New pilot programs involve fast-track settlements and post-appeals mediation.
Advertisement
News
Prop. regs. address expanded annual compensation deduction limitation
The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C).
Prop. regs. issued for spinoff transactions and their reporting
The IRS said it used feedback from tax advisers to write the proposed regulations, which include new multiyear tax reporting requirements.
Regs. identify microcaptive transactions as reportable transactions
The final regulations, posted by the IRS on Tuesday in the Federal Register, identify certain microcaptive transactions as reportable listed transactions or transactions of interest.
Prop. regs. address 401(k), 403(b) automatic enrollment requirement
The proposed regulations provide guidance to plan administrators on implementing the automatic enrollment requirement established by the Secure 2.0 Act.
IRS announces start date for tax filing season
IRS Commissioner Danny Werfel said he expects the 2025 filing season to build on the success of the two previous seasons if Congress maintains funding.
IRS issues proposed regs. on catch-up contributions
The proposed regulations apply to catch-up contributions under a 401(k) or similar workplace retirement plan that generally are allowed for workers who have attained age 50.
Basis-shifting transaction reporting addressed in final regs.
The final regulations, which the IRS issued Friday, make several changes to the proposed regulations, including a higher dollar threshold for a basis increase in transactions of interest.
AICPA tax policy and advocacy successes: 2024 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS during 2024.
IRS requires sustained funding to continue to help taxpayers, report says
The national taxpayer advocate’s first report to the new Congress highlighted the need for money devoted to taxpayer services and technology.
Plaintiffs ask Supreme Court to reject DOJ’s BOI request
In response to the Justice Department’s application for a stay of a district court injunction related to beneficial ownership information reporting, the plaintiffs claim that staying the injunction would harm reporting companies more than it would help the government.
Alternative methods allowed for identification of digital assets
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.
Appeals court reinstates injunction that halts BOI enforcement
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 continue to file BOI reports voluntarily and that they are “not subject to liability if they fail to do so while the order remains in force.”
IRS proposes new rules for tax professionals
The proposed regulations would update the Circular 230 rules governing practice before the IRS.
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.
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.
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.
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.
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.
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.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
