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2024 Year-End Tax Tax Planning Brief - Congress Takes No Significant Action In 2024; BOI Legal Challenges Begin

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"2024 Year-End Tax Tax Planning Brief - Congress Takes No Significant Action In 2024; BOI Legal Challenges Begin"

Gain clarity during this tax season and beyond with CCH AnswerConnect -- the ultimate resource for timely tax updates, expert insights, and regulatory guidance.

For the second year in a row, Congress produced no significant tax-related legislation after a bipartisan, bicameral agreement was blocked by certain Republicans in the Senate, followed by the usual limited action from Congress in an election year. The year also saw the legal challenges to Corporate Transparency Act and the regulations for beneficial ownership information reporting begin to work their way through the courts. Meanwhile, the Internal Revenue Service kept busy in a number of areas, including
launching Direct File, continued issues with the Employee Retention Credit, and implementing another delay in the 1099-K reporting threshold. The Supreme Court also announced a couple of decisions that will affect the tax community...

To continue reading, download the 2024 Tax Year-in-Review tax briefing.

Included in this issue is the following:

  • Legislation
  • BOI Reporting
  • Direct File 
  • Employee Retention Credit
  • 1099-K Reporting
  • Supreme Court 

Highlights

  • Legislation Fizzles Out
  • Last-Minute Delay of BOI Reporting
  • 1099-K Reporting Thresholds
  • Supreme Court Rulings With Tax Consequences

Download the briefing to learn more!


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