On March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that it is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial owner information (BOI) to FinCEN under the Corporate Transparency Act. The interim final rule revises the definition of “reporting company” to mean only those entities that are formed u...
The IRS has created Form 172, Net Operating Losses (NOLs), effective for the 2024 tax year. While none of the rules for net operating losses (NOLs) have changed, taxpayers with NOLs must attach the new form to their returns both for the tax year in which an NOL originates and the later tax years to which the NOL is carried forward. The IRS delay in finalizing the form has caused the form to...
As discussed in our post on December 3, 2024, the threshold for third-party payment platforms to send Form 1099-K, Payment Card and Third-Party Transactions, is $5,000 for the 2024 tax year. Practitioners should ask clients if they use any such payment platforms, such as Venmo or PayPal. If clients use them, they should check to see if a Form 1099-K was issued for the 2024 tax year. If a clien...
