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.
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TOPICS / TAX
IRS practice & procedure
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 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
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
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
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
Nearly three in eight businesses in a poll said they were waiting until the end of the year to file beneficial ownership information reports.
Revisiting Skidmore deference after Loper Bright
The decision reaffirms the relevance of Skidmore v. Swift & Co., which established Skidmore deference as an approach to judicial review of agency interpretations.
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.
ERC claims withdrawal process extended for third-party payers
The IRS said the new deadline to file under the consolidated employee retention credit claims process is Dec. 31. The previous deadline was Friday.
2025 tax preview: Perspective from an AICPA tax policy advocate
An AICPA tax leader explains advocacy efforts related to beneficial ownership information reporting and discusses the potential extension of the Tax Cuts and Jobs Act. Listen to the episode or read the Q&A.
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.
Taxpayer advocate: Unprocessed ERC claims could total 1 million at year end
National Taxpayer Advocate Erin Collins told the AICPA & CIMA National Tax Conference that the number of unprocessed employee retention credit claims will grow before the final filing deadline in April.
BOI update: 6.5 million of 32 million reports filed so far
FinCEN official says the reports “track more closely” with businesses created in 2024, which have a tighter deadline to file than businesses created earlier.
Final regs. modernize process for sale of taxpayers’ property
The regulations under Sec. 6335, which had not changed substantially since they were first issued in 1954, did not reflect modern electronic methods of submitting bids and accepting payment from bidders.
Inflation adjustments to retirement account limits issued for 2025
The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.
Fraudsters get $47 million from practitioner priority service line scheme
The losses occurred over an eight-month period ending in April, according to a report from the Treasury Inspector General for Tax Administration.
GAO recommends improvements to IRS’s private debt collection program
A U.S. Government Accountability Office report highlights a need for enforcement equity assessment and better taxpayer communication.
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