News

A small business advocacy organization that sued over beneficial ownership information (BOI) reporting requirements asked the federal government to destroy BOI reports filed before the government dropped the requirement for domestic entities.

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the Appointments Committee is seeking nominations for new members of the Private Company Council (PCC). New member terms will be for three years beginning January 1, 2026, and ending on December 31, 2028, with the possibility of reappointment to an additional three-year term.

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.

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.

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.

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.

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.

The climate disclosure rules adopted a year ago by the SEC will no longer be defended in court by the commission after a vote Thursday.

The PCAOB has posted a series of three staff presentation videos designed to help auditors implement the monitoring and remediation process under QC 1000, A Firm’s System of Quality Control. The videos are the latest in a series of resources the PCAOB has recently released to assist and inform auditors in their implementation of Quality Control (QC) and other PCAOB standards and rules. The PCAOB encourages firms to take advantage of the various implementation resources, including staff-led videos, guidance documents, knowledge checks, a practice aid, and interactive chart, which are available on the Implementation Resources for PCAOB Standards and Rules page.

Tax professionals who have been in the business for several years know that the implementation of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, was time-consuming and stressful, so they are now concerned about what happens next since the act’s provisions are set to expire at the end of 2025, according to a report from Bloomberg Tax.

The federal government will pay about 7,000 IRS probationary employees, who were laid off less than a month ago, not to work while lawsuits over layoffs wind their way through the court system, the agency said Tuesday in an email.

The AICPA's 2025 tax priorities include increasing the reporting threshold for Form 1099-K to $10,000 from the $600 that would go into effect next year, according to a letter Monday to congressional finance leaders.

Between multiple waves of layoffs and legislative efforts to pull back more than $20 billion in funding, the gradual declawing of the Internal Revenue Service is well underway.

Advocates say tax relief is needed more than ever as Washington shrinks programs.

A bipartisan group of lawmakers has reintroduced legislation to allow immediate expensing of research and development costs, all the way back to 2022 when the tax break expired.

There are many reasons for a business owner to develop a succession plan. It can ensure continuity and minimize disruptions, especially in the face of an unexpected death. It also can help prepare employees for future leadership roles.

The AICPA is discussing conflicting reports about the state of the IRS with agency officials and is monitoring developments in the wake of thousands of layoffs, the president and CEO of the AICPA said Friday in a statement.

As states explore alternative CPA licensure pathways, CPA society representatives addressed the misconception that they want to remove the 150-hour requirement during a recent webinar.

Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.

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.