News

The IRS said Thursday it will delay making changes to certain information returns or withholding tables, as part of its phased implementation of H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act (H.R. 1), until tax year 2026. This includes changes related to the temporary deductions for overtime and certain tips that were part of the legislation.

The One Big Beautiful Bill Act hiked and enshrined some tax savings for parents into permanent law, but its many provisions will play out differently across financial advisors' client households.

The host of clean energy tax credits ushered in by the Inflation Reduction Act have not disappeared entirely, as some had feared. In the wake of the One Big Beautiful Bill Act, there are still some possible investments to be found, experts say.

The Internal Revenue Service and its Security Summit partners today reminded tax professionals about the federal mandate to have a Written Information Security Plan (WISP) designed to help protect them against threats from identity thieves and data breaches. IRS provides resources to help with this process.

Staff cuts at the IRS could mean tax professionals become more responsible for explaining the provisions of H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act (OBBBA), a former IRS communications chief said during AICPA Town Hall last week.

The new commissioner of the Internal Revenue Service, Billy Long, explained his plans for the agency and the new tax bill during his first public talk as IRS commissioner Monday during the National Association of Enrolled Agents' tax summit.

In a survey conducted recently by The Harris Poll on behalf of the American Institute of CPAs (AICPA), Americans were asked which type of tax filing and payment relief would be helpful after experiencing a natural disaster:

Treasury’s Financial Crimes Enforcement Network (FinCEN) said Monday that it plans to postpone the effective date of a rule bringing certain investment advisers within the standards of its anti-money-laundering and countering-the-financing-of-terrorism (AML/CFT) programs as it revisits the rule.

The American Institute of CPAs (AICPA) and state CPA societies have strongly advocated Congress to authorize the Internal Revenue Service (IRS) to postpone federal tax deadlines for taxpayers affected by a qualified state-declared disaster upon a declaration by the state governor. Earlier this year, the House of Representatives unanimously passed the Filing Relief for Natural Disasters Act (H.R. 517) and this week the Senate followed suit, passing the bill by unanimous consent. The bill now heads to the President’s desk for his signature.

The AICPA requested additional guidance from Treasury and the IRS on catch-up contributions that are designated as Roth contributions in Section 603 of the SECURE 2.0 Act of 2022 (Division T of the Consolidated Appropriations Act, 2023, P.L. 117-328).

The Internal Revenue Service encourages taxpayers who requested an extension to file their returns now rather than wait until the Oct. 15 deadline. IRS Free File makes it easy.

Below are details of many of the tax provisions in the One Big Beautiful Bill Act, which was signed into law Friday by President Donald Trump.

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.

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.

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.

The transformative leader, who is retiring on Dec. 31, guided the organization and the profession for nearly three decades.