IRS Issues Lower Passenger Auto Depreciation Limitations
The IRS recently released Rev. Proc. 2025-16, issuing lower depreciation limitations for passenger automobiles.
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Treasury, IRS request comments on proposed regulations and a draft form for certain corporate separations and reorganizations
The Department of the Treasury and the Internal Revenue Service today issued proposed regulations for corporate separations and reorganizations, including reporting requirements for multi-year corporate separations.
View MoreIRS announces Jan. 27 start to 2025 tax filing season; agency continues historic improvements to expand, enhance tools and filing options to help taxpayers
The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts.
View MoreTreasury and IRS issue final rules identifying certain partnership related-party "basis shifting" transactions as transactions of interest
The Department of the Treasury and the Internal Revenue Service today issued final regulations identifying certain partnership related-party “basis shifting” transactions as transactions of interest – TOIs – subject to the rules for reportable transactions.
View MoreIRS 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.
View MoreIRS increases the standard mileage rate for business use in 2025; key rate increases 3 cents to 70 cents per mile
The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024.
View MoreBusiness Tax Account now available for Corporate Designated Officials; Income Verification Express Service open to designated officials and sole proprietors
The Internal Revenue Service continues to open its Business Tax Account (BTA) to a growing number of business taxpayers, expanding the useful features available.
View MoreCongress 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.
View MoreIRS 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
The Internal Revenue Service is making it easier for taxpayers to protect their information and avoid refund delays by accepting certain e-filed tax returns that claim dependents who have already been claimed on another taxpayer’s return.
View MoreInterest rates decrease for the first quarter of 2025
The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025.
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