

So, if you are resident of one of the counties covered by the disaster declaration, you should simply ignore the demand and disregard the due date shown on it. Just be sure to pay what is due by 10/16/2023. No penalties or interest will be charged in the meantime.

02/24/2023

The IRS has eliminated the current 'tax season' for those in most, if not all, California counties. All of the normal due dates (e.g. April 15) have been eliminated for 2022 filings. The new due date is October 15. I guess I'll take the rest of the day off.

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3001 El Camino Avenue
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95821

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Thursday 9am - 5pm
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(916) 648-1040

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