News

The Department of the Treasury and the Internal Revenue Service today issued a notice announcing upcoming regulations and providing guidance regarding Trump Accounts, which are a new type of individual retirement account (IRA) for eligible children.

The IRS finalized regulations for the 1% excise tax on corporate stock repurchases under Sec. 4501 — and one heavily criticized proposed provision is gone.

President Trump signed the Internal Revenue Service Math and Taxpayer Help Act into law, requiring the IRS to provide a clear explanation of tax-filing errors to taxpayers on its math error notices, identify the item that's being changed, and explain why a tax refund is higher or lower than expected.

The Internal Revenue Service encourages taxpayers to take steps now to prepare for the upcoming filing season by visiting IRS.gov/GetReady for tips on what is new and what to consider before filing. This is the first in a series of special IRS "Get Ready" reminders to help taxpayers prepare in early 2026 for the upcoming tax filing season. A little advance work preparing paperwork and organizing information now can help with filing tax returns quickly and accurately.

The Department of the Treasury and the Internal Revenue Service today issued Notice 2025-70 PDF, requesting comments on the implementation of a new tax credit for individuals established under the One, Big, Beautiful Bill. This new credit applies to contributions to Scholarship Granting Organizations that serve elementary and secondary school students from low- and middle-income families.

The IRS will provide penalty relief to about 1 million taxpayers automatically starting next year, the national taxpayer advocate (NTA) said during a session at the AICPA National Tax Conference.

An AICPA letter in response to a Treasury and IRS call for recommendations related to the “all or nothing” approach to dual consolidated losses (DCLs) asked Treasury and the IRS to consider allowing an exception so companies aren’t unnecessarily penalized.

The Department of the Treasury and the Internal Revenue Service today issued guidance for workers eligible to claim the deduction for tips and for overtime compensation for tax year 2025.

The IRS just came out of the longest government shutdown, but the deal that ended the stalemate funds the agency only through Jan. 30, just as filing season is about to begin. And that’s a concern for taxpayers and tax practitioners, two former IRS commissioners told reporters Tuesday at the 2025 AICPA National Tax Conference.

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025.

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2026.

In a significant development for employers nationwide, the U.S. Department of Labor (DOL) announced it will not enforce the Biden-era 2024 Independent Contractor (IC) Rule. While the rule remains in effect for private litigation, this shift in federal enforcement policy signals a more employer-friendly approach to worker classification at the federal level.

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.

There’s a new IRS Senior Stakeholder Liaison in town! (Well, new to CTCPA members, anyway.) Yolanda Durant has actually been with the Internal Revenue Service since 2012, with a resume that runs the gamut of responsibilities: Senior Individual Taxpayer Advisory Specialist, Tax Compliance Officer, Intake Advocate for the Taxpayer Advocate Department, Customer Service, and Collection Representative.

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.

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.

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.

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.

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.