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Accounting & Taxes

FinCEN extends BOI reports deadline for certain companies

AICPA Tax Advisor - Wed, 2023-11-29 16:11
Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.
Categories: Accounting & Taxes

IRS surveys tax professionals to help it improve services

AICPA Tax Advisor - Mon, 2023-11-27 15:12
The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.
Categories: Accounting & Taxes

Lower Form 1099-K threshold delayed again

AICPA Tax Advisor - Tue, 2023-11-21 17:26
The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.
Categories: Accounting & Taxes

Prop. regs. issued on conservation easement deduction disallowance

AICPA Tax Advisor - Fri, 2023-11-17 16:38
The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
Categories: Accounting & Taxes

Proposed crypto regs. define ‘broker’ too broadly, industry says

AICPA Tax Advisor - Wed, 2023-11-15 16:35
The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.
Categories: Accounting & Taxes

Werfel: IRS must move quickly to show what a well-funded agency can do

AICPA Tax Advisor - Tue, 2023-11-14 16:45
While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.
Categories: Accounting & Taxes

IRS announces annual inflation adjustments for tax year 2024

AICPA Tax Advisor - Thu, 2023-11-09 18:37
The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.
Categories: Accounting & Taxes

FinCEN will allow use of identifier in beneficial ownership reporting

AICPA Tax Advisor - Wed, 2023-11-08 16:50
Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.
Categories: Accounting & Taxes

Inflation adjustments to retirement account limits issued for 2024

AICPA Tax Advisor - Thu, 2023-11-02 08:30
The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs.
Categories: Accounting & Taxes

AICPA, others call for a one-year extension of BOI report deadline

AICPA Tax Advisor - Tue, 2023-10-31 17:41
In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.
Categories: Accounting & Taxes

COVID-19 changes allowing e-signatures made permanent

AICPA Tax Advisor - Wed, 2023-10-25 14:31
A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.
Categories: Accounting & Taxes

IRS emphasizes strides as it presses to keep funding

AICPA Tax Advisor - Fri, 2023-10-20 14:45
Commissioner Danny Werfel focused on IRS efforts to get wealthy corporations and high-income individuals to pay taxes they owe as he made his case for the Service to keep both its annual appropriations and funding from the Inflation Reduction Act.
Categories: Accounting & Taxes

‘As if they were never filed’: IRS outlines steps to withdraw ERC claims

AICPA Tax Advisor - Thu, 2023-10-19 14:17
The withdrawal program is one step that the IRS is taking to help small businesses that may have filed an ineligible claim while also cracking down on unscrupulous promoters.
Categories: Accounting & Taxes

13 states will participate in IRS Direct File pilot

AICPA Tax Advisor - Wed, 2023-10-18 17:11
The pilot program for the 2024 filing season will let individuals file returns directly with the IRS, with strict limits on eligibility, covering only taxpayers with relatively simple returns.
Categories: Accounting & Taxes

Projected tax gap jumps to $688 billion for tax year 2021

AICPA Tax Advisor - Wed, 2023-10-18 14:37
The IRS said the increase in the projected tax gap is due to growth projected increases in nonfiling and underreporting of individual income tax, along with underreporting of self-employment tax.
Categories: Accounting & Taxes

IRS announces relief for taxpayers affected by attacks in Israel

AICPA Tax Advisor - Fri, 2023-10-13 17:05
Qualifying individual and businesses have until Oct. 7, 2024, to file certain federal returns, make tax payments, and perform other time-sensitive, tax-related actions, according to an IRS notice.
Categories: Accounting & Taxes

IRS to modernize regs. for tax sales of seized property

AICPA Tax Advisor - Fri, 2023-10-13 14:06
Proposed regulations would update existing procedures to reflect online and other electronic forms of bidding and payment.
Categories: Accounting & Taxes

Social Security wage base, COLA set for 2024

AICPA Tax Advisor - Thu, 2023-10-12 16:09
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2024 to $168,600 and a 3.2% cost-of-living adjustment for Social Security benefits for 2024.
Categories: Accounting & Taxes

Clean-vehicle buyers can transfer tax credits to reduce purchase price

AICPA Tax Advisor - Mon, 2023-10-09 18:00
Proposed regulations provide guidance for how transfers of the up to $7,500 Sec. 30D new clean vehicle, and up to $4,000 Sec. 25E used clean vehicle credit will work for buyers and dealers, starting Jan. 1, 2024.
Categories: Accounting & Taxes

FinCEN continues outreach on BOI reporting, may release YouTube videos

AICPA Tax Advisor - Wed, 2023-10-04 16:49
The new head of the Financial Crimes Enforcement Network said the online videos, which she used in her previous government position, are among the communication options being considered to inform companies about beneficial ownership information reporting requirements.
Categories: Accounting & Taxes


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