| Extension to BOI reporting deadline removed from budget bill |
12/20/2024 |
Congress did not include a delay to the beneficial ownership information reporting requirement in its government funding bill. The AICPA has been advocating for a delay. |
| Business standard mileage rate increases for 2025 |
12/19/2024 |
The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 70 cents per mile driven, up 3 cents from 2024. |
| Applicability date set for required minimum distribution regulations |
12/19/2024 |
Treasury and the IRS announced that certain portions of future regulations finalizing the proposed regulations for required minimum distributions will apply beginning in the 2026 distribution calendar year. |
| IRS amends rules for computing the premium tax credit |
12/17/2024 |
The IRS released final regulations that amend the definition of “coverage month” and amend other rules in existing income tax regulations for computing the premium tax credit. |
| IRS expands online accounts, provides enforcement update |
12/16/2024 |
The IRS announces expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan. |
| IRS grants partnerships additional time to furnish complete Forms 8308 |
12/13/2024 |
The IRS is providing relief from penalties imposed solely for failure to furnish Part IV of Form 8308 for partnerships by Jan. 31, 2025, if a partnership meets certain requirements. |
| FinCEN: Companies can voluntarily file BOI reports during injunction |
12/11/2024 |
The Financial Crimes Enforcement Network said in an alert, however, that reporting companies do not have to file beneficial ownership information reports while a preliminary injunction is in effect. |
| Court halts BOI reporting; AICPA urges preparedness |
12/6/2024 |
Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations. |
| BOI: Businesses cite procrastination, lack of clarity for not filing |
12/3/2024 |
Nearly three in eight businesses in a poll said they were waiting until the end of the year to file beneficial ownership information reports. |
| Regs. address partnership recourse liabilities, related-party rules |
12/2/2024 |
The IRS issued regulations that finalize proposed regulations issued in 2013. The guidance is focused on when and to what extent a partner is treated as bearing the economic risk of loss and the special rules applying to a partner related to another partner. |
| IRS again delays effective date of $600 threshold for Form 1099-K reporting |
11/26/2024 |
The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years. |
| ERC claims withdrawal process extended for third-party payers |
11/22/2024 |
The IRS said the new deadline to file under the consolidated employee retention credit claims process is Dec. 31. The previous deadline was Friday. |
| IRS will accept duplicate dependent returns submitted with an IP PIN |
11/21/2024 |
Beginning with the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS even if a dependent has already been claimed on a previously filed return if the primary taxpayer on the second return includes a valid identity protection personal identification number. |
| AICPA to Congress: Delay needed in BOI reporting deadline |
11/13/2024 |
Without a delay, “millions of small business owners become accidentally and unknowingly delinquent in their compliance,” reads the letter, signed by CEO Barry Melancon, CPA, CGMA. |
| At ERISA’s 50th anniversary, a legacy of IRS-practitioner collaboration |
11/12/2024 |
The historic legislation’s enabling of growth and development of qualified retirement plans also launched a new era of public-private cooperation in tax and employee benefits. |