TAX NEWS
- “Americans deserve a fully functioning agency that can be respected by taxpayers and their preparers,” a statement by AICPA CEO Mark Koziel said Sunday as IRS officials plan for cuts in federal workforce.
- The bill, which provides a deadline of Jan. 1, 2026, for an estimated 32 million small businesses to file beneficial ownership information reports, comes as the BOI requirements are mired in court cases.
- The IRS issued the 2025 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.
- The Financial Crimes Enforcement Network list includes inflation-adjusted amounts for the civil monetary penalties for violating beneficial ownership information reporting rules.
- If an injunction is lifted, FinCEN will extend BOI filing deadlines for 30 days and reassess the types of companies required to file beneficial ownership information reports, the government said in its filing in a Texas case.
- IRS employees received an email Wednesday advising them that workers in “critical filing season positions” must work until mid-May.
- An AICPA news release mentioned 13 provisions in the bipartisan draft that have its strong support, including ones dealing with tax filing by victims of disasters, electronic notices, and callback technology.
- The IRS said President Donald Trump’s executive order calling for a hiring freeze caused it to rescind all jobs offered with a start date after Feb. 8.
- The Financial Crimes Enforcement Network (FinCEN) said Friday that while the U.S. Supreme Court did stay one nationwide injunction, one issued by a different judge in a separate case remains in effect.
- The AICPA’s vice president–Tax Policy & Advocacy said President Donald Trump’s executive order to freeze hiring at the IRS should not affect seasonal employees, who likely are already hired and trained.
RSS Error: A feed could not be found at `https://www.jklasser.com/feed/tax-news/`; the status code is `200` and content-type is `text/html; charset=UTF-8`
- Tax credits tied to children and dependents are popular, but there are many restrictions. The IRS delays refunds on some credits to thwart fraud.
- Plus: A slow start to the tax filing season, movement on the budget, refusing to file, rescheduling cannabis, tax filing deadlines, industry updates, trivia, and more.