News

With more than half of UK taxpayers planning to use artificial intelligence tools such as ChatGPT to help with their self assessment tax return, accountants are preparing for a new kind of tax season.

The Internal Revenue Service has posted a draft version of Schedule 1-A, "Additional Deductions," for Form 1040 that will be used next tax season when claiming new tax breaks in the One Big Beautiful Bill Act for no tax on tips, overtime, car loan interest and the enhanced deduction for senior citizens.

Bloomberg Tax & Accounting released its annual report Thursday projecting U.S. tax rate brackets, standard deduction amounts, and alternative minimum tax exemption amounts for the year ahead.

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.

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

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.