News
IRS staff cuts could put burden on practitioners to explain OBBBA
July 29, 2025
Staff cuts at the IRS could mean tax professionals become more responsible for explaining the provisions of H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act (OBBBA), a former IRS communications chief said during AICPA Town Hall last week.
IRS, Security Summit remind tax pros they must have a Written Information Security Plan to protect client data
July 29, 2025
The Internal Revenue Service and its Security Summit partners today reminded tax professionals about the federal mandate to have a Written Information Security Plan (WISP) designed to help protect them against threats from identity thieves and data breaches. IRS provides resources to help with this process.
New IRS commissioner plans implementation of Trump tax bill
July 29, 2025
The new commissioner of the Internal Revenue Service, Billy Long, explained his plans for the agency and the new tax bill during his first public talk as IRS commissioner Monday during the National Association of Enrolled Agents' tax summit.
AICPA Survey Reveals What Relief Americans Want from the IRS Following a Natural Disaster
July 23, 2025
In a survey conducted recently by The Harris Poll on behalf of the American Institute of CPAs (AICPA), Americans were asked which type of tax filing and payment relief would be helpful after experiencing a natural disaster:
FinCEN says it will postpone effective date of anti-money-laundering rule
July 21, 2025
Treasury’s Financial Crimes Enforcement Network (FinCEN) said Monday that it plans to postpone the effective date of a rule bringing certain investment advisers within the standards of its anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) programs as it revisits the rule.
Taxpayer Victory – Natural Disasters Act to Deliver Rapid Relief and Certainty, Headed to President’s Desk for Signature
July 11, 2025
The American Institute of CPAs (AICPA) and state CPA societies have strongly advocated Congress to authorize the Internal Revenue Service (IRS) to postpone federal tax deadlines for taxpayers affected by a qualified state-declared disaster upon a declaration by the state governor. Earlier this year, the House of Representatives unanimously passed the Filing Relief for Natural Disasters Act (H.R. 517) and this week the Senate followed suit, passing the bill by unanimous consent. The bill now heads to the President’s desk for his signature.
AICPA: Guidance needed on catch-up contributions under Roth mandate
July 10, 2025
The AICPA requested additional guidance from Treasury and the IRS on catch-up contributions that are designated as Roth contributions in Section 603 of the SECURE 2.0 Act of 2022 (Division T of the Consolidated Appropriations Act, 2023, P.L. 117-328).
IRS urges extension filers to use IRS Free File this summer
July 10, 2025
The Internal Revenue Service encourages taxpayers who requested an extension to file their returns now rather than wait until the Oct. 15 deadline. IRS Free File makes it easy.
Tax provisions in the One Big Beautiful Bill Act
July 07, 2025
Below are details of many of the tax provisions in the One Big Beautiful Bill Act, which was signed into law Friday by President Donald Trump.
House passes One Big Beautiful Bill Act with its many tax changes
July 03, 2025
The House passed the Senate’s version of the One Big Beautiful Bill Act, sending it to President Donald Trump for his signature. The bill extends many of the expiring provisions from the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. It also addresses other tax priorities of the Trump administration, including providing deductions to eliminate income taxes on certain tips and overtime pay.
After 'successful' season, new IRS problems loom: TAS
June 25, 2025
One of the most successful filing seasons in recent memory" still had a few potholes — and cutbacks at the Internal Revenue Service portend tougher seasons ahead, according to the latest report to Congress by the National Taxpayer Advocate Erin Collins.
AICPA Submits Recommendations to Senate Finance Committee on Reconciliation Bill
June 24, 2025
The American Institute of CPAs (AICPA) has expressed concerns with proposals pertaining to the pass-through entity tax (PTET) state and local tax (SALT) deductions in reconciliation bills introduced in the Senate and passed House of Representatives.
Long sworn in as the 51st IRS Commissioner
June 23, 2025
Billy Long was sworn in as the 51st Commissioner of the Internal Revenue Service on June 16. Long was confirmed by the Senate on June 12.
Lessons from a CPA whose firm delivered a ‘textbook response’ to data breach
June 18, 2025
A click on a link in an email that could have brought down Catharine Drake Madeley’s CPA firm instead caused 40 clients whose tax information was exposed in a data breach to think of her and her staff even more as trusted advisers.
AICPA makes Priority Guidance Plan recommendations to IRS
June 16, 2025
The AICPA recommended 183 changes to the IRS’s 2025–2026 Priority Guidance Plan and also encouraged the agency to continue to pursue tax simplification.
One Big Beautiful Bill full of impactful tax provisions
June 16, 2025
The One Big Beautiful Bill Act, as passed by the House and whose revised text was released Monday by Republicans on the Senate Finance Committee, includes a number of significant tax provisions for both corporate taxpayers and nonprofits.
Senate confirms Billy Long as IRS commissioner
June 12, 2025
The Senate on Thursday voted to confirm Billy Long, a former Missouri congressman, as IRS commissioner.
Automatic accounting method changes list updated by IRS
June 09, 2025
In Rev. Proc. 2025-23, the IRS on Monday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently modified, apply.
IRS budget request cuts 20% of employees in 2026, increases phone help
June 09, 2025
The IRS budget would decline 37% from fiscal year 2025 to fiscal year 2026 and the number of IRS employees would decrease 20% over the same period, according to the annual Congressional Budget Justification released by Treasury.
53 CPA societies back AICPA in PTET SALT deduction effort
June 06, 2025
Eliminating the state and local tax deduction for service-based passthrough entities would “result in a tax increase for accountants throughout the country,” according to a letter addressed to leaders of the Senate Finance Committee by the AICPA and CPA societies from 53 states and jurisdictions.