Treasury, IRS request comments on proposed regulations and a draft form for certain corporate separations and reorganizations
https://www.irs.gov/newsroom/treasury-irs-request-comments-on-proposed-regulations-and-a-draft-form-for-certain-corporate-separations-and-reorganizations
Treasury and IRS issue final rules identifying certain partnership related-party “basis shifting” transactions as transactions of interest
https://www.irs.gov/newsroom/treasury-and-irs-issue-final-rules-identifying-certain-partnership-related-party-basis-shifting-transactions-as-transactions-of-interest
IRS announces Jan. 27 start to 2025 tax filing season; agency continues historic improvements to expand, enhance tools and filing options to help taxpayers
https://www.irs.gov/newsroom/irs-announces-jan-27-start-to-2025-tax-filing-season-agency-continues-historic-improvements-to-expand-enhance-tools-and-filing-options-to-help-taxpayers
IRS Allows Alternative Methods for Identification of Digital Assets
The IRS recently issued Notice 2025-7, which provides temporary relief to allow eligible taxpayers to use alternative methods to make adequate identification of digital asset units that are sold, disposed of or transferred during the 2025 relief period. The notice applies to adequate identification, within the meaning of Regs. Sec. 1.1012-1(j)(3)(ii), of digital assets held in […]
IRS increases the standard mileage rate for business use in 2025; key rate increases 3 cents to 70 cents per mile
https://www.irs.gov/newsroom/irs-increases-the-standard-mileage-rate-for-business-use-in-2025-key-rate-increases-3-cents-to-70-cents-per-mile
Business Tax Account now available for Corporate Designated Officials; Income Verification Express Service open to designated officials and sole proprietors
https://www.irs.gov/newsroom/business-tax-account-now-available-for-corporate-designated-officials-income-verification-express-service-open-to-designated-officials-and-sole-proprietors
Congress Passes Federal Disaster Tax Relief Act
The U.S. Senate recently unanimously passed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), designating a series of presidentially-declared disasters as qualified disaster events. The bill will now be sent to President Joe Biden for his signature. The legislation designates that hurricanes including Ian, Idalia, Nicole, Fiona, Debby, Helene and Milton should be […]
IRS takes steps to help prevent refund delays by accepting duplicate dependent returns with an IP PIN for 2025 filing season; taxpayers encouraged to sign up soon for IP PIN, Online Account
https://www.irs.gov/newsroom/irs-takes-steps-to-help-prevent-refund-delays-by-accepting-duplicate-dependent-returns-with-an-ip-pin-for-2025-filing-season-taxpayers-encouraged-to-sign-up-soon-for-ip-pin-online-account
Interest rates decrease for the first quarter of 2025
https://www.irs.gov/newsroom/interest-rates-decrease-for-the-first-quarter-of-2025
Donations of Qualified Intellectual Property: The Potential for an Extra Boost to the Bottom Line
By: Joel Busch, CPA, JD, MST When it comes to the reasons behind a charitable donation by a business, the non-tax drivers normally take center stage – from the altruistic goals of the company to the potential public relations benefits it affords them. However, the tax benefits of a donation by a business often will […]