The PSA uses a chat between friends in a coffee shop to educate small businesses about beneficial ownership information reporting, which 32.6 million businesses must file.
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Reporting & Filing Requirements
BOI requirements roll along despite concerns about too little outreach
FinCEN, which oversees beneficial ownership information reports, has received just 2.7 million of the 32.6 million reports that it expects. Through June, FinCEN said, it has reached more than 90,000 stakeholders.
Supreme Court: Insurance proceeds increase corporation’s estate tax value
In a unanimous decision, the Supreme Court holds that life insurance proceeds a corporation receives to fund a share redemption agreement increases the corporation’s estate tax value.
IRS steps up enforcement of the individual expatriation tax
The Sec. 877A exit tax applies to specified expatriating U.S. citizens and long-term residents on gains from a deemed sale of assets. Expatriates’ numbers have risen, and the IRS is emphasizing compliance.
The Sec. 645 election to treat a trust as part of the estate
A Sec. 645 election can streamline tax reporting and offer other tax advantages when a client with a living revocable trust dies. Read about the requirements for making a Sec. 645 election, the tax benefits of making the election, and how and when to make the election.
Pond muddies the waters of the mailbox rule
A Fourth Circuit decision seeks a middle ground between Sec. 7502 and common law rules to prove timely mailing of tax returns, refund claims, and other filings.
Community property conundrums abound
This item highlights some of the ways in which community property laws could affect the tax situation of clients residing in common law states.
Distributions to wife do not result in income for husband
Distributions from an IRA and insurance policy taken by wife under a POA from husband are not income to husband.
FinCEN extends BOI reports deadline for certain companies
Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.
FinCEN will allow use of identifier in beneficial ownership reporting
Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.
AICPA, others call for a one-year extension of BOI report deadline
In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.
Spouse’s actual signature not necessary on joint return and extension forms
Married taxpayers filed a joint return and validly executed extensions of time for assessment, even though one spouse did not actually sign the return and the extension documents.
11 seconds late is not better than never
A Tax Court petition electronically filed 11 seconds too late is untimely.
Lookback period fix should apply to all disaster relief
This item looks more closely at the IRS’s inconsistent guidance on application of the lookback period in Sec. 6511(b)(2)(A) in the case of postponed filing deadlines under Sec. 7508A and recommends steps that could be taken to provide much-needed clarification on this lookback issue.
Guidance provided for electronic filing exemptions and waivers
In a notice issued Friday, the IRS provided guidance to persons filing certain returns on how to seek religious exemptions, hardship waivers, and other administrative exemptions provided by the IRS, from electronic filing requirements.
AICPA advocates for delay in BOI reporting requirements
Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.
Tax Court holds firm to deadline for petition filed after midnight Eastern time
Tax Court petition filed electronically after midnight Eastern time on the last day for filing is not timely.
Blog posts are admissible in innocent-spouse relief case
Blog posts held admissible in equitable innocent-spouse relief determination case.
Taxpayers in disaster areas of 3 states have until Oct. 16 to file returns
Taxpayers in most of California and parts of Alabama and Georgia have had their tax filing and payment deadlines further extended to Oct. 16. The postponement covers a wide variety of returns and taxes.
AICPA recommends 12 digital asset FAQs for IRS to post online
The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.
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.
