A new panel of the U.S. Fifth Circuit Court of Appeals is reviewing the lower court’s decision to enjoin the enforcement of the beneficial ownership information reporting requirement. (Texas Top Cop Shop, Inc. et al. v. Garland (December 26, 2024)

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. The increased rate is effective as of Jan. 1, 2025. You can find more information from Notice 2025-5 .

The rate per mile driven in service of charitable organizations is set by statute and will remain at 14 cents per mile.

Will you be receiving a 1099-K form this year? The IRS has changed their requirements for 2024 & 2025.

The requirement to report applies to most registered U.S. companies that are not explicitly exempt, as further discussed below.  It is expected that most small businesses will need to file a BOI report by the deadlines stated later.