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IRS assesses $162 million in penalties over false tax credit claims tied to social media

September 08, 2025

The Internal Revenue Service is alerting taxpayers about a growing number of fraudulent tax schemes circulating on social media that promote the misuse of credits such as the Fuel Tax Credit and the Sick and Family Leave Credit. These scams have led thousands of taxpayers to file inaccurate or frivolous returns, often resulting in the denial of refunds and steep penalties.

  • business and industry
  • practice management
  • federal tax

New: Digital assets practice aid addresses auditing of lending, borrowing

September 03, 2025

The AICPA updated its digital assets practice aid to assist practitioners with scenarios involving crypto lending and borrowing.

  • accounting and auditing
  • federal tax

Treasury leaks jobs qualifying for no taxes on tips

September 02, 2025

The Treasury Department's list of 68 jobs that are eligible for tax exemptions on tips has leaked to the media and includes occupations ranging from bartenders and food servers to entertainers, performers and digital content creators.

  • business and industry
  • federal tax

Draft 2026 Form W-2 includes boxes and codes for tips and overtime

August 28, 2025

A draft version of Form W-2, Wage and Tax Statement, for 2026 includes boxes and codes for reporting qualified tips and qualified overtime compensation that can be deducted temporarily under the provisions of H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act.

  • business and industry
  • practice management
  • federal tax

Tax complexity still costly despite OBBBA changes

August 27, 2025

Even though the One Big Beautiful Bill Act made substantial changes in the Tax Code, one area where that may not be seen so much is in terms of simplification, according to a new study.

  • advocacy - federal
  • federal tax

IRS seeks to fill ‘critical vacancies’ as workforce declines 25%

August 25, 2025

The IRS, which has lost about 25% of its workforce this year, is moving to fill some jobs by various means, including asking employees who accepted deferred resignations if they want to stay on the job.

  • advocacy - federal
  • federal tax

Will budget, staff cuts impede IRS modernization? Former commissioner weighs in

August 22, 2025

Former Commissioner Danny Werfel wouldn’t predict failure for the IRS in its bid to modernize technology with less money and fewer experienced workers while preparing systems for massive changes in the new tax law. But, without seeing a plan, he said he’s dubious the agency will be successful.

  • advocacy - federal
  • federal tax

Treasury, IRS issue FAQs to address the accelerated termination of several energy provisions under OBBB

August 21, 2025

The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2025-05 relating to the modification of sections 25C, 25D, 25E, 30C, 30D, 45L, 45W, and 179D under the One, Big, Beautiful Bill Act (OBBB).

  • advocacy - federal
  • federal tax

Calculating AI’s impact on CPAs: New study quantifies time savings

August 20, 2025

The prevailing narrative regarding the role that generative AI can play in the life of a CPA goes something like this: Emerging AI tools can take care of busy work, freeing professionals to spend more time on value-added pursuits for their clients.

  • federal tax

IRS should be more transparent when communicating phone service metrics, report says

August 20, 2025

The IRS should be more transparent in communicating its telephone service metrics by including in the metrics more phone lines that taxpayers call and by covering the entire fiscal year and not just filing season, an agency watchdog said in a report.

  • federal tax

Court strikes down ban on disclosing Maryland digital ad tax

August 15, 2025

A federal appeals court has ruled unconstitutional a provision of a Maryland digital advertising tax law that prevents companies from displaying the tax charge on a bill.

  • advocacy - federal
  • federal tax

Tariff revenue jump fails to halt wider budget gap

August 13, 2025

U.S. tariff revenue reached a fresh monthly record in July, though the increase wasn't enough to prevent a widening in the monthly budget deficit — pointing to the federal government's continuing fiscal challenges.

  • advocacy - federal
  • federal tax

Tax cut impact of OBBBA expected to vary across states

August 13, 2025

A new study from the Tax Foundation estimates that the One Big Beautiful Bill Act will reduce federal taxes on average for individual taxpayers in every state, but the impact will differ in various states.

  • advocacy - federal
  • federal tax

Protect against tax identity theft with multi-factor IDs, Identity Protection PINs, IRS Online Accounts

August 12, 2025

In the fourth installment of a special summer series, the Security Summit partners today remind tax professionals and taxpayers about the IRS Identity Protection PIN and the IRS Online Accounts that can help protect against tax-related identity theft. The IRS and Security Summit also remind tax professionals that using multi-factor authentication is a best practice and a federal requirement to protect clients’ sensitive information.

  • federal tax

Billy Long out as IRS commissioner after less than two months

August 11, 2025

Billy Long ended his brief tenure as IRS commissioner Friday, posting on X that President Donald Trump will nominate him to be ambassador to Iceland.

  • federal tax

Meet Yolanda Durant, IRS Stakeholder Liaison

August 11, 2025

There’s a new IRS Senior Stakeholder Liaison in town! (Well, new to CTCPA members, anyway.) Yolanda Durant has actually been with the Internal Revenue Service since 2012, with a resume that runs the gamut of responsibilities: Senior Individual Taxpayer Advisory Specialist, Tax Compliance Officer, Intake Advocate for the Taxpayer Advocate Department, Customer Service, and Collection Representative.

  • member news
  • advocacy - federal
  • federal tax

New tax law prompts payroll questions

August 08, 2025

The One Big Beautiful Bill Act is sparking questions from employees and payroll departments about how to handle the various tax breaks, including on overtime pay.

  • business and industry
  • practice management
  • federal tax

No 2025 information return or withholding table changes under OBBBA

August 08, 2025

The IRS said Thursday it will delay making changes to certain information returns or withholding tables, as part of its phased implementation of H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act (H.R. 1), until tax year 2026. This includes changes related to the temporary deductions for overtime and certain tips that were part of the legislation.

  • federal tax

Caps, credits, contributions: Tax planning for parents under OBBBA

July 30, 2025

The One Big Beautiful Bill Act hiked and enshrined some tax savings for parents into permanent law, but its many provisions will play out differently across financial advisors' client households.

  • personal financial planning
  • advocacy - federal
  • federal tax

Big Beautiful Bill doesn't mean the immediate end of energy credits

July 29, 2025

The host of clean energy tax credits ushered in by the Inflation Reduction Act have not disappeared entirely, as some had feared. In the wake of the One Big Beautiful Bill Act, there are still some possible investments to be found, experts say.

  • federal tax