Tax news and information - Journal of Accountancy

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January 10, 2025

IRS issues proposed regs. on catch-up contributions

The proposed regulations apply to catch-up contributions under a 401(k) or similar workplace retirement plan that generally are allowed for workers who have attained age 50.

January 10, 2025

Basis-shifting transaction reporting addressed in final regs.

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.

January 9, 2025

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.

January 8, 2025

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.

January 3, 2025

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.

January 1, 2025

Line items

IRS processing 400K ERC claims with about $10 billion in eligibility … Social Security wage base announced for 2025 … Intangible property repatriation rules finalized … TIGTA says IRS should review $42 billion in ERC claims … Final regs. target syndicated conservation easement transactions

January 1, 2025

Tax season 2025 preview

Practitioners should address regulatory changes, focus on practice management, and help clients plan for the scheduled TCJA sunset.

January 1, 2025

Equitable and collateral estoppel fail to shield S corporation distribution

Divorce, bankruptcy, and death ultimately result in taxable S corporation distribution for surviving shareholder.

January 1, 2025

When does a tax-exempt organization qualify for the ERC under the controlled-group rules?

A reasonable, good-faith interpretation of the rules must be applied, the IRS Chief Counsel’s Office states.

January 1, 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.

January 1, 2025

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.

December 27, 2024

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.”

December 24, 2024

IRS proposes new rules for tax professionals

The proposed regulations would update the Circular 230 rules governing practice before the IRS.

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 20, 2024