Business standard mileage rate increases for 2024

The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.

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IRS reorganizes leadership structure with 1 deputy commissioner

Doug O’Donnell, the current deputy commissioner for services and enforcement and the acting IRS commissioner from November 2022 to March 2023, will fill the position.

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ERC disallowance letters sent to 20K+ taxpayers

The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.

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Supreme Court hears arguments in challenge to Sec. 965 transition tax

At stake is up to $340 billion in tax revenue in case where couple is challenging tax that they say increased their liability by about $15,000 in 2017.

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FinCEN extends BOI reports deadline for certain companies

Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.

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IRS surveys tax professionals to help it improve services

The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.

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Lower Form 1099-K threshold delayed again

The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.

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Prop. regs. issued on conservation easement deduction disallowance

The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.

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Proposed crypto regs. define ‘broker’ too broadly, industry says

The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.

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Werfel: IRS must move quickly to show what a well-funded agency can do

While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.

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