IRS practice & procedure

TOPICS / TAX

December 23, 2024

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.

December 19, 2024

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.

December 19, 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.

December 17, 2024

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.

December 16, 2024

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.

December 13, 2024

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.

December 11, 2024

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.

December 6, 2024

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.

December 3, 2024

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.

December 1, 2024

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.

November 26, 2024

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.

November 22, 2024

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.

November 21, 2024

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.

November 21, 2024

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.

November 12, 2024