The gradual downsizing of the Internal Revenue Service (IRS) is underway and could lead to the termination of up to 85,000 employees. This move would impact taxpayers both directly and indirectly.

According to some sources, a temporary measure is currently keeping the government running, which may have helped avoid a shutdown on March 15. However, the threat of an IRS shutdown remains a concern—especially during tax season—since limited services are expected. While electronically filed returns will continue to be processed, paper filings and reports requiring manual review could face significant delays.

Our general recommendation for all our trucker friends is to submit their income tax returns and Form 2290 reports electronically. It´s important to consider the IRS´s capacity to maintain service levels for taxpayers and preparers—but the situation may get worse before it gets better.

What´s Going On with BOI (Beneficial Ownership Information)?

Another important issue right now involves the enforcement of Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA), which has once again been suspended. The U.S. Department of the Treasury recently announced it will not enforce penalties or fines related to these reporting rules.

On December 26, 2024, a federal appeals court reinstated a nationwide injunction, pausing BOI reporting requirements.

Temporary Lift and Reinstatement:

A few days earlier, the same court had lifted the injunction, but the reinstatement means companies are once again not required to file BOI reports.

Supreme Court Action:

The Supreme Court suspended the injunction in one case, but it remains in effect in another—meaning FinCEN is currently not enforcing BOI reporting rules.

Treasury Department Announcement:

On March 2, 2025, the U.S. Department of the Treasury confirmed that no penalties or fines would be applied regarding BOI report submissions.

Voluntary Reporting:

Although companies are not currently required to submit BOI reports, they may still choose to file voluntarily.