Tax News - The Tax Adviser

October 30, 2024

BOI reporting deadlines extended for certain victims of 5 hurricanes

The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton.

October 29, 2024

IRS to end automatic penalties for late filing of foreign gift, bequest forms

National Taxpayer Advocate Erin Collins discussed the changes in a recent blog post. The changes have been long advocated by the AICPA.

October 29, 2024

Universal accounting for digital assets concludes, but safe harbor available

The new safe-harbor guidance for digital asset transaction reporting in Rev. Proc. 2024-28 goes into effect Jan. 1, 2025. This article explains how taxpayers may rely on the safe harbor to allocate unused basis of digital assets to digital assets held within each wallet or account of the taxpayer.

October 22, 2024

Annual inflation adjustments announced for tax year 2025

The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.

October 11, 2024

IRS processing 400K ERC claims with about $10 billion in eligibility

Commissioner Danny Werfel says the IRS has made “substantial progress” in separating eligible claims from ineligible ones.

October 11, 2024

FinCEN offers storm and terrorist attack relief for FBAR filings

The Financial Crimes Enforcement Network extended filing deadlines for reports of foreign bank and financial accounts (FBAR) for people in federally declared disaster areas of five storms. It also is delaying the filing deadline for people affected by terrorist attacks in Israel.

October 11, 2024

Social Security wage base announced for 2025

The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.

October 9, 2024

Intangible property repatriation rules finalized

The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.

October 9, 2024

TIGTA says IRS should review $42 billion in ERC claims

The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in payment of $2 billion in erroneous employee retention credit claims.

October 7, 2024

Final regs. target syndicated conservation easement transactions

The IRS issued the final regulations identifying these abusive transactions and substantially similar ones as listed transactions that must be reported to the agency.

October 3, 2024

IRS provides Helene relief; AICPA seeks BOI, FBAR filing extensions

The IRS said it was providing disaster relief for individuals and businesses in all or part of seven states. Also, the AICPA sent a letter to FinCEN seeking extensions for BOI and FBAR reports that match the relief that the IRS provides for other filings, both in terms of the extended due dates and geographic scope.

September 26, 2024