News

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.

The 2025 tax filing season went smoothly with the IRS processing more tax returns than in the previous year and exceeding its level-of-service (LOS) goal set for answering phone calls, a government watchdog said in its review of the agency’s work.

Businesses given more time to meet requirements. Section G will be optional for all filers for tax year 2025.

The IRS on Monday withdrew two sets of proposed regulations issued in January, one for certain corporate spinoff transactions (REG-112261-24) and another that would have required multiyear tax reporting for such transactions (REG-116085-23).

All IRS staffers will work during the first five business days of a potential government shutdown, according to a lapsed appropriations contingency plan posted Monday.

The Department of the Treasury and the Internal Revenue Service today issued interim final regulations and a notice of proposed rulemaking to reduce the amount of the user fee imposed on tax professionals who apply for or renew a preparer tax identification number (PTIN).

A lot of tax planning during the first half of 2025 was focused on what might happen if the individual provisions of the Tax Cuts and Jobs Act were allowed to expire at the end of 2025. Thanks to the One Big Beautiful Bill Act, officially H.R. 1, P.L 119-21 (and unofficially the OBBBA), however, Congress has generally extended those provisions and made them permanent.

The Internal Revenue Service and Treasury Department announced paper refund checks for individual taxpayers will be phased out beginning Sept. 30, 2025, per the executive order from President Trump signed in March.

The Internal Revenue Service, in Notice 2025-54, announces the special per diem rates effective Oct. 1, 2025, which taxpayers may use for expenses for lodging, meals and incidental expenses when traveling away from home.

The Internal Revenue Service, working with the U.S. Department of the Treasury, today announced that paper tax refund checks for individual taxpayers will be phased out beginning on Sept. 30, 2025, as required by Executive Order 14247, to the extent permitted by law. This marks the first step of the broader transition to electronic payments.

The National Association of State Boards of Accountancy (NASBA) has relaunched CPAMobility.org, a modernized, online resource that helps Certified Public Accountants determine where and how they can practice across state lines. Practice privilege, or CPA mobility, laws allow CPAs in good standing to serve clients in other state

The president’s campaign promise of no taxes on tips and no taxes on overtime pay was fulfilled with the signing of the tax law, H.R. 1, in July 2025. With only four months left in the year, employees who receive this additional compensation and employers who need to understand their requirements are starting to ask how this will be put into action.

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.