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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TOPICS / TAX
IRS practice & procedure
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.
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.
Filing season quick guide — tax year 2024
Download and print our annual quick guide, a tax season reference, highlighting dollar thresholds, tax tables, standard amounts, credits, and deductions.
Whistleblower case is not stayed by taxpayer’s bankruptcy case
Pursuant to Section 362(a)(8) of the Bankruptcy Code, a taxpayer’s bankruptcy filing did not automatically stay the Tax Court from hearing his whistleblower case.
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.
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.
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