News

The Employee Retention Credit FAQs have been update and answer a number of questions that practitioners have been asking.

A new report from the Treasury Inspector General for Tax Administration said that Internal Revenue Service claims regarding the Direct File pilot program last tax season omitted more than a third of costs.

The Internal Revenue Service issued a series of tips and reminders to speed taxpayer refunds and avoid errors on their federal tax returns as the April 15 filing deadline approaches.

Tax professionals who have been in the business for several years know that the implementation of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, was time-consuming and stressful, so they are now concerned about what happens next since the act’s provisions are set to expire at the end of 2025, according to a report from Bloomberg Tax.

The federal government will pay about 7,000 IRS probationary employees, who were laid off less than a month ago, not to work while lawsuits over layoffs wind their way through the court system, the agency said Tuesday in an email.

Clients worry about crazy things every tax season, but this year their fears and obsessions and just-plain-odd ideas seem to be taken to a new level.

The AICPA's 2025 tax priorities include increasing the reporting threshold for Form 1099-K to $10,000 from the $600 that would go into effect next year, according to a letter Monday to congressional finance leaders.

The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2025 GAAP Financial Reporting Taxonomy (GRT), the 2025 SEC Reporting Taxonomy (SRT), and the 2025 GAAP Employee Benefit Plan Taxonomy (EBPT). The FASB also finalized the 2025 DQC Rules Taxonomy (DQCRT) and the 2025 GAAP Meta Model Relationships Taxonomy (MMT), which together with the GRT, the SRT, and the EBPT are collectively referred to as the “FASB Taxonomies.”

Between multiple waves of layoffs and legislative efforts to pull back more than $20 billion in funding, the gradual declawing of the Internal Revenue Service is well underway.

A bipartisan group of lawmakers has reintroduced legislation to allow immediate expensing of research and development costs, all the way back to 2022 when the tax break expired.

If you have a refund check coming your way, consider using it to bolster your personal balance sheet.

There are many reasons for a business owner to develop a succession plan. It can ensure continuity and minimize disruptions, especially in the face of an unexpected death. It also can help prepare employees for future leadership roles.

The AICPA is discussing conflicting reports about the state of the IRS with agency officials and is monitoring developments in the wake of thousands of layoffs, the president and CEO of the AICPA said Friday in a statement.

According to a news release, CohnReznick will operate in an alternative practice structure following the closing of the transaction. CohnReznick LLP, a licensed CPA firm, will provide attest services, and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other nonattest services.

The Internal Revenue Service today announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that threaten their tax and financial information.

The Internal Revenue Service announced today it’s making it easier for taxpayers to file their taxes by adding information return documents to their IRS Individual Online Account, helping consolidate important tax records into one digital location.

Secretary of the Treasury Scott Bessent announced today that IRS Chief Operating Officer Melanie Krause will become acting IRS Commissioner following the retirement announcement of Doug O’Donnell.

Douglas O'Donnell, the acting IRS commissioner, told employees in an email Tuesday that he will step down from the position effective Friday.

We asked the DRS to extend three deadlines from March 15, 2025 to April 15, 2025. Based on the DRS Commissioner’s authority to extend, due to statutory limitations, he was only able to extend two of the dates to April 15, 2025 as requested: Form CT-PET, Connecticut Pass-Through Entity Tax Return and Form CT-1065/CT-1120SI, Connecticut Composite Income Tax Return.

More than 3,500 employees in the Small Business/Self-Employed (SB/SE) division of the IRS will lose their jobs this week, according to an email sent to IRS managers on Wednesday. The affected employees are expected to be notified Thursday, according to the email signed by Lia Colbert, SB/SE commissioner, and four other SB/SE managers.