TAX NEWS
- One item is a “longstanding priority for the AICPA and the tax profession,” a news release said. The AICPA cited the “potential detrimental impact” of other provisions.
- The bill would make key portions of the TCJA permanent and create a new "senior bonus" deduction, among its many provisions. An AICPA statement said it is “deeply troubled” by the plan to curtail use of passthroughs to avoid SALT cap. The bill now heads to the House Budget Committee.
- The IRS lost 11% of its staff in the first three months of 2025, with revenue agents who conduct audits accounting for the largest percentage of those who left, the Treasury Inspector General for Tax Administration said in a report.
- In a letter to the IRS, the AICPA recommended that the agency provide further guidance in two areas of new instructions for Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent.
- Rev. Proc. 2025-19 also includes the revised maximum amount that may be made newly available for excepted-benefit health reimbursement arrangements.
- The comments are in response to Notice 2025-04, which announced plans for the simplified and streamlined approach as a new transfer-pricing method under Sec. 482 regulations for pricing of baseline marketing and distribution activities.
- Treasury Secretary Scott Bessent said Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will step in to lead the IRS temporarily.
- The announcement by Treasury and the IRS is a reversal from January regulations. Thursday’s notice provides immediate relief from penalties under Secs. 6707A(a), 6707(a), and 6708 for any failure by participants or material advisers to file disclosure statements required by the regulations.
- The National Federation of Independent Business said in a letter to Treasury Secretary Scott Bessent that millions of beneficial ownership information (BOI) reports filed by domestic companies before the government dropped the BOI requirement should be destroyed.
- A Senate bill would bar states from imposing tax and withholding on out-of-state workers who work for no more than 30 days within its borders. An AICPA letter described the bill as “critically important.”
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- A letter led by Rep. Gerry Connolly asks Treasury’s OIG to investigate DOGE’s data and IT modernization work at the tax agency following a reported API sprint potentially involving Palantir.
- Many Americans rely on Social Security benefits as a primary source of income during retirement. However, these benefits are not entirely exempt from federal taxes. Whether your benefits are taxable …
- If you're dealing with unpaid IRS tax debt, a tax relief program could help you tackle the issue and get your finances back on track. . Another stressful tax season h …
- As tax season unfolds, many U.S. taxpayers are eagerly awaiting their refunds. The IRS is processing payments, but some may experience delays. Understanding the reasons behind these delays can help …
- The IRS can share taxpayer data with federal immigration officials only in cases involving immigrants with final deportation orders or ongoing criminal investigations, according to a newly unsealed …
- Thousands of taxpayers in the United States are eagerly awaiting their IRS refund for 2025. This additional income can significantly impact family finances, especially during times of inflation and …
- The IRS will increase interest rates for overpayments and underpayments starting July 1. Here’s what taxpayers and corporations need to know.
- A federal judge is refusing to block the Internal Revenue Service from sharing immigrants’ tax data with Immigration and Customs Enforcement for the purpose of identifying and deporting people …
- Republicans have wanted to end IRS Direct File for years, calling it wasteful and an example of government overreach.
- The IRS has faced internal turmoil over the Trump administration's push to broaden access to taxpayer information.