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.
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.
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.
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 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.
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.
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.
Extension to BOI reporting deadline removed from budget bill
Congress did not include a delay to the beneficial ownership information reporting requirement in its government funding bill. The AICPA has been advocating for a delay.
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.
IRS proposes new rules for tax professionals
The proposed regulations would update the Circular 230 rules governing practice before the IRS.
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