Basis-shifting transaction reporting addressed in final regs.
The final regulations, which the IRS issued Friday, make several changes to the proposed regulations, including a higher dollar threshold for a basis increase in transactions of interest. Read More
AICPA tax policy and advocacy successes: 2024 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS during 2024. Read More
IRS requires sustained funding to continue to help taxpayers, report says
The national taxpayer advocate’s first report to the new Congress highlighted the need for money devoted to taxpayer services and technology. Read More
A second private-equity company acquires top 20 firm Citrin Cooperman
Blackstone acquires a majority investment made less than three years ago by a fellow private-equity company, the latest in a long line of recent deals involving large accounting firms. Read More
FASB seeks input on standard-setting priorities
The board’s first agenda consultation in three years is focused on identifying targeted improvements to GAAP. Read More
DOJ asks Supreme Court to block injunction on BOI reporting
In the emergency application filed Tuesday, the Justice Department said beneficial ownership reporting is important in the government’s fight against crimes such as the financing of terrorism. Read More
Alternative methods allowed for identification of digital assets
The IRS provided temporary relief that permits eligible taxpayers to use alternative methods to make adequate identification of digital asset units sold, disposed of, or transferred in 2025. Read More
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
