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.”
The proposed regulations would update the Circular 230 rules governing practice before the IRS.
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.
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.
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.
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.
A vote could come as early as today on the continuing resolution, which would extend the reporting deadline by one year to Jan. 1, 2026.
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.
The IRS announces expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan.
The IRS is providing relief from penalties imposed solely for failure to furnish Part IV of Form 8308 for partnerships by Jan. 31, 2025, if a partnership meets certain requirements.