News

Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company.


The IRS has provided transition relief for third party settlement organizations (TPSOs) for reportable transactions under Code Sec. 6050W during calendar years 2024 and 2025. These calendar years will be the final transition period for IRS enforcement and administration of amendments made to the minimum threshold amount for TPSO reporting under Code Sec. 6050W(e).


The Treasury Department and IRS have issued final regulations amending regulations under Code Sec. 752 regarding a partner’s share of recourse partnership liabilities and the rules for related persons.


Final regulations defining “energy property” for purposes of the energy investment credit generally apply with respect to property placed in service during a tax year beginning after they are published in the Federal Register, which is scheduled for December 12.


The IRS has provided relief from the failure to furnish a payee statement penalty under Code Sec. 6722 to certain partnerships with unrealized receivables or inventory items described in Code Sec. 751(a) (Section 751 property) that fail to furnish, by the due date specified in Reg. §1.6050K-1(c)(1), Part IV of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, to the transferor and transferee in a Section 751(a) exchange that occurred in calendar year 2024.


The American Institute of CPAs is encouraging business owners to continue to collect required beneficial ownership information as required by the Corporate Transparency Act even though the regulations have been halted for the moment.


The IRS has launched a new enforcement campaign targeting taxpayers engaged in deferred legal fee arrangements and improper use of Form 8275, Disclosure Statement. The IRS addressed tax deferral schemes used by attorneys or law firms to delay recognizing contingency fees as taxable income.


Tax Alerts
Tax Briefing(s)
IRS Reminds Low- and Moderate-Income Taxpayers of Saver’s Credit to Save Retirement Savings in 2025 and Future Years, IR-2024-298
The IRS reminded low- and moderate-income taxpayers to save for retirement now and possibly earn a tax credit in 2025 and future years through the Saver’s Credit. The Retirement Savings Contribution...
IRS and Security Summit Partners Warn Against Bad Tax Advice on Social Media, IR-2024-302
The IRS and Security Summit partners issued a consumer alert regarding the increasing risk of misleading tax advice on social media, which caused people to file inaccurate tax returns. To avoid mist...
IRS and Security Summit Recommend Joining IP PIN Program, IR-2024-303
The IRS and the Security Summit partners encouraged taxpayers to join the Identity Protection Personal Identification Number (IP PIN) program at the start of the 2025 tax season. IP PINs are availabl...
IRS Warns Taxpayers to Avoid Promoters of Fraudulent Charitable Contribution Tax Schemes, IR-2024-304
The IRS warned taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as "Charitable LLCs." Participating in...
Security Summit Urges Updating Digital Security to Prevent Identity Theft, IR-2024-306
The IRS, along with Security Summit partners, urged businesses and individual taxpayers to update their security measures and practices to protect against identity theft targeting financial data. Th...
2024 Required Amendments List Issued, Notice 2024-82
The IRS has issued its 2024 Required Amendments List (2024 RA List) for individually designed employee retirement plans. RA Lists apply to both Code Secs. 401(a) and 403(b) individually designed p...
CT - Change in withholding requirements for nonpayroll amounts
Effective January 1, 2025, payers of nonpayroll amounts are no longer required to withhold Connecticut personal income tax from certain retirement income distributions. Payers of nonpayroll amounts ar...
NJ - Guidance expanded to include intoxicating hemp products sales
New Jersey updated its publication providing cannabis businesses with detailed sales and use tax and social equity excise fee (SEEF) guidance to include intoxicating hemp product sales.On September 12...
NY - Petition dismissed as taxpayers’ failed to meet their burden of proof
New York taxpayers’ petition for revision of a determination of personal income tax was dismissed because the taxpayers failed to establish a reasonable cause for the abatement of penalties. In this...
IRS Reminds Low- and Moderate-Income Taxpayers of Saver’s Credit to Save Retirement Savings in 2025 and Future Years, IR-2024-298
The IRS reminded low- and moderate-income taxpayers to save for retirement now and possibly earn a tax credit in 2025 and future years through the Saver’s Credit. The Retirement Savings Contribution...
IRS and Security Summit Partners Warn Against Bad Tax Advice on Social Media, IR-2024-302
The IRS and Security Summit partners issued a consumer alert regarding the increasing risk of misleading tax advice on social media, which caused people to file inaccurate tax returns. To avoid mist...
IRS and Security Summit Recommend Joining IP PIN Program, IR-2024-303
The IRS and the Security Summit partners encouraged taxpayers to join the Identity Protection Personal Identification Number (IP PIN) program at the start of the 2025 tax season. IP PINs are availabl...
IRS Warns Taxpayers to Avoid Promoters of Fraudulent Charitable Contribution Tax Schemes, IR-2024-304
The IRS warned taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as "Charitable LLCs." Participating in...
Security Summit Urges Updating Digital Security to Prevent Identity Theft, IR-2024-306
The IRS, along with Security Summit partners, urged businesses and individual taxpayers to update their security measures and practices to protect against identity theft targeting financial data. Th...
2024 Required Amendments List Issued, Notice 2024-82
The IRS has issued its 2024 Required Amendments List (2024 RA List) for individually designed employee retirement plans. RA Lists apply to both Code Secs. 401(a) and 403(b) individually designed p...
CT - Change in withholding requirements for nonpayroll amounts
Effective January 1, 2025, payers of nonpayroll amounts are no longer required to withhold Connecticut personal income tax from certain retirement income distributions. Payers of nonpayroll amounts ar...
NJ - Guidance expanded to include intoxicating hemp products sales
New Jersey updated its publication providing cannabis businesses with detailed sales and use tax and social equity excise fee (SEEF) guidance to include intoxicating hemp product sales.On September 12...
NY - Petition dismissed as taxpayers’ failed to meet their burden of proof
New York taxpayers’ petition for revision of a determination of personal income tax was dismissed because the taxpayers failed to establish a reasonable cause for the abatement of penalties. In this...