News

The U.S. Senate on Monday passed the Internal Revenue Service Math and Taxpayer Help Act, H.R. 998, which, among other changes, requires the IRS to provide taxpayers with details on notices related to a math or clerical error.

The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2025-08 PDF regarding the dollar threshold for filing Form 1099-K under the One, Big, Beautiful Bill.

The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2025-07 relating to the limitation on credits and refunds for Employee Retention Credits claimed for the third and fourth quarters of 2021 that were filed after Jan. 31, 2024. This limitation was enacted under the One, Big, Beautiful Bill.

The Internal Revenue Service spelled out some of the services that will be limited or unavailable during the government shutdown that's now surpassed the three-week mark.

In a letter submitted to the U.S. Department of the Treasury and the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) requested guidance related to the 2025 reporting and substantiation requirements regarding the deductions for qualified tips and qualified overtime compensation.

As the federal government shutdown grinds on, most Internal Revenue Service operations are closed. With agency-wide furlough in place since Oct. 8 for everyone except already-identified excepted and exempted employees, tax professionals and taxpayers alike can expect a lot less from the agency.

The AICPA and state societies have pledged strong support for accounting education programs to gain STEM status, and the idea also has backing from the majority of respondents in a new survey.

The IRS furloughed almost half its workforce as the government shutdown entered its second week, the agency said Wednesday evening in its updated contingency plan.

Social Security Administration Commissioner Frank Bisignano will also serve in the newly created position of chief executive officer of the IRS, the Treasury secretary said Monday in a news release.

The Department of the Treasury and the Internal Revenue Service today issued guidance providing deposit penalty relief for the first three quarters of 2026 to remittance transfer providers. Notice 2025-55 PDF provides relief in connection with the new excise tax imposed on certain remittance transfers under the One, Big, Beautiful Bill.

Within hours of the federal government shutdown at midnight on Sept. 30, the Trump administration announced the cancellation of more than $7.5 billion in US Department of Energy awards, terminating 321 grants tied to 223 projects in 16 states.

While 70 percent of surveyed Connecticut manufacturers were profitable in 2024, nearly all saw the cost of business go up due to a variety of factors. Nearly two in three businesses though (66%) reported that the Trump administration’s tariff policies are negatively impacting them, according to a recent report issued by the state’s largest business organization.

With just two weeks until the tax filing deadline for C-corporations and individuals who requested a filing extension, the American Institute of CPAs (AICPA) is renewing its call to except 100 percent of Internal Revenue Service (IRS) employees for the duration of the shutdown, even beyond the five days already authorized in the agency’s contingency plan.

The 2025 tax filing season went smoothly with the IRS processing more tax returns than in the previous year and exceeding its level-of-service (LOS) goal set for answering phone calls, a government watchdog said in its review of the agency’s work.

The federal government shutdown that began just after midnight Wednesday morning could have wide-ranging and long-lasting effects on the state, according to Gov. Ned Lamont.

All IRS staffers will work during the first five business days of a potential government shutdown, according to a lapsed appropriations contingency plan posted Monday.

A lot of tax planning during the first half of 2025 was focused on what might happen if the individual provisions of the Tax Cuts and Jobs Act were allowed to expire at the end of 2025. Thanks to the One Big Beautiful Bill Act, officially H.R. 1, P.L 119-21 (and unofficially the OBBBA), however, Congress has generally extended those provisions and made them permanent.

The Internal Revenue Service and Treasury Department announced paper refund checks for individual taxpayers will be phased out beginning Sept. 30, 2025, per the executive order from President Trump signed in March.

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.