Final rules identifying certain partnership related-party “basis shifting” transactions as transactions of interest
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...
Standard mileage rate for business use increases for 2025
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...
Reminder: Final 2024 quarterly estimated tax payment due Jan. 15
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...
Disaster-area taxpayers with extensions: Some must file by Feb. 3, others May 1
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 release.
IRS announces Jan. 27 start to 2025 tax filing season; continues historic improvements to expand, enhance tools and filing options
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....
IRS issues guidance for the District of Columbia and States that have paid family and medical leave programs
WASHINGTON — The Internal Revenue Service today issued guidance on the income and employment tax treatment of contributions and benefits paid in certain situations under a state-paid family and medical leave program, as well as the related reporting requirements. Rev....
IRS reminder: Wage statements and certain information returns due by Jan. 31
WASHINGTON — As tax filing season nears, the Internal Revenue Service reminds businesses to submit wage statements and certain information returns to the federal government by Jan. 31. Filing the required forms by the deadline and without errors not only helps...
IRS initiates Fast Track Settlement pilot programs in effort to make Alternative Dispute Resolution faster and easier
WASHINGTON — The Internal Revenue Service today announced three pilot programs that will test changes to existing Alternative Dispute Resolution (ADR) programs. IRS ADR programs are designed to help taxpayers resolve tax disputes earlier and more...
IRS selects 18 new Internal Revenue Service Advisory Council members for 2025
WASHINGTON - The Internal Revenue Service today announced the appointment of 18 new members to the Internal Revenue Service Advisory Council. The IRSAC, established in 1953, is an organized public forum for IRS officials and representatives of the public to...
CASST accomplishments that will improve the 2025 tax season
Highlights of the coalition’s accomplishments include: New Fuel Tax Credit Statement - The IRS developed the “Statement Supporting Fuel Tax Credit (FTC) Computation - 1”, to educate taxpayers on eligibility requirements for claiming the credit. Here are...