News

The IRS announces expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan.

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.

Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations.

Nearly three in eight businesses in a poll said they were waiting until the end of the year to file beneficial ownership information reports.

The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.

The regulations under Sec. 6335, which had not changed substantially since they were first issued in 1954, did not reflect modern electronic methods of submitting bids and accepting payment from bidders.