IRS Launches New Enforcement Campaign Targeting Legal Fee Deferrals and Disclosure Statements, FS-2024-32; IR-204-310
The IRS has launched a new enforcement campaign targeting taxpayers engaged in deferred legal fee arrangements and improper use of Form 8275, Disclosure Statement. The
AICPA Is Encouraging Companies To Continue To Collect BOI Data Despite Injunction
The American Institute of CPAs is encouraging business owners to continue to collect required beneficial ownership information as required by the Corporate Transparency Act even
Partnerships Get More Time to Furnish Form 8308 for 2024 Section 751(a) Exchanges, Notice 2025-2
The IRS has provided relief from the failure to furnish a payee statement penalty under Code Sec. 6722 to certain partnerships with unrealized receivables or inventory items
Final Regs Define “Energy Property” for Energy Investment Credit, TD 10015
Final regulations defining “energy property” for purposes of the energy investment credit generally apply with respect to property placed in service during a tax year
Final Regulations Issued on Recourse Partnership Liabilities and Related-Party Rules, TD 10014
The Treasury Department and IRS have issued final regulations amending regulations under Code Sec. 752 regarding a partner’s share of recourse partnership liabilities and the rules for
Transition Relief for Third Party Settlement Organization Reporting; $5,000 Threshold for 2024 Form 1099-K, Notice 2024-85; IR-2024-299
The IRS has provided transition relief for third party settlement organizations (TPSOs) for reportable transactions under Code Sec. 6050W during calendar years 2024 and 2025. These calendar
2025 Inflation Adjustments for Pension Plans, Retirement Accounts Released, Notice 2024-80; IR-2024-285
The 2025 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of
IRS Expands List of Preventive Care Benefits for HDHP, Notice 2024-75
The IRS has expanded the list of preventive care benefits permitted to be provided by a high deductible health plan (HDHP) under Code Sec. 223(c)(2)(C) without a
Social Security Wage Cap and Benefit Amounts Increase for 2025, SSA Press Release: Social Security Announces 2.5 Percent Benefit Increase for 2025; Social Security Fact Sheet: 2025 Social Security Changes
For 2025, the Social Security wage cap will be $176,100, and social security and Supplemental Security Income (SSI) benefits will increase by 2.5 percent. These
IRS Releases 2025 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts, Rev. Proc. 2024-40; IR-2024-273
The IRS has released the annual inflation adjustments for 2025 for the income tax rate tables, plus more than 60 other tax provisions. The IRS
Consistent Basis Reporting Final Regulations Issued, T.D. 9991
Final regulations on consistent basis reporting have been issued under Code Secs. 1014 and 6035. Consistent Basis Requirement The general rule is that a taxpayer’s initial basis in
IRS Enhances Online Tools for Clean Energy Tax Incentives, IR-2024-230
The IRS has significantly improved its online tools, using funding from the Inflation Reduction Act (IRA), to facilitate taxpayers in accessing clean energy tax credits. These
