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.

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.

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.

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.

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.

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.

The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.

Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.

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.

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.

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.

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.

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.

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.

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.

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.

Proposed regulations would update existing procedures to reflect online and other electronic forms of bidding and payment.

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.

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.

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.