News

Between multiple waves of layoffs and legislative efforts to pull back more than $20 billion in funding, the gradual declawing of the Internal Revenue Service is well underway.

A bipartisan group of lawmakers has reintroduced legislation to allow immediate expensing of research and development costs, all the way back to 2022 when the tax break expired.

If you have a refund check coming your way, consider using it to bolster your personal balance sheet.

There are many reasons for a business owner to develop a succession plan. It can ensure continuity and minimize disruptions, especially in the face of an unexpected death. It also can help prepare employees for future leadership roles.

The AICPA is discussing conflicting reports about the state of the IRS with agency officials and is monitoring developments in the wake of thousands of layoffs, the president and CEO of the AICPA said Friday in a statement.

According to a news release, CohnReznick will operate in an alternative practice structure following the closing of the transaction. CohnReznick LLP, a licensed CPA firm, will provide attest services, and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other nonattest services.

The Internal Revenue Service today announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that threaten their tax and financial information.

The Internal Revenue Service announced today it’s making it easier for taxpayers to file their taxes by adding information return documents to their IRS Individual Online Account, helping consolidate important tax records into one digital location.

Secretary of the Treasury Scott Bessent announced today that IRS Chief Operating Officer Melanie Krause will become acting IRS Commissioner following the retirement announcement of Doug O’Donnell.

Douglas O'Donnell, the acting IRS commissioner, told employees in an email Tuesday that he will step down from the position effective Friday.

We asked the DRS to extend three deadlines from March 15, 2025 to April 15, 2025. Based on the DRS Commissioner’s authority to extend, due to statutory limitations, he was only able to extend two of the dates to April 15, 2025 as requested: Form CT-PET, Connecticut Pass-Through Entity Tax Return and Form CT-1065/CT-1120SI, Connecticut Composite Income Tax Return.

More than 3,500 employees in the Small Business/Self-Employed (SB/SE) division of the IRS will lose their jobs this week, according to an email sent to IRS managers on Wednesday. The affected employees are expected to be notified Thursday, according to the email signed by Lia Colbert, SB/SE commissioner, and four other SB/SE managers.

The Internal Revenue Service is reportedly planning layoffs of thousands of first-year probationary employees in the midst of tax season, perhaps as soon as this week.

AICPA leaders said Sunday the IRS should consider the needs of taxpayers and preparers as officials make plans to carry out President Donald Trump's direction to cut the federal workforce.

Presidents Day weekend is peak time for IRS phone traffic. Skip the wait by visiting IRS.gov.

Accountants are in the midst of a series of changes, ranging from the future of the Internal Revenue Service to the kick-off of tax season.

IRS employees who work in "critical filing season positions" are exempt from the voluntary resignation program offered to federal government employees until May 15, according to an email sent Wednesday.

As the busy season ramps up, the risk of cyberattacks increases. Cybercriminals know that heightened workloads, tight deadlines and the influx of client communications create opportunities for exploitation. Whether through phishing emails, intercepted networks or fraudulent disbursement requests, the stakes for CPAs and their clients are high.

As the clock ticked down, accountants faced the usual last-minute chaos on 31 January. Despite many scrambling to submit tax returns at the very last second, 1.1m missed the deadline.

With the rising popularity of artificial general intelligence (AGI) and its potential for business transformation, there's a significant push for CPAs to leverage AI features to save time and boost profitability. While it's certainly feasible and beneficial to use AI for enhancing operational efficiency and automating routine tasks, claiming that AI can handle complex accounting and tax-related tasks, such as preparing a detailed study, is quite a stretch. Yet, I see numerous "pop-up" shops emerging, boldly asserting that AI can handle 80% or more of an R&D credit study.