20 January 2025

2024 Year in Review | Tax Alerts: U.S. Human Capital & Workforce, Individual Tax, and Indirect Tax

Federal Tax | State & Local Tax | International Tax
Human Capital & Workforce, Individual and Indirect Tax

This year in review lists all EY Tax Alerts concerning significant U.S. human capital and workforce and individual and indirect tax developments during 2024.

 
Key U.S. human capital and workforce developments, 2024
 
01.02.2025Final legislation eases employer filing and furnishing requirements under Affordable Care Act (2025-0103)
12.05.2024IRS increases dollar amount for PCORI fee calculation to $3.47 per covered life (2024-2219)
11.11.2024IRS creates IRC Section 83(b) election form (2024-2073)
10.02.2024Employers should confirm their Affordable Care Act affordability safe harbors for 2024 (2024-1807)
10.01.2024US proposed CAMT regulations offer some clarification, but AFSI adjustments are significantly complicated (2024-1798)
09.09.2024ACA affordability percentage increases after three years of decreases (2024-1657)
08.12.2024IRS gives update on processing of employee retention credit claims (2024-1539)
08.06.2024IRS extends due dates for filing tax returns and making tax payments to February 3, 2025, for victims of Hurricane Beryl (2024-1504)
06.18.2024Increased PCORI fee of $3.22 per covered life due by July 31, 2024 (2024-1214)
04.18.2024IRS clarifies that eligible work-life referral services are a nontaxable fringe benefit (2024-0815)
04.15.2024Much-anticipated proposed regulations on stock repurchase excise tax follow earlier guidance with some modifications, including to funding rule, redemptions (2024-0786)
03.21.2024Employers receiving name/TIN mismatches during ACA AIR transmission should put a system in place to avoid or mitigate potential IRS penalties (2024-0644)
03.15.2024President's FY 2025 budget includes proposals affecting accounting methods and calculation of taxable income, as well as certain fossil fuel credits (2024-0619)
03.11.2024Biden FY2025 Budget calls for corporate, individual tax increases (2024-0578)
02.27.2024IRS announces plans to begin audits on the use of business aircraft by high-income taxpayers (2024-0477)
02.22.2024IRS announces continuation of pilot program giving qualified retirement plan sponsors chance to review and correct plan documents and operations (2024-0448)
02.22.2024Employers seeing increased Affordable Care Act penalties for 2021 and may continue to do so (2024-0442)
02.15.2024Penalties for failing to offer affordable health care with minimum coverage decrease for 2025 (2024-0412)
Key U.S. Individual Taxation developments, 2024
12.19.2024US Court of Federal Claims again holds that US citizen may offset net investment income tax with treaty-based credit under US - Canada income tax treaty (2024-2350)
10.23.2024IRS releases standard deductions and exclusions for 2025, including estate and gift tax (2024-1952)
10.16.2024IRS issues final regulations identifying certain syndicated conservation easement transactions as listed transactions (2024-1902)
10.16.2024IRS issues final regulations identifying certain syndicated conservation easement transactions as listed transactions (2024-1901)
08.23.2024IRS issues proposed regulations updating the qualified domestic trust regulations (2024-1596)
08.11.2024S corporation did not lose its status due to misappropriated distributions, leaving shareholder liable for taxes on income he never received (2024-1526)
06.24.2024Supreme Court holds closely held corporation's value is not reduced by an obligation to redeem shares (2024-1249)
04.08.2024Court found stock transferred to a taxpayer was not qualified small-business stock, but left open the possibility of other shares remaining eligible (2024-0755)
03.22.2024Biden Administration's FY 2025 budget and Green Book proposals address partnership issues relevant to alternative asset management funds and BBA proceedings (2024-0671)
03.18.2024IRS issues final regulations with few changes on direct-pay elections for certain energy credits under IRC Section 6417 and advanced manufacturing investment credits under IRC Section 48D (2024-0624)
03.15.2024Taxes on businesses and high-net-worth individuals would increase significantly under Biden Administration's FY 2025 Budget proposal (2024-0621)
03.11.2024Biden FY2025 Budget calls for corporate, individual tax increases (2024-0578)
02.27.2024IRS announces plans to begin audits on the use of business aircraft by high-income taxpayers (2024-0477)
01.04.2024Staffing agency satisfied qualified-trade-or-business requirement for purposes of IRC Section 1202 gain exclusion (2024-0120)
Key U.S. Indirect Taxation developments, 2024
08.12.2024IRS gives update on processing of employee retention credit claims (2024-1539)
07.18.2024IRS releases guidance on application process for IRC Section 45Z clean fuel production credit (2024-1404)
07.12.2024IRS issues final regulations on IRC Section 5000D excise tax reporting requirements (2024-1364)
06.14.2024IRS outlines registration requirements for IRC Section 45Z clean fuel production credit (2024-1193)
04.15.2024IRS releases proposed regulations with the procedure for reporting and paying stock repurchase excise tax (2024-0785)
02.27.2024IRS announces plans to begin audits on the use of business aircraft by high-income taxpayers (2024-0477)

Document ID: 2025-0008