News
AICPA Continues Opposition to Proposed Limitations on PTET SALT Deductions, Provides Recommendations
May 30, 2025
Following its continued opposition to the severe limitations on the deductibility of state and local tax (SALT) for specified service trades or businesses (SSTBs) included in recent tax legislation passed by the House of Representatives, the American Institute of CPAs (AICPA) sent a second letter to leadership of the Senate Finance and House Ways & Means Committees urging modifications to troubling tax proposals in the One Big Beautiful Bill Act passed by the House and being considered by the Senate.
IRS releases fiscal year 2024 Data Book describing agency’s activities
May 29, 2025
The Internal Revenue Service today issued its annual Data Book detailing the agency's activities during fiscal year 2024 (Oct. 1, 2023 – Sept. 30, 2024). This year’s edition marks the publication’s 30-year anniversary; the first Data Book covered fiscal years 1993 and 1994 and was available in 1995. Prior to 1993, the IRS published annual reports, which date back to 1863. The Data Book provides a fiscal year statistical overview of the agency’s operations including returns received, revenue collected, taxpayer services provided, tax returns examined (audits), efforts to collect unpaid taxes and other details about the work of the IRS.
IRS hotline questions resolved faster in 2025; concern grows about agency’s future
May 28, 2025
A higher percentage of AICPA members got questions answered quickly by the IRS Practitioner Priority Service (PPS) line during the 2025 tax filing season, according to an annual survey, but they have concerns about the future of the IRS.
IRS reduces user fee for estate tax closing letters
May 19, 2025
The IRS issued interim final and proposed regulations Friday (T.D. 10031 and REG-107459-24) lowering the user fee for the Service to issue an estate tax closing letter from $67 to $56.
Trump seeks tax hike on wealthy earning $2.5M or more
May 09, 2025
President Donald Trump is pushing lawmakers to increase tax rates on some of the wealthiest Americans as a way to offset other cuts in his signature economic package.
Revenue agents who conduct audits lead IRS job losses
May 07, 2025
The IRS lost 11% of its staff through voluntary separations and terminations in the first three months of 2025, and the largest percentage of those who left were revenue agents who conduct audits, a government watchdog said in a report.
AICPA makes recommendation for updated Form 8971 instructions
May 02, 2025
The AICPA on Thursday sent a letter to the IRS with recommendations to two areas of new instructions to Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent. The AICPA understands that Treasury and the IRS are considering updating the form instructions for the final regulations.
Faulkender named fourth acting IRS commissioner this year
April 21, 2025
Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will serve as acting IRS commissioner — the fourth since President Donald Trump took office Jan. 20.
Basis-shifting transaction-of-interest regulations to be removed
April 18, 2025
Treasury and the IRS, in Notice 2025-23, announced the intent to remove basis-shifting transaction-of-interest (TOI) regulations. The notice, published Thursday, also provides immediate relief from penalties under Secs. 6707A(a), 6707(a), and 6708 for any failure by participants or material advisers to file disclosure statements or maintain lists required by the regulations.
Employee ownership and taxes: Why firms are choosing ESOPs
April 15, 2025
Employee stock ownership plans (ESOPs) have gained popularity among accounting firms in response to some of the profession’s biggest trends — the influx of private equity (PE), the struggle to recruit and retain staff, and the need to fund partner retirements.
Tax season draws to a close amid uncertainty over IRS, tax cuts
April 11, 2025
In the final days of tax season, tax professionals have been grinding through their clients' tax returns while trying to reassure them in the midst of reports of layoffs and budget cuts at the Internal Revenue Service and the uncertain path of tax cuts legislation in Congress.
Uniform nonresident state income tax, withholding rules get AICPA support
April 11, 2025
Whether you’re a digital nomad or someone who’s worked outside your home state for just one day, you might be aware that states can tax income that out-of-state workers earn within their borders.
IRS offers 3 voluntary separation programs as RIF gains steam
April 09, 2025
As part of its reduction-in-force (RIF) plan, the IRS on Tuesday said it was offering three voluntary separation programs, including an early retirement program available to workers with the most seniority.
IRS employees face further staff reductions
April 08, 2025
Internal Revenue Service employees are being offered a last opportunity to accept a voluntary buyout offer as the Supreme Court blocked a ruling requiring the Treasury Department and other federal agencies to rehire thousands of fired probationary employees. The acting commissioner of the IRS is reportedly among those who plan to accept the buyout offer after she was bypassed on an agreement to share confidential taxpayer data with the Department of Homeland Security's Immigration and Customs Enforcement unit.
Pandemic-era ERC started with good intentions, ending with frustration
April 08, 2025
The pandemic-era employee retention credit (ERC) officially ends April 15, but its legacy will live on in delayed payments to the businesses it was designed to help, fraudulent activity related to its claims, and confusion not only for taxpayers and tax professionals but also for the IRS.
IRS: 7,000 probationary workers will return to their jobs in next 10 days
April 04, 2025
About 7,000 probationary IRS workers who lost their jobs in February and were placed on administrative leave in March will return to work later this month, according to an email they received Tuesday.
AICPA Applauds Passage of Bipartisan Bills to Improve Tax Administration and Offer Relief to Taxpayers, Practitioners
April 01, 2025
In a letter to the House of Representatives, the American Institute of CPAs (AICPA) endorsed four bipartisan bills, all of which have received overwhelming support in the House. These bills, which were also included in the recent Senate discussion draft, will improve transparency and fairness for taxpayers and are strongly supported by the AICPA.
Earned Income Tax Credit celebrates 50 years of helping working families
March 28, 2025
The Earned Income Tax Credit (EITC) has played a crucial role in helping millions of low-to-moderate income workers out of poverty. Saturday, March 29, 2025, marks the 50th anniversary of this important credit.
Tax departments can avoid mistakes ahead of the TCJA sunset
March 28, 2025
As the expiration of key Tax Cuts and Jobs Act provisions looms, tax professionals are preparing for what could be another period of upheaval.
IRS Adds New Answers to Employee Retention Credit FAQs in Response to Practitioner Questions
March 25, 2025
The Employee Retention Credit FAQs have been update and answer a number of questions that practitioners have been asking.