The Tax Professionals Blog

Highlights of Internal Revenue Bulletin 2025-1 – 12/30/2024

Posted by Lee Reams Sr., BSME, EA on

Discover the latest IRS rulings and procedures in IRB 2025-1, including updates on administrative guidance, employee plans, exempt organizations, and technical advice.

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Beneficial Owner Reporting Injunction

Posted by Lee Reams Sr., BSME, EA on

A nationwide injunction temporarily halts enforcement of the Corporate Transparency Act, delaying Beneficial Ownership Information reporting. Tax pros must stay informed as the case progresses.

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Highlights of Internal Revenue Bulletin 2024-52 – 12/23/2024

Posted by Lee Reams Sr., BSME, EA on

Dive into the latest IRS Internal Revenue Bulletin 2024-52. Learn about tax reform updates, employee plan changes, and new energy credit regulations shaping the 2024 tax landscape.

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Below Market (Gift) Loans

Posted by Lee Reams Sr., BSME, EA on

Did you know below-market loans can have tax consequences? Learn how gift loans, employer loans, and AFR rates impact taxes. Discover exceptions and strategies here!

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Highlights of Internal Revenue Bulletin 2024-51 – 12/16/2024

Posted by Lee Reams Sr., BSME, EA on

The IRS Bulletin 2024-51 brings key updates on the 1099-K reporting thresholds, CHIPS Act payments, advanced manufacturing investment and production credits, and recourse partnership liabilities.

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