TAX NEWS
- In the emergency application filed Tuesday, the Justice Department said beneficial ownership reporting is important in the government’s fight against crimes such as the financing of terrorism.
- 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.
- 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 […]
- The proposed regulations would update the Circular 230 rules governing practice before the IRS.
- 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.
- 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.
- 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.
- 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.
- 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.
- The IRS announces expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan.
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- As the IRS announces significant tax adjustments for 2025, individuals and businesses must prepare for changes that could impact their financial strategies. Understanding these updates is crucial for …
- The IRS continues to issue guidance for crypto tax preparers . . Toward the tail end of 2024 the IRS released the much-awaited rules that DeFi brokers and platforms wi …
- Individuals and businesses impacted by severe weather and natural disasters have been granted extended deadlines.
- As the 2025 tax season approaches, the IRS offers a valuable opportunity for eligible taxpayers to receive free assistance. This initiative aims to ease the tax filing process for those who meet …
- Elon Musk, the billionaire entrepreneur and owner of social media platform X, recently posted a tongue-in-cheek message addressing the US Internal Revenue Service (IRS) about crypto taxation. His post …
- The IRS has introduced temporary tax relief for cryptocurrency investors navigating the complexities of centralized exchanges. The relief aims to mitigate the financial burden of impending tax rules, …
- The IRS and U.S. Treasury have finalized a controversial new rule requiring DeFi platforms to implement KYC procedures and report user transactions, treating them as traditional brokers. Effective by …
- Here's the fine you'll face if you don't activate your tax mailbox according to the Internal Revenue Service (IRS).
- To avoid a government shutdown, the IRS lost out on $20 billion in funding, limiting its ability to track down tax dodgers.
- Each Form 1099 is matched to your Social Security number, so the IRS can easily issue a tax bill if you fail to report one. If you don’t report it, expect a notice.