e-News for Tax Professionals 2024-46

Businesses that were established or registered prior to Jan. 1, 2024, are required to submit their initial Beneficial Ownership Information (BOI) by Jan. 1, 2025.

To assist companies that are required to submit their Beneficial Ownership Information to the Treasury Department’s Financial Crimes Enforcement Network, the IRS will sponsor a free one-hour webinar on Tuesday, Nov. 19, at 2:00 p.m. ET.

In this complimentary webinar, FinCEN will:

Explain the Corporate Transparency Act.
Provide Beneficial Ownership reporting resources.
Analyze the BOI reporting requirement using the Small Entity Compliance Guide.
Describe what happens if a company does not timely report BOI to FinCEN.
Feature live question-and-answer session.

No continuing education credit is being offered. Click here to register.

2. Offer in Compromise instructional videos now on IRS YouTube channel

The IRS has added an Offer in Compromise Overview playlist to its YouTube channel. The series of videos walks viewers step-by-step through how to complete the forms needed to submit an offer in compromise, or OIC. An OIC allows taxpayers to settle their tax debt for less than the full amount they owe. And by working directly with the IRS instead of through a third-party company, taxpayers can save themselves both time and money. Visit the OIC webpage for more information, including FAQs and the Pre-Qualifier tool.

3. IRA reminder: Qualified owners may contribute up to $105,000 to charity in 2025

The Internal Revenue Service reminds owners of Individual Retirement Arrangement (IRA) who are 70½ years of age or older that they can make qualified charitable distributions in 2024 that allow them to donate up to $105,000 tax-free. Compared to previous years, that is an increase of $5,000.

Qualified charitable distributions (QCDs) also count toward the year's required minimum distribution (RMD) for individuals over age 73. IRA distributions are typically taxable, but QCDs remain tax-free if sent directly to a qualified charity by the trustee. To make a QCD for 2024, IRA owners should contact their IRA trustee soon to ensure the transaction completes by year-end.

For additional information, refer to Publication 526, Charitable Contributions and Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).

4. Technical Guidance

Notice 2024-81 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for October 2024 used under section 417(e)(3)(D), the 24-month average segment rates applicable for November 2024, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

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