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
PEEC issues recruiting guidance, exposure draft on simultaneous employment
The Professional Ethics Executive Committee’s guidance is related to recruiting services for attest clients, and the exposure draft includes a new definition and interpretation of simultaneous employment or association. Read More
IRS grants partnerships additional time to furnish complete Forms 8308
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. Read More
Gravitating to gen AI: CPA leaders show increased interest
More than 3 in 5 business executives surveyed by the AICPA are at least contemplating the use of generative AI, signaling that broad adoption could be around the corner. Read More
FinCEN: Companies can voluntarily file BOI reports during injunction
The Financial Crimes Enforcement Network said in an alert, however, that reporting companies do not have to file beneficial ownership information reports while a preliminary injunction is in effect. Read More
PCAOB shares inspection priorities for 2025
The board, facing an uncertain future following the presidential election, plans to prioritize inspections in the financial, real estate, and information technology sectors in 2025. Read More
