Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations.
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TOPICS / TAX
IRS practice & procedure
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.
The IRS did not abuse its discretion in sustaining levy
The taxpayer did not challenge her tax liability in a CDP hearing, the Tax Court holds.
BOI reporting deadlines extended for certain victims of 5 hurricanes
The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton.
IRS to end automatic penalties for late filing of foreign gift, bequest forms
National Taxpayer Advocate Erin Collins discussed the changes in a recent blog post. The changes have been long advocated by the AICPA.
Annual inflation adjustments announced for tax year 2025
The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.
Analysis, clarity, and a quiz: A preview of the National Tax Conference
Two tax experts detail sessions of note and what practitioners can gain from the event in mid-November in Washington. Listen to the episode or read the Q&A.
IRS processing 400K ERC claims with about $10 billion in eligibility
Commissioner Danny Werfel says the IRS has made “substantial progress” in separating eligible claims from ineligible ones.
Intangible property repatriation rules finalized
The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.
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FROM THIS MONTH'S ISSUE
Tax season quick guide
Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.
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