News

In a significant development for employers nationwide, the U.S. Department of Labor (DOL) announced it will not enforce the Biden-era 2024 Independent Contractor (IC) Rule. While the rule remains in effect for private litigation, this shift in federal enforcement policy signals a more employer-friendly approach to worker classification at the federal level.

An IRS notice said employers and other payers will not face penalties for tax year 2025 if they do not provide a separate accounting of amounts reasonably designated as cash tips or the total amount of qualified overtime compensation as required by information-reporting provisions in the sweeping new tax law.

The Department of the Treasury and the Internal Revenue Service today issued guidance providing penalty relief to employers and other payors for tax year 2025 regarding new information reporting requirements for cash tips and qualified overtime compensation under the One, Big, Beautiful Bill.

The Internal Revenue Service issued slightly fewer, but slightly larger, refunds last tax season, but saw a more than 1% jump in the total number of returns received and processed.

The American Institute of CPAs has created an artificial intelligence-enabled tool, Josi, that provides secure, direct access to the AICPA’s professional standards, authoritative guidance and related information.

The Internal Revenue Service today reminds the more than 800,000 paid tax preparers that preparer tax identification numbers must be renewed annually, and the 2026 renewal period is now open.

The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2025-08 PDF regarding the dollar threshold for filing Form 1099-K under the One, Big, Beautiful Bill.

The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2025-07 relating to the limitation on credits and refunds for Employee Retention Credits claimed for the third and fourth quarters of 2021 that were filed after Jan. 31, 2024. This limitation was enacted under the One, Big, Beautiful Bill.

The Internal Revenue Service spelled out some of the services that will be limited or unavailable during the government shutdown that's now surpassed the three-week mark.

In a letter submitted to the U.S. Department of the Treasury and the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) requested guidance related to the 2025 reporting and substantiation requirements regarding the deductions for qualified tips and qualified overtime compensation.

Transition relief provided by the IRS on Tuesday in Notice 2025-57 makes it easier for certain lenders to report car loan interest for vehicles that meet standards set in the new tax law and also suspends penalties for those lenders for 2025.

As the federal government shutdown grinds on, most Internal Revenue Service operations are closed. With agency-wide furlough in place since Oct. 8 for everyone except already-identified excepted and exempted employees, tax professionals and taxpayers alike can expect a lot less from the agency.

Video game developers are benefiting from research and development tax credits and recent changes in the rules for deducting R&D expenses, with tax professionals helping claim valuable tax breaks for gaming companies.

Connecticut is among the top states in the country for research and development, according to a recent report from Smilehub.org. Smilehub is a nonprofit tech company that uses data to create ratings.

The Internal Revenue Service today announced the tax year 2026 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2025-32 PDF provides details about these annual adjustments.

The IRS furloughed almost half its workforce as the government shutdown entered its second week, the agency said Wednesday evening in its updated contingency plan.

That feeling of satisfaction and accomplishment that accountants feel at the end of a successful tax season can be shattered by a phone call from a dissatisfied client or a summons and complaint asserting a liability claim, and the risk factors for that kind of unfortunate event vary from year to year.

Social Security Administration Commissioner Frank Bisignano will also serve in the newly created position of chief executive officer of the IRS, the Treasury secretary said Monday in a news release.

The Department of the Treasury and the Internal Revenue Service today issued guidance providing deposit penalty relief for the first three quarters of 2026 to remittance transfer providers. Notice 2025-55 PDF provides relief in connection with the new excise tax imposed on certain remittance transfers under the One, Big, Beautiful Bill.

With just two weeks until the tax filing deadline for C-corporations and individuals who requested a filing extension, the American Institute of CPAs (AICPA) is renewing its call to except 100 percent of Internal Revenue Service (IRS) employees for the duration of the shutdown, even beyond the five days already authorized in the agency’s contingency plan.