The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.
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TOPICS
IRS Practice & Procedure
IRS reorganizes leadership structure with 1 deputy commissioner
Doug O’Donnell, the current deputy commissioner for services and enforcement and the acting IRS commissioner from November 2022 to March 2023, will fill the position.
ERC disallowance letters sent to 20K+ taxpayers
The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.
IRS targets Malta pension plans: Compliance options
This article describes the plans and their purported U.S. tax benefits, the potential income tax and reporting penalties for engaging in them, and ways that participants in these transactions may come back into tax and reporting compliance and mitigate penalties related to their use.
Tax Court allows equitable tolling of deadline to review CDP hearing
Equitable tolling applies to the deadline for filing a request for a collection due process hearing.
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.
IRS surveys tax professionals to help it improve services
The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.
Lower Form 1099-K threshold delayed again
The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.
Prop. regs. issued on conservation easement deduction disallowance
The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
Proposed crypto regs. define ‘broker’ too broadly, industry says
The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.
Werfel: IRS must move quickly to show what a well-funded agency can do
While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.
IRS announces annual inflation adjustments for tax year 2024
The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.
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.
Sec. 6700 penalty based on income from entire tax-avoidance scheme
Large Sec. 6700 penalty against promoter of a tax-avoidance scheme for a false statement is affirmed on appeal.
IRS sanctioned in penalty case
Tax Court approves monetary sanctions against IRS after new evidence shows that the Service had misled the court regarding written supervisory approval of a penalty.
Penalties against LLC approved by IRS supervisor, Tax Court holds
In Salacoa Stone Quarry, LLC, the Tax Court held that penalties for misstatement of a charitable conservation easement’s value were properly approved by an IRS supervisor, despite a discrepancy in dates on the penalty approval documents.
Tax treatment of digital asset protocol upgrades
IRS Chief Counsel Advice memorandum 202316008, has clarified the reporting for taxpayers holding certain digital assets that undergo certain protocol upgrades.
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.
COVID-19 changes allowing e-signatures made permanent
A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.
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.
