Latest News

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.