News

Millions more taxpayers will be receiving the Form 1099-K in the mail this year for the first time if they were paid $5,000 or more last year through a service such as Venmo, PayPal, Cash App, StubHub, Etsy and Airbnb, and most won't be expecting it.

The AICPA said it supports the bipartisan Taxpayer Assistance and Service (TAS) Act discussion draft that two senators released Thursday and especially backs 13 of the 65 provisions designed to reduce burdens on taxpayers and tax preparers.

The Internal Revenue Service opened the 2025 tax filing season today and is accepting and processing federal individual tax year 2024 returns.

The Internal Revenue Service kicked off tax season Monday facing a hiring freeze imposed by President Donald Trump in an executive order on Inauguration Day and lingering uncertainty over how to make up for over $20 billion in budget cuts.

The American Institute of CPAs is asking the Treasury Department and the Internal Revenue Service to increase the safe harbor for companies to avoid determining whether the corporate alternative minimum tax would apply to them.

An executive order signed by President Donald Trump regarding IRS hiring should not affect the use of seasonal employees for the tax filing season, an AICPA vice president said Tuesday.

Does your firm have fun during busy season? If not, consider scheduling activities that build community, bring levity to the office, and help keep staff stay motivated through the busiest time of the year.

IRS Commissioner Danny Werfel announced Friday that he would resign.

The Internal Revenue Service today issued guidance on the income and employment tax treatment of contributions and benefits paid in certain situations under a state paid family and medical leave program, as well as the related reporting requirements. Rev. Rul. 2025-4 PDF provides guidance to the District of Columbia and states that have mandatory paid family and medical leave programs and for employees working in and employers operating in those states. Today’s guidance responds to requests to clarify the federal tax treatment of state paid leave programs that help pay employees who can’t work because of non-occupational injuries to themselves or family members, as well as sickness and disabilities.

Treasury and the IRS issued proposed regulations addressing certain SECURE 2.0 Act provisions, including a provision that would require most newly established 401(k) and 403(b) plans to automatically enroll eligible employees beginning with the 2025 plan year.

The Department of the Treasury and the Internal Revenue Service today issued proposed regulations for corporate separations and reorganizations, including reporting requirements for multi-year corporate separations.

The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts.

The Department of the Treasury and the Internal Revenue Service issued proposed regulations today addressing several SECURE 2.0 Act provisions relating to catch-up contributions, which are additional contributions under a 401(k) or similar workplace retirement plan that generally are allowed with respect to employees who are age 50 or older.

The Internal Revenue Service announced today that the IRS Free File Guided Tax Software will be available Friday for taxpayers ahead of the official start of tax season later this month.

The Treasury Department and the Internal Revenue Service have proposed amendments to Circular 230, which governs practice before the IRS. The amendments are the most extensive since 2014 and cover significant developments that have affected practice before the service since that time.

Address tax law changes and focus on practice management.

The IRS expanded the tax pro account, which now includes the ability to view individual and business taxpayer payments, and made other digital improvements, the agency said, as part of the quarterly update to its strategic operating plan.

The IRS said Friday that it is providing relief from certain penalties imposed solely for failure of a partnership with unrealized receivables or inventory items to furnish Part IV of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, to the transferor and transferee in certain transfers of partnership interests in calendar year 2024.

The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act.

The Internal Revenue Service's Criminal Investigation unit identified over $2.1 billion in tax fraud in fiscal year 2024, according to a new report.