Now or later: When should your company implement the new crypto reporting guidance?

The Financial Accounting Standards Board (FASB) made favorable changes to the accounting rules for crypto assets in December 2023. The updated guidance benefits reporting entities and external stakeholders alike. It’s effective for fiscal years beginning after December 15, 2024, including interim periods within those years. Here’s what you should know — and why many companies are […]

Secure Act 2.0 requires auto enrollment for new pension plans

To help encourage more people to save for retirement, the SECURE 2.0 Act requires employers with newly established 401(k) and 403(b) plans to enroll workers automatically, starting in 2025. Recently proposed IRS regulations stipulate that automatic enrollment is mandatory for plans initiated after Dec. 29, 2022. Unless employees opt out, plan sponsors must enroll them […]

SALT deduction currently being debated by lawmakers

Congressional lawmakers are debating the future of the state and local tax (SALT) deduction that was capped at $10,000 by the Tax Cuts and Jobs Act (TCJA). Itemizing taxpayers use the deduction to reduce federal income for their property, state and local taxes. The TCJA’s cap is scheduled to expire after 2025, and many residents […]

IRS issues final regulations on Clean Credits

The IRS has issued final regulations on the Inflation Reduction Act’s Clean Electricity Production Credit (Section 45Y) and the Clean Electricity Investment Credit (Section 48E). The final regs largely adopt the proposed regs for determining greenhouse gas emissions rates resulting from electricity production, petitioning for provisional emissions rates and determining credit eligibility. Included in the […]

Tax Filing season opens soon

Mark your calendars! Jan. 27 is the kickoff to the 2025 tax season. That’s the date the IRS will begin accepting income tax returns. The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the April 15 deadline. More than half of all tax returns are […]

Secure Act 2.0 Catch up Provisions

The IRS has issued proposed regulations addressing several SECURE 2.0 Act provisions related to catch-up contributions. These are additional amounts that employees age 50 and older can contribute to 401(k)s and other employer plans. The proposed regs provide guidance for plan administrators. They include proposed rules related to a provision requiring that catch-up contributions made […]

Taxpayer Advocate releases annual report

The National Taxpayer Advocate (NTA) released her latest annual report to Congress, which identifies problems that taxpayers face in dealing with the IRS. While the NTA reported there has been “overall improvement in IRS taxpayer service,” there are still “persistent challenges.” One of the most serious problems involves IRS delays in processing the Employee Retention […]

Planes, trains and deductible business travel

What is a CP24 notice?

What does it mean if you receive a CP24 notice from the IRS? Don’t panic. It’s probably not bad news. The IRS sends this notice when the amount of tax paid on a taxpayer’s return doesn’t match its records of estimated tax payments posted. A CP24 generally will inform you that the IRS has corrected […]

Hydrogen Production Tax Credit regulations issued

The IRS has issued final regulations that broaden the Inflation Reduction Act’s Clean Hydrogen Production Tax Credit (Section 45V). In a nutshell, the final regs expand the number of hydrogen production sources that qualify for the credit. Among other matters, the final regs clarify how hydrogen producers can determine credit eligibility. Producers include those using […]