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IRS announces 2025 tax filing season and Direct File availability


The IRS will begin accepting business returns at 8 a.m. CST January 15 and individual returns at 8 a.m. CST starting January 27

Beneficial Ownership Information Reporting


Updates to Beneficial Ownership Information Reporting Deadlines – Beneficial Ownership Information Reporting Requirements are not currently required

Alert:  Alert [December 27, 2024]: Impact of Ongoing Litigation – Deadline Stay – Voluntary Submission Only

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. More information is available on our website.

In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline.

BOI Extension information

At approximately 5:30 pm CST Tuesday, 03 December 2024, Judge Amos L. Mazzant III of the US District Court for the Eastern District of Texas issued an injunction preliminary blocking the regulations nationwide.  The AICPA on Thursday, December 5, 2024, sent their CPA Letter with the Top Story headlines of this news.

Federal ruling halts BOI reporting for now

Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations. Journal of Accountancy (12/5)

Other reports regarding the ruling are available in the links below.

Bloomberg Law  The Woodard Report

IRS to Use IP PINs to Stop Refund Delays Due to Duplicate Dependent Returns


The IRS will begin accepting certain e-filed tax returns claiming dependents who have already been claimed on another taxpayer's return to prevent refund delays for tax credits, including the earned income tax credit (EIC) and the child tax credit (CTC). Beginning with the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS, even if a dependent listed on the return has been claimed on someone else's previously filed return, so long as the primary taxpayer on the second return includes a valid identity protection personal identification number (IP PIN).

More information

FinCEN Publishes Beneficial Ownership Reporting Outreach and Education Toolkit


The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued another resource to familiarize small business owners with beneficial ownership reporting requirements. These reporting requirements are mandated by the Corporate Transparency Act, a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts. This law requires many small businesses to report basic information to the Federal government about the real people who ultimately own or control them.

The toolkit contains templates and sample content that has been structured to allow private, public, and non-profit organizations to share and amplify this important information. The toolkit includes general background on the reporting requirements, as well as templates for newsletters, websites, and emails; sample social media posts and images; and information on how to contact FinCEN.

News Release: https://www.fincen.gov/news/news-releases/fincen-publishes-beneficial-ownership-reporting-outreach-and-education-toolkit

Toolkit: https://www.fincen.gov/boi/toolkit

Chevron doctrine overturned: Implications for tax professionals


In this joint episode, Neil Amato, host of the Journal of Accountancy podcast and Melanie Lauridsen, VP of AICPA Tax Policy and Advocacy discuss two recent Supreme Court decisions.

The Supreme Court ruling in Loper Bright Enterprises v. Raimondo overturned a 40-year-old precedent of deference referred to as the Chevron doctrine, affecting future rulemaking by eliminating the need for judges to defer to agency interpretations of ambiguous statutes. In Corner Post, Inc. v. Board of Governors of the Federal Reserve System, the Supreme Court ruled to alter the statute of limitations for challenging regulations, starting the clock when a plaintiff is injured rather than when the regulation is enforced.

 

These decisions introduce significant uncertainty for the accounting profession, particularly regarding IRS regulations and long-standing rules and emphasize the need for CPAs to stay informed and adaptable as the implications of these rulings unfold.
Tax Section 

Final and proposed regulations issued on retirement plan RMDs


Please see the July 18, 2024, article in the Journal of Accountancy
The Triple Tax Check: Sales, Property, and Income Tax Considerations When Relocating

Are you thinking about relocating to a new city or state? Whether it’s for a career change, a better quality of life, or simply a fresh start, moving to a new place is an exciting adventure. However, it’s crucial to consider the financial aspects of your move. When relocating, don’t forget to factor in the sales tax, property tax, and income tax rates of your prospective destination. These three tax types can significantly impact your overall financial well-being.

The article below was provided by Shelley Girardin-Klatz with Johnson CPA
The Triple Tax Check

IRS Statement on balance due notices (CP14)


June 12, 2024

The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return.

Who is affected: Taxpayers who paid electronically or by check with their 2023 tax return, may show their accounts as pending, although the IRS has received and processed payment through their banking institution. The notice may have been initiated before the payment was processed on the account, or the payment may have been processed but contained errors and requires additional handling to address the error before updating the tax account.

No immediate action or phone call needed: Taxpayers who receive a notice but paid the tax they owed in full and on time, electronically or by check, should not respond to the notice at this time. The IRS is researching the matter and will provide an update as soon as possible.

Note that any assessed penalties and interest will be automatically adjusted when the payment(s) are applied correctly by the IRS.

Taxpayers who paid only part of the tax reported due on their 2023 return should pay the remaining balance or follow instructions on the notice to enter into an installment agreement or request additional collection alternatives.

For affected taxpayers, the IRS apologizes for the inconvenience this delay in processing your payment has caused.



Tax planning for the TCJA's sunset

Because most individual tax provisions of the law known as the Tax Cuts and Jobs Act were temporary, now is a good time for taxpayers to incorporate into their tax planning strategies those provisions’ scheduled sunset at the end of 2025. The Tax Adviser (12/2023)


The Tax Advisor

Congratulations

Frank Sands, CPA, former TACPA President and current NCCPAP President, was recently named to Accounting Today's 2023 Top 100 Most Influential People.

Members of other NCCPAP chapters making the Top 100 list are
Steve Mankoski and Carl Peterson

Congratulations!
Accounting Today