ATTENTION: ALL SMALL BUSINESSES

Written By Kevin McKernan

1. Businesses must e-file large cash transaction reports beginning January 1, 2024…

  • Beginning January 1, 2024, businesses that file 10 or more information returns must e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return.

2. IRS issues guidance on state payments… 

  • The IRS is providing additional guidance and certainty to states and their residents regarding the federal income tax consequences of state payments made to them. 

3. Energy credits and deductions updates…

  • Tax deduction for increased energy savings. 

  • Clean vehicle credit changes.

This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007

Kevin McKernan
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