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.
Day: December 19, 2024
IRS boosts standard mileage rate for 2025
The optional standard mileage rate for automobiles driven for business will increase 3 cents next year.
FASB asks for input on accounting for intangibles
The Financial Accounting Standards Board issued an invitation to comment on whether to pursue a project on accounting for intangible assets.
Congressman introduces bill to offer residence-based tax system to expats
Expatriate advocacy groups are applauding legislation introduced this week that would implement a residence-based taxation system for U.S. citizens living overseas.
Report finds Private Company Council effective
The Financial Accounting Foundation report found the Private Company Council has been performing its duties effectively and should continue to operate.
Applicability date set for required minimum distribution regulations
Treasury and the IRS announced that certain portions of future regulations finalizing the proposed regulations for required minimum distributions will apply beginning in the 2026 distribution calendar year.
IRS noncommittal on future expansion of Direct File
The IRS declined to commit to expanding its Direct File free tax preparation program nationwide in response to a report from the GAO amid GOP opposition.
BOI reporting deadline extension in doubt; AICPA urges action
A delay to Jan. 1, 2026, for beneficial ownership information reporting had been included in a proposed government funding bill that has now collapsed. The AICPA has been advocating for a delay in the reporting requirements.