November Monthly Tax Update 2024

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Table of Contents

The tax world is buzzing with changes, updates, and upcoming deadlines as we gear up for the 2024 tax season. From Beneficial Ownership reporting to Form 1099-K adjustments, we’ve got the latest updates that matter most to U.S.-based tax professionals. Dive into the highlights and key takeaways from our November Monthly Tax Update 2024 to stay ahead of the curve.

What’s Inside the November Monthly Tax Update?

In this update, Jason Dinesen and Nicholas Preusch break down the most impactful tax developments and what they mean for you. Here’s what you’ll learn:

Beneficial Ownership Reporting: What recent court rulings mean for small businesses.
Form 1099-K Threshold Changes: Major delays and what to expect in 2025.
Tax Treaties and Negotiations: Developments between the U.S. and Taiwan.
Critical Court Decisions: Surk LLC and lessons on partnership losses.
2025 Retirement Plan Limits: Catch-up contribution updates from SECURE 2.0.

Beneficial Ownership Reporting: A Landmark Ruling

The recent NFIB ruling on Beneficial Ownership Information (BOI) reporting is a win for small businesses. But what does it mean moving forward? The initial reporting deadline of January 1, 2025, could face further challenges, making it crucial to monitor the evolving landscape.

Quick Tip:

Stay proactive by educating your small business clients about potential compliance requirements and ensuring their data security plans are in place.

Form 1099-K Threshold: Delayed Again

Originally slated for a $600 threshold, Form 1099-K reporting has seen multiple delays, now starting in 2026. For 2024 and 2025, the thresholds stand at $5,000 and $2,500, respectively.

What This Means for You:

Ensure your clients understand these changes, particularly small businesses using third-party platforms, to avoid surprises down the line.

U.S.–Taiwan Tax Treaty: What’s on the Horizon?

The U.S. and Taiwan have initiated discussions on a potential tax treaty. While still in early stages, such treaties could simplify cross-border tax compliance and open new planning opportunities for professionals working with international clients.

The Surk LLC Case: Lessons on Partnership Losses

The recent Surk LLC case underscores the importance of accurate partnership loss reporting. Even with expired statutes of limitations, prior misreporting can ripple into future tax years, as seen in the IRS’s 2017 adjustments to Surk LLC’s partnership basis.

Key Takeaway:

Regularly review partnership tax filings to ensure compliance and mitigate risks of future audits.

PTIN Renewals and CPE Compliance

Tax professionals, it’s time to renew your PTINs before December 31! For Enrolled Agents, the IRS is scrutinizing reported CPE during renewals.

Pro Tip:

2025 Retirement Plan Updates: What’s New?

The IRS has announced significant updates for 2025:

401(k) Contribution Limit: $23,500 (+$500)
Catch-Up Contributions (Ages 60–63): $11,250 (New from SECURE 2.0)
IRA Limit: $7,000 (No change)

Action Step:

Advise clients nearing retirement age to take advantage of these increased contribution limits for optimal tax savings.

Key Takeaways

Here’s a quick recap of the November Monthly Tax Update 2024:

BOI Reporting: Stay tuned for compliance updates.
Form 1099-K: Threshold changes postponed to 2026.
U.S.–Taiwan Tax Treaty: Negotiations are underway.
Surk LLC Case: Highlights the importance of accurate reporting.
PTIN Renewals: Ensure your CPE is in order.
Retirement Plan Limits: Plan ahead for 2025 contributions.

By staying informed on these updates, tax professionals can deliver greater value to their clients while navigating the complexities of the upcoming tax season. For more insights and resources, explore our curated courses and webinars on MYCPE ONE.

FAQs

The threshold is $2,500, increasing to $600 in 2026.

January 1, 2025, unless further delays occur.

Use MYCPE ONE’s dashboard to verify your credits and stay compliant.

Jason Dinesen

President, Dinesen Tax & Accounting, P.C.

Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. Dinesen is a regular CPE Presenter at MYCPE ONE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics. Jason has developed a strong following within the professional community for tax-related subjects. Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.