Blog
Our carefully crafted blogs offer valuable insights and guidance on taxes, accounting, finance, and beyond. Stay informed with expert advice designed to help you navigate the financial world with confidence.
How long should I retain my past tax returns and records?
The answer is not entirely black and white; it varies based on the type of document and your specific transactions.
As of January 1, 2024, the US Government implemented New Business Ownership Information Reporting laws, which will require companies (both small businesses and large operating companies) to report information about their beneficial owners to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The objective is to enhance company visibility, thereby reducing the likelihood of illicit activities such as money laundering.