Frank J. Giambruno, CPA PLLC

01/10/2025

https://www.thetaxadviser.com/news/2024/dec/business-standard-mileage-rate-increases-for-2025.html?utm_source=mnl:taxinsider&utm_medium=email&utm_campaign=09Jan2025

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 70 cents per mile driven, up 3 cents from 2024.

12/27/2024

I wish I was making this up but, I am not. The roller coaster continues.

Three days after a panel of judges granted a Department of Justice motion to lift the injunction, another panel said it was reinstating a lower court’s ruling. An AICPA statement Friday urged CPAs to be prepared to file BOI reports.

12/24/2024

This is from the FinCen website. Deadline is now extended to 1/13/25.

In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:
Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.
Reporting companies created or registered in the United States on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.
Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.

12/07/2024

From the FinCen website.

11/11/2024

Filings are happening very slowly. So far, there is no indication that they will extend the deadline.

FinCEN official says the reports “track more closely” with businesses created in 2024, which have a tighter deadline to file than businesses created earlier.

08/05/2024

In its last major act before departing Washington for a five-week summer recess, the Senate on August 1 voted down a procedural motion to advance bipartisan tax legislation crafted by House Ways and Means Committee Chairman Jason Smith, R-Mo., and Senate Finance Committee Chairman Ron Wyden, D-Ore.,...

07/29/2024

It is looking more and more like this is dead in the water.

The Senate wrapped up another week without holding a floor vote on bipartisan tax legislation crafted by House Ways and Means Committee Chairman Jason Smith, R-Mo., and Senate Finance Committee Chairman Ron Wyden, D-Ore., that would, among other things, provide temporary tax relief to businesses and...

07/04/2024

05/13/2024

If you enroll fewer than 15 days before we issue your STAR credit, we will mail a check to you at the mailing address we have on file.

03/30/2024

The has made updates to the ‘Where’s My Refund?’ tool, including:
• Refund status messages in plain language
• Seamless access on mobile devices and with the IRS2Go app
• Notifications if the IRS needs additional information for your refund

Visit irs.gov/wheres-my-refund

02/04/2024

The bill, which now goes to the Senate, also delays amortization of research or experimental costs and restores tax breaks for companies from 2017’s Tax Cuts and Jobs Act.

01/24/2024

Penalties for not filing are steep.

Learn more & stay compliant.