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.

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.

Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations.

Nearly three in eight businesses in a poll said they were waiting until the end of the year to file beneficial ownership information reports.

The IRS issued regulations that finalize proposed regulations issued in 2013. The guidance is focused on when and to what extent a partner is treated as bearing the economic risk of loss and the special rules applying to a partner related to another partner.

The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.

The IRS said the new deadline to file under the consolidated employee retention credit claims process is Dec. 31. The previous deadline was Friday.

Beginning with the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS even if a dependent has already been claimed on a previously filed return if the primary taxpayer on the second return includes a valid identity protection personal identification number.

Without a delay, “millions of small business owners become accidentally and unknowingly delinquent in their compliance,” reads the letter, signed by CEO Barry Melancon, CPA, CGMA.

The historic legislation’s enabling of growth and development of qualified retirement plans also launched a new era of public-private cooperation in tax and employee benefits.

National Taxpayer Advocate Erin Collins told the AICPA & CIMA National Tax Conference that the number of unprocessed employee retention credit claims will grow before the final filing deadline in April.

The head of the nonpartisan Committee for a Responsible Federal Budget told the AICPA & CIMA National Tax Conference that extending the Tax Cuts and Jobs Act would add $5 trillion to the national debt.

FinCEN official says the reports “track more closely” with businesses created in 2024, which have a tighter deadline to file than businesses created earlier.

The regulations under Sec. 6335, which had not changed substantially since they were first issued in 1954, did not reflect modern electronic methods of submitting bids and accepting payment from bidders.

The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.