Prop. regs. address expanded annual compensation deduction limitation … Prop. regs. issued for spinoff transactions and their reporting … Regs. identify microcaptive transactions as reportable transactions … IRS proposes new rules for tax professionals … IRS proposes new rules for tax professionals … IRS issues proposed regs. on catch-up contributions
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Tax
As time runs out for pandemic-era ERC, IRS adds 5 FAQs
The FAQs, which deal mainly with how to handle the employee retention credit on tax returns under various scenarios, are not authoritative but do provide some answers to questions about the expiration of the statute of limitation, an AICPA & CIMA tax practice and ethics manager said.
BOI reporting changes don’t affect CTA’s constitutionality, filing says
In a brief filed in the Eleventh Circuit, the federal government said the move to remove the beneficial ownership filing requirement for domestic companies does not affect the constitutionality of the Corporate Transparency Act.
AICPA recommends prop. regs. changes for some retirement savings plans
The AICPA submitted comments to Treasury and the IRS with recommended changes to proposed regulations for automatic enrollment requirements for most newly established 401(k) and 403(b) plans under the SECURE 2.0 Act.
What happens next with the TCJA? Tax professionals are concerned
A Bloomberg Tax survey found that more than 4 in 5 respondents are moderately to very worried about the potential sunset of the Tax Cuts and Jobs Act, which expires at the end of 2025.
BOI filing requirements for US companies, persons removed
FinCEN issued an interim final rule Friday removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.
7,000 IRS workers ‘reinstated’ — but not yet returning to work
An email from the acting IRS commissioner, citing a federal court order, says certain probationary employees will receive salaries, back pay, and benefits but are “not [to] report to duty or perform any work until receiving further guidance.”
Higher threshold for Form 1099-K reporting among AICPA priorities
In a letter to congressional finance leaders, the AICPA listed increasing the threshold to $10,000 as one of its priorities.
IRS to remain at full staff for at least 5 days if government shuts down
Acting IRS commissioner says the agency will use “existing appropriations” to remain open if Congress does not agree to a continuing resolution by the end of Friday.
AICPA emphasizes importance of a modern IRS in statement
In a statement Friday, CEO Mark Koziel, CPA, CGMA, said the AICPA is discussing the state of the IRS with agency officials in the wake of layoffs. “A modern, functioning IRS is essential for Americans to meet their tax obligations,” the statement said.
AICPA applauds Treasury’s suspension of BOI enforcement
A statement Thursday praised Treasury for ” reducing regulatory burden on businesses” and said the “AICPA remains committed to appropriate anti-money laundering policies.
Treasury says it won’t enforce BOI fines or penalties against U.S. citizens, businesses
A news release says Treasury won’t enforce fines or penalties against U.S. citizens or domestic reporting companies or their beneficial owners. Treasury will also issue proposed rulemaking to limit beneficial ownership information reporting to foreign reporting companies only.
The risk of providing unintentional financial advice
Clients often seek their CPA’s advice on potential investments. Failure to respond properly can leave the CPA subject to lawsuits.
Line items
Business standard mileage rate increases for 2025 … Applicability date set for required minimum distribution regulations … IRS amends rules for computing the premium tax credit … IRS expands online accounts, provides enforcement update … Regs. address partnership recourse liabilities, related-party rules … IRS again delays effective date of $600 threshold for Form 1099-K reporting … IRS will accept duplicate dependent returns submitted with an IP PIN
Fifth Circuit affirms denial of accountable care organization’s tax exemption
Finding that the organization was not operated exclusively for the promotion of social welfare, the Fifth Circuit affirmed the Tax Court’s judgment.
Transfer pricing: Not just for the tax department
Financial reporting needs to be given greater attention as the stakes of transfer pricing disputes rise.
Frozen digital asset rewards constitute gross income
Digital asset rewards from staking and other activities constitute income in the year of receipt, irrespective of whether the account is later frozen, the IRS Chief Counsel’s office determined.
FBAR penalties are not taxes imposed by the Code
Because they are imposed under Title 31, taxpayers’ foreign bank account reporting failure penalties were not subject to the Code’s procedural requirements, the Tax Court held.
FinCEN extends BOI reporting deadline, halts enforcement
The Financial Crimes Enforcement Network said late Thursday that it will extend the current reporting deadline beyond March 21 and will develop new regulations to reduce “regulatory burden.”
Phish, smish, and spear phish: IRS releases 2025’s Dirty Dozen
The annual list, which began in 2002, lists 12 ways scammers try to gain confidential information from tax professionals or trick taxpayers.
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