The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI.
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IRS Practice & Procedure
The AICPA’s tax policy and advocacy work: 2023 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
IRS announces penalty relief, resumption of collection notices
The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.
IRS expands access to business tax accounts, adds features
Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.
Information-reporting penalty safe harbor finalized
The IRS issued regulations on Monday providing a de minimis safe harbor from information-reporting penalties, finalizing proposed regulations issued in 2018.
Interim guidance provided for the corporate alternative minimum tax
The IRS issued a notice on regarding the application of the corporate alternative minimum tax to shareholders of CFCs and to affiliated groups of corporations filing consolidated returns.
Business standard mileage rate increases for 2024
The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.
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.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
