The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton.

National Taxpayer Advocate Erin Collins discussed the changes in a recent blog post. The changes have been long advocated by the AICPA.

The new safe-harbor guidance for digital asset transaction reporting in Rev. Proc. 2024-28 goes into effect Jan. 1, 2025. This article explains how taxpayers may rely on the safe harbor to allocate unused basis of digital assets to digital assets held within each wallet or account of the taxpayer.

The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.

Commissioner Danny Werfel says the IRS has made “substantial progress” in separating eligible claims from ineligible ones.

The Financial Crimes Enforcement Network extended filing deadlines for reports of foreign bank and financial accounts (FBAR) for people in federally declared disaster areas of five storms. It also is delaying the filing deadline for people affected by terrorist attacks in Israel.

The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.

The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.

The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in payment of $2 billion in erroneous employee retention credit claims.

The IRS issued the final regulations identifying these abusive transactions and substantially similar ones as listed transactions that must be reported to the agency.

The IRS said it was providing disaster relief for individuals and businesses in all or part of seven states. Also, the AICPA sent a letter to FinCEN seeking extensions for BOI and FBAR reports that match the relief that the IRS provides for other filings, both in terms of the extended due dates and geographic scope.

The IRS announced that it will open a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the employee retention credit. The deadline is Nov. 22.

The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.

The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and others on basis-reporting requirements.

The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.

The IRS issued proposed regulations providing guidance on the corporate alternative minimum tax (AMT) and a notice that waives the penalty for failure to pay estimated tax with respect to the corporate AMT for 2024.

Treasury and the IRS issued a notice on saver’s match contributions to be paid by Treasury under provisions of SECURE 2.0.

The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.

The IRS provided guidance for sponsors of 401(k) and similar retirement plans that provide matching contributions based on eligible student loan payments made by participating employees.

The Coalition Against Scam and Scheme Threats (CASST), convened at the request of IRS Commissioner Danny Werfel, will work toward having new protections in place by the 2025 filing season.