LOGO

PROVIDING OUTSTANDING
TAX SEMINARS SINCE 1995

REGISTER

    Sign up for our tax news emails for the latest tax changes:

    We will not share your email with anyone else

    Month: January 2025

    Beneficial Owner Reporting Still Paused For Now

    The legal saga of the Corporate Transparency Act continues. On January 23, 2025, the Supreme Court reversed the December 3, 2024, nationwide injunction that had paused the filing requirements under the Corporate Transparency Act. However, after that December 3, 2024 injunction had been put in place, a separate nationwide injunction was entered by a separate judge in a separate case on January ...

    IRS Announces Scheduled Opening of E-File

    The IRS has announced that it will reopen the e-file system on January 27, 2025. Individual income tax returns from the 2024 tax year, can be e-filed once the system reopens. In addition, if a client needs to file a prior-year return that is beyond its due date, returns from the 2023 and 2022 tax years can also be e-filed once the system reopens. If a client needs to file a late return from th...

    2025 Standard Mileage Rate

    The IRS has released the 2025 standard mileage rate. For business travel, it is 70 cents per mile (up from 67 cents per mile in 2024). For medical-related travel, it remains 21 cents per mile (same as in 2024). The rate for charitable use of an automobile is not subject to adjustment, and it remains 14 cents per mile. If you have not already enrolled or taken our seminar, it’s time to enr...

    New RMD Regs Effective Jan 1 2025

    The final regulations on required minimum distributions (RMDs) from retirement accounts, issued earlier this year by the Treasury Department, are effective on January 1, 2025. The new regulations clarify the requirements for lifetime RMDs from IRAs and employer-sponsored plans and set forth the rules for RMDs for beneficiaries, after the original account owner dies. The new rules also affec...

    Beneficial Owner Reporting Still Not Required For Now

    The last days of December 2024 saw a flurry of court activity related to the requirement for companies to file beneficial owner information. After the dust settled, the requirement remains on hold for now. Here is a summary of how the injunction that stopped the filing requirement was briefly lifted and then reinstated. Again, the result is that companies are not currently required to file ben...