Extended deadline for Florida businesses and individuals impacted by the 2024 hurricanes. See IRS.gov/disaster for full details.
What the IRS is Up To
Beginning January 1, 2025, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
| 2025 Rate per Mile | 2024 Rate per Mile | |
|---|---|---|
| Business Travel | 70 cents | 67 cents |
| Medical/Moving | 21 cents | 21 cents |
| Charitable Work | 14 cents | 14 cents |
Under SECURE Act 2.0, there’s a new catch-up opportunity starting in 2025. Individuals aged 60-63 are permitted an increased catch-up contribution for the following retirement plans:
NOTE: The printed issue of our Spring 2025 Client Alert included the following BOI announcement. It has since been updated.
Original Update: The U.S. Treasury and FinCEN have been facing legal challenges on the enforcement of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements. While compliance was voluntary for most of the last few months, a February 18, 2025 court order has ended the suspension and reinstated the reporting requirements. Once again mandatory for eligible reporting companies, the BOI filing deadline is now March 21, 2025 (as of publication). Refer to fincen.gov/boi for the most current information.
Update as of March 4, 2025: After months of legal challenges and uncertainty, the U.S. Treasury Department announced on Sunday, March 2, 2025 that enforcement of the Beneficial Ownership Information (BOI) reporting requirements is officially suspended for U.S. and domestic reporting companies. Instead, the U.S. Treasury will be shifting the focus of BOI to foreign reporting companies only. At this time, domestic reporting companies are under no obligation to file BOI reports to FinCEN and the U.S. Treasury. Refer to fincen.gov/boi for the most current information.
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