The final regulations, which the IRS issued Friday, make several changes to the proposed regulations, including a higher dollar threshold for a basis increase in transactions of interest.
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AICPA tax policy and advocacy successes: 2024 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS during 2024.
IRS requires sustained funding to continue to help taxpayers, report says
The national taxpayer advocate’s first report to the new Congress highlighted the need for money devoted to taxpayer services and technology.
A second private-equity company acquires top 20 firm Citrin Cooperman
Blackstone acquires a majority investment made less than three years ago by a fellow private-equity company, the latest in a long line of recent deals involving large accounting firms.
FASB seeks input on standard-setting priorities
The board’s first agenda consultation in three years is focused on identifying targeted improvements to GAAP.
Alternative methods allowed for identification of digital assets
The IRS provided temporary relief that permits eligible taxpayers to use alternative methods to make adequate identification of digital asset units sold, disposed of, or transferred in 2025.
Appeals court reinstates injunction that halts BOI enforcement
Three days after a panel of judges granted a government motion to lift the injunction, another panel said it was reinstating a lower court’s ruling. An AICPA statement urged CPAs to be prepared to file BOI reports. A statement by the Financial Crimes Enforcement Network said that, in light of the court ruling, companies could continue to file BOI reports voluntarily and that they are “not subject to liability if they fail to do so while the order remains in force.”
IRS proposes new rules for tax professionals
The proposed regulations would update the Circular 230 rules governing practice before the IRS.
Injunction lifted; FinCEN extends most BOI deadlines to Jan. 13
The Fifth Circuit Court of Appeals on Monday granted a Justice Department motion to lift an injunction imposed by a district court ruling. Hours later, FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most reporting companies.
Extension to BOI reporting deadline removed from budget bill
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.
AICPA asks SEC to reject PCAOB rules that pose ‘significant challenges’
A comment letter sent Thursday urges the SEC, which oversees the PCAOB, to “refrain from approving” final rules issued last month that call for certain PCAOB-registered public accounting firms to report on a list of firm and engagement metrics.
Business standard mileage rate increases for 2025
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
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.
Review confirms effectiveness of Private Company Council
The Financial Accounting Foundation’s review of the council, which works with FASB to support the interests of private companies in the standard-setting process, concluded that the council is serving its purpose.
FASB proposal offers guidance on disclosure of environmental credits
The proposal aims to address gaps in guidance for financial accounting of environmental credits and environmental credit obligations.
IRS amends rules for computing the premium tax credit
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
The IRS announces expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan.
PEEC issues recruiting guidance, exposure draft on simultaneous employment
The Professional Ethics Executive Committee’s guidance is related to recruiting services for attest clients, and the exposure draft includes a new definition and interpretation of simultaneous employment or association.
IRS grants partnerships additional time to furnish complete Forms 8308
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.
Gravitating to gen AI: CPA leaders show increased interest
More than 3 in 5 business executives surveyed by the AICPA are at least contemplating the use of generative AI, signaling that broad adoption could be around the corner.
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From The Tax Adviser
March 31, 2026
Current developments in taxation of individuals: Part 1
March 31, 2026
Current Developments in Taxation of Individuals: Part 1
March 6, 2026
