Tax news and information - Journal of Accountancy

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March 27, 2025

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.

March 26, 2025

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.

March 24, 2025

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.

March 21, 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.

March 19, 2025

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.”

March 18, 2025

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.

March 14, 2025

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.

March 8, 2025

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.

March 6, 2025

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.

March 3, 2025

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.

March 1, 2025

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.

March 1, 2025

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

March 1, 2025