by TIG Tax Services | Jan 16, 2025 | Tax Updates
The Department of the Treasury and the IRS issued final regulations identifying certain partnership related-party “basis shifting” transactions as transactions of interest – TOIs – subject to the rules for reportable transactions. The regulations include: Increased...
by TIG Tax Services | Jan 16, 2025 | Tax Updates
The standard mileage rate for vehicles driven for business will increase by 3 cents in 2025. The mileage rates for vehicles used for other purposes will remain unchanged from 2024. The updated standard mileage rates for the use of a car, van, pickup or panel truck...
by TIG Tax Services | Jan 16, 2025 | Tax Updates
The IRS reminds small businesses to make their fourth quarter estimated tax payment on or before Jan. 15, 2025. Some taxpayers who pay quarterly may overlook this last payment deadline of the year, which can result in unexpected penalties and fees when they file their...
by TIG Tax Services | Jan 16, 2025 | Tax Updates
Disaster-area taxpayers with extensions: Some must file by Feb. 3, others May 1 The due dates for disaster-area taxpayers who received extensions to file their 2023 returns depend on their location. For full details read disaster extension news...
by TIG Tax Services | Jan 16, 2025 | Tax Updates
The 2025 tax filing season starts on Monday, Jan. 27, 2025 for Form 1040 filers, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts. These improvements include: Expanding Direct File to 25 states....
