IRS increases the standard mileage rate for business use in 2025
By Internal Revenue Service On December 28, 2024 The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. [...]
Appeals court reinstates injunction that halts BOI enforcement
Three days after a panel of judges granted a Department of Justice motion to lift the injunction, another panel said it was reinstating a lower court’s ruling. An AICPA statement Friday urged CPAs to be prepared to file BOI reports. Read More
IRS proposes new rules for tax professionals
The proposed regulations would update the Circular 230 rules governing practice before the IRS. Read More
BOI injunction lifted; reporting deadline is Jan. 1, 2025
The Fifth Circuit Court of Appeals on Monday granted a Department of Justice motion to lift an injunction imposed by a district court ruling Dec. 3 that deemed the Corporate Transparency Act and its BOI reporting rules “likely unconstitutional.” Read More
AICPA asks SEC to reject PCAOB rules that pose ‘significant challenges’
A comment letter sent Thursday urges the SEC, which oversees the PCAOB, to “refrain from approving” final rules issued last month that call for certain PCAOB-registered public accounting firms to report on a list of firm and engagement metrics. Read More
Business standard mileage rate increases for 2025
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. Read More
Applicability date set for required minimum distribution regulations
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. Read More
Review confirms effectiveness of Private Company Council
The Financial Accounting Foundation’s review of the council, which works with FASB to support the interests of private companies in the standard-setting process, concluded that the council is serving its purpose. Read More
FASB proposal offers guidance on disclosure of environmental credits
The proposal aims to address gaps in guidance for financial accounting of environmental credits and environmental credit obligations. Read More
BOI reporting deadline extension proposed in House draft budget bill
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. Read More
IRS amends rules for computing the premium tax credit
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. Read More
IRS expands online accounts, provides enforcement update
The IRS announces expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan. Read More
