2021 PTIN Renewal is Now Underway

The IRS has announced the annual inflation adjustments for federal tax provisions for tax year 2025. Below are some key adjustments:

Corporations, limited liability companies, and certain other businesses existing as of January 1, 2024, are required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025.

Here is a brief description of the tax provisions that go into effect in 2024 for States that had changes:

The final federal filing deadline for 2023 individual income tax returns is Tuesday, October 15, 2024. This deadline also applies to calendar-year C Corporations (Form 1120) and Estate/Trust returns (Form 1041). Returns filed after this date will incur a penalty of 5% of the unpaid tax per month (up to a maximum of 25%). 

On October 3, 2024, the IRS announced updates to the IRS Direct File Program for the 2025 tax season (Tax Year 2024). The program, which launched last year, will expand to include additional states and income types.