Injunction lifted; FinCEN extends most BOI deadlines to Jan. 13
2024年12月23日 · The Fifth Circuit Court of Appeals on Monday granted a Justice Department motion to lift an injunction imposed by a district court ruling. Hours later, FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most reporting companies.
Court halts BOI reporting; AICPA urges preparedness
2024年12月5日 · Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations.
IRS again delays effective date of $600 threshold for Form 1099-K …
2024年11月26日 · The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.
Taxpayer advocate: Unprocessed ERC claims could total 1 million …
2024年11月12日 · The IRS could have about 1 million employee retention credit (ERC) claims remaining to process by the end of the year, the national taxpayer advocate said Tuesday at the AICPA & CIMA National Tax Conference. "That is a huge lift," Erin Collins said. "This is not a five-minute exercise." And the number likely will increase until April 15, the deadline for ERC …
Journal of Accountancy - Accounting, tax, auditing news
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IRS processing 400K ERC claims with about $10 billion in eligibility
2024年10月11日 · The IRS is processing 400,000 claims from the pandemic-era employee retention credit (ERC) that represent about $10 billion of eligible filings, the agency said Thursday in a news release (IR-2024-263). "In recent weeks, the IRS has made substantial progress in separating eligible claims from the wave of ineligible claims that have come in, and we …
Extension to BOI reporting deadline removed from budget bill
2024年12月18日 · The bill passed Friday night to avert a federal government shutdown didn't include a one-year extension to the deadline for companies to file beneficial ownership information (BOI) reports. The extension had been included in an initial version of the bill. Meanwhile, a nationwide court injunction preventing enforcement of the BOI reporting requirement remains …
IRS amends rules for computing the premium tax credit
2024年12月17日 · The IRS released final regulations that amend the definition of “coverage month” and amend other rules in existing income tax regulations for computing the premium tax credit.
What AI can do for auditors - Journal of Accountancy
2024年2月1日 · Artificial intelligence (AI) is a technology that auditors are exploring, but they may not yet be reaping all the benefits it can offer In an audit, AI can be used in a variety of ways, including performing journal entry testing by identifying unusual transactions among a large pool of unstructured data and analyzing those transactions for patterns and anomalies. AI can also …
IRS proposes new rules for tax professionals - Journal of …
2024年12月24日 · The proposed regulations would update the Circular 230 rules governing practice before the IRS.