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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.
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 Service announced an expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan.
Regs. address partnership recourse liabilities, related-party rules
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
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.
IRS will accept duplicate dependent returns submitted with an IP PIN
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.
To comment on this column, contact Paul Bonner, the JofA‘s tax editor.
