News & Insights

2025 Post-Filing Season Update

May 8th, 2025 | Business Tax Services | Tax

by Nate Johnson, Tax Associate We have officially made it past the tax filing deadline! Take a deep breath, pat yourself on the back, and enjoy the moment. But just because we should be taking some well-deserved time away from taxes, there are still many moving pieces in the tax world. Here are a couple of updates and anticipated changes on the horizon.

Tax Legislation

During the tax season, Congress took no significant action to change the existing tax law. This temporary reprieve is a welcome change from the constant flux of tax legislation in the COVID and post-COVID eras. But there are changes on the horizon. Congress will likely look to extend and update the Tax Cuts and Jobs Act (TCJA). This signature piece of tax law from President Trump’s first term in office is currently sunset at the end of 2025. Anticipated changes will be addressed in the second half of 2025. Other stand-alone bills include changing how the IRS communicates with taxpayers, extending filings for natural disaster victims, and establishing recourse procedures for taxpayers who have had refund checks stolen. These bills are all in their infancy but could benefit taxpayers for the 2026 filing season.

BOI Reporting

Rest in Peace to the Corporate Transparency Act, better known as Beneficial Ownership Information (BOI) Reporting. While Congress has not passed significant tax legislation, the Treasury has taken action by announcing that it will not enforce penalties and fines against US citizens or domestic companies for not filing their BOI Information. With BOI rendered unenforceable for all intents and purposes, all the outstanding court cases are moot. However, these cases could have an impact if future administrations seek to reinstitute filing requirements in coming years.

Direct Filing

The IRS direct filing program appears to be in jeopardy. For the 2025 filing season, the pilot program was expanded to 25 states, up from 12 in the previous year. While results have been mixed or not yet reported, the current administration does not seem to have an appetite for continuing the program.

Rely on Your Trusted Advisors for Tax Updates

At Maner Costerisan, we constantly monitor any changes that impact you, your business, or your taxes. Even with the 2024 tax filing season at a close, we are still planning ahead to help benefit you in 2025 and beyond. Contact your Maner tax expert if you have any questions about potential tax legislation or what strategies will be most important for your situation. Our team is dedicated to staying ahead of the news to keep you informed. For further questions, email us at maner@manercpa.com or call us at 517.323.7500.